Cuba to Allow Private Home Sales

    Nilda Bouzo, right, speaks with her husband Ives Lopez next to a sign that reads in Spanish " Exchange Apartment Two for One" in their home balcony in Havana, Cuba, Thursday, Nov. 3, 2011. Property exchanges and signs such as the one in the picture were already legal in Cuba. In addition, the government announced Thursday they will also allow real estate to be bought and sold for the first time since the early days of the revolution in what is believed to be one of the most important reform yet in a series of free-market changes under President Raul Castro. (AP Photo/Franklin Reyes)

    Franklin Reyes / AP Photo

    Cuba approved a law Thursday that will allow the sale of private homes—the first time this will be allowed since shortly after the 1959 revolution. The new law will go into effect on Nov. 10. For decades, the only way to obtain a new home was through a bartering system or through black-market deals. Many Cubans cheered the law, which followed legislation in October that allowed them to own cars. President Raul Castro, who took over for his ailing brother Fidel in 2009, has repeatedly said the old Soviet model of communism is not effective anymore for Cuba.

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