Renting: The new American dream?

The American dream of home ownership has turned out to be the American nightmare for those who could never really afford a home in the first place.

Many borrowers are now in deep trouble as home prices have plummeted and the payments on bubble-era adjustable rate mortgages have shot up. Foreclosures are still continuing at an alarming pace.

If the so-called Great Recession has taught us anything, it’s that buying a house is not a divine right. It’s a privilege to be earned only after you’ve saved up a nice chunk of cash for a down payment and are in a healthy enough financial position to keep making those monthly mortgage payments.

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