Moving Up to a Rental

Former homeowners forced out of their houses are becoming renters. It seems to be a good thing for them -- and the economy.

1 minute read

December 11, 2009, 5:00 AM PST

By Nate Berg

In Palmdale, California, former homeowners have been able to find homes for rent that are not only cheaper than their former homes, but also better.

"People's increasing willingness to abandon their own piece of America illustrates a paradoxical change wrought by the housing bust: Even as it tarnishes the near-sacred image of home ownership, it might be clearing the way for an economic recovery.

Thanks to a rare confluence of factors -- mortgages that far exceed home values and bargain-basement rents -- a growing number of families are concluding that the new American dream home is a rental."

FULL STORY: American Dream 2: Default, Then Rent

Thursday, December 10, 2009 in The Wall Street Journal

Community / Economic Development Housing United States Foreclosures Rental Market

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