Homeownership as the cornerstone of the American dream might be going the way of disco dancing and pet rocks. The housing crisis has left many former homeowners jaded, wary of lenders and tasked with rebuilding their credit after losing their homes.
“I think homeownership is not always a good thing in that it’s not necessarily the best thing for everybody,” said Daren Blomquist, spokesman for the foreclosure tracking firm RealtyTrac. “And I think that’s realized from a policy perspective as well as individuals realizing, ‘Hey I don’t really need to own a home, there are other alternatives to my American dream I can pursue.’ ”
Still, industry associations pump out survey results saying most Americans believe owning a home is part of their American dream.
Prince George’s County real estate agent Boyd Campbell said the idea of homeownership as the American dream, however, has changed since the housing boom.
The “dream” back then was to make money fast by flipping a home.
“A lot of my colleagues … would tout that as part of their pitch,” Campbell said. “But a house is your home.” – Liz Farmer
