The so-called American dream wherein once poor immigrants became wealthy is turning out to be a nightmare for many American workers.
"The current deflation of home prices is changing America. It's a real estate storm that made landfall like a slow-moving Gulf Coast hurricane here in south Florida and in other once-booming housing markets last year. In recent months it has gathered momentum and spread, shaping up to become perhaps the worst home-price slump since the 1920s and '30s. The bust promises to have lasting effects. Among them: It is defining the limits, for now, of what President Bush has called the "ownership society." A surging foreclosure rate means that the rate of homeownership, after a historic rise, is falling." (Yahoo News, 10 December) RD
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