Two weeks before the London Games, Peter wrote in his Travel Detective Blog that, for London, ” the massive building and price gouging is misguided.” One week into the Games, Peter joined the team at CBS This Morning to crunch the number.

Turns out London normally draws 300,000 foreign and 800,000 domestic tourists per day during the month of August, but the Olympics have driven away many of those visitors.

However, money is being spent in London. According to Visa Inc., international visitors to the London 2012 Olympic Games spent nearly $700 million on their Visa accounts during the opening week (July 23 – 29).

Watch Peter’s full report to see exactly how tourism is suffering, thereby creating a buyer’s market in London, during and after the Games.

For more Olympics travel, check out our London 2012 coverage:

• Peter’s  Video Travel Tip on What to Know Before You Go: London 2012
• Peter’s Travel Detective Blog on Olympic Myths and How Travelers Can Benefit
• Our live coverage from the Games, London Olympics Insider’s Guide: Finding Unsold Seats and Unsung Events
• Our news coverage, Could London Lose Money from the Olympic Games?
• 4 Last-Minute Olympics Accommodation Ideas
• Peter’s Video Travel Tip on Olympic Planning & Peter’s Travel Tip: Free & Affordable Olympic Events