The New American Dream

With 28% of all mortgages now underwater (they owe more on their mortgage than their home is worth) it is only fitting to re-classify what only a few years ago was the American Dream.

More and more of these millions of underwater Americans have found a new dream: when they stop making payments they can live for free in the home for years.

For those still making their payments (we commend you for doing the right thing while your neighbor who stopped making payments and the bank who owns the mortgage will get a bail out paid for by you) we can only offer up the following picture to sum up what home ownership now represents.