The Downside of the American Dream ; Homes Spur Rising Debt
The Record, Bergen County, NJ › September 30, 2004
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Summary
CHICAGO - More Americans are becoming house poor.
It's an ugly downside of the soaring real estate market: Many of those who put a toe in the housing water are finding themselves unable to afford more than the basic necessities, unless they try to survive with a credit-card lifestyle.See the full content of this document
Extract
The Downside of the American Dream ; Homes Spur Rising Debt
"Americans are in over their heads when it comes to debt," said economist A. Gary Shilling. "The value of real estate assets has zoomed, but people are borrowing more and more against their homes."
A brief layoff or other job...See the full content of this document
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