A great article in the Wall Street Journal recently, talks about the new American dream - renting. As the growing trend of strategic defaults continues, columnist Mark Whitehouse showcases a community in southern California where increasingly, people are either walking away from/short selling their homes, only to rent larger and more desirable homes in the same neighborhood. Among some of the more remarkable stats cited:
"For the 4.8 million U.S. households that data provider LPS Applied Analytics estimates haven't paid their mortgages in at least three months, the added cash flow could amount to about $5 billion a month -- an injection that in the long term could be worth more than the tax breaks in the Obama administration's economic-stimulus package."
It seems to me $5 billion being pumped back into the economy will go a lot farther, than it will as a bank executive bonus...
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