America Dreams

Posted In: Foreclosures, Housing, Mortgages

If you haven’t had your fill of housing yet, yesterday I came across an editorial from the Providence (RI) Journal that’s worth a read. Froma Harrop, an editorial columnist, wrote “American Dream gone nuts” back on September 12. Harrop talks about the mortgage crisis in the United States today. Here’s an excerpt from the very straightforward piece:

A news story on a Stockton family in trouble shows a luxury kitchen, bigger than that that in many restaurants. Read on. The couple had bought a more modest house in Stockton a few years earlier but decided to “move up” into a bigger model without waiting to sell their first home. They are now holding two mortgages and an equity loan for remodeling the newer house.

This is the American Dream gone nuts. A big part of the sales pitch is to portray home ownership as the most superb of investments. In truth, the return on real estate hasn’t been all that great.

You can read the editorial at the Providence Journal here.

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