A growing number of Americans, owing banks more than their homes are worth, are intentionally defaulting on their mortgages and going back to renting. The number of "strategic defaults" by Americans who can no longer afford their homes is expected to exceed 1 million this year -- four times as many as in 2007. And with a glut of homes on the market, many defaulters are finding they can rent luxurious homes for a fraction of their former mortgage payments. Can we just walk away from the American dream of owning our own home? (Watch a report about borrowers trying to get mortgage relief)
The American Dream isn't dead: No-one's saying home ownership is a bad idea, says Bill Freehling in the Fredericksburg, Va., Freelance Star. Although many people who tried to "tap into the American dream" during the housing boom indeed wound up in a nightmare, people who buy today are in better shape, because prices have come down and interest rates remain low.
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