The Wall Street Journal has a very interesting trend story today about the new American Dream — renting.
A growing number of families who have defaulted on their mortgages are concluding that renting a home is a better idea than buying one, the WSJ says.
Some are leaving behind their homes and mortgages right away, while others are simply halting payments until the bank kicks them out. In either case, the WSJ reports, that’s freeing up cash for them to use in other ways.
The U.S. home-ownership rate had its biggest decline in more than two decades, falling to 67.6% as of September from a peak of 69.2% in 2004, the WSJ reports. And more renters are on the way, the paper says.
Meanwhile, in another slap at home ownership, the AJC has been reporting in a special series that homeowners across metro Atlanta are victims of appraisals that are way out of line, given the collapse of the housing market.
So, what say you? Will renting become the new dream for many in the future? Is it for you?
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