Housing Mess Threatens to Widen Income Gap

Publication: Chicago Tribune

Author: Stephen Franklin


02/20/2008 - For most Americans, owning a home has been their winning bet on the American dream. It has been their major source for borrowing, for building savings, and for retirement. And at least 40 percent of the nation's poor own their own homes.

But shrinking home values, and tightening credit, which makes it more difficult for people to buy or hold on to homes, threaten to hasten the growing income equality in the U.S., warns a study of Americans' economic mobility slated for release Wednesday.

...

"The American dream is alive if somewhat frayed," said a summary of the latest reports that make up the project sponsored by the Pew Charitable Trusts. "Most people are better off than their parents, but slower and less broad economic growth has made the economy more of a zero-sum game than it used to be with very high stakes for the winners."

Read the full article Housing Mess Threatens to Widen Income Gap on the Chicago Tribune Web site.

X
(All Fields are required)