Vacation like there's no recession

(ABC) - Suzanne and Clyde Billings are on vacation in Los Angeles visiting their son and his family.

"We're staying here eight days and we're paying zero, nada," Suzanne said.

Nothing for use of a two-bedroom condo with a gourmet kitchen and a table big enough for the entire family to gather around.

That's because the owners, Judy and David, are staying at the Billings' home in Puero Vallerta, Mexico.

"We hope they're on the balcony enjoying a cocktail or a Pepsi just having a grand ole time," Clyde said.

Home exchanges are becoming a popular and economical way to travel.

"The word is getting out, especially in this economy that this is the way to vacation like there's no recession," Clye said.

On homeexchange.com, there are 27,000 in 120 countries. Homes in Greece, Ireland, Thailand and the Canary Islands are all listed.

The Billings are on their seventh home exchange.

"Maybe the first time we were a little apprehensive. The second time maybe a little apprehensive, but after that it's just a regular thing. We don't worry about it anymore," Clyde said.

In fact, they're already planning their next trip.

Those exchange sites often require a small membership fee to join. Then you list your home and search for the places you want to visit.