For generations, owning a home has been a key part of the lifestyle most Americans aspire to. But when the mortgage crisis exploded in 2007, it brought down the U.S. housing market — and the entire economy along with it.
The ensuing recession was an assault on the American dream of homeownership itself. The tidal wave of foreclosures, the crash in home prices and tighter lending standards have left some Americans unable or simply too nervous to buy a house.
Banks are often accused of dragging their feet when a homeowner wants to sell for less than the balance on the mortgage. A lot of those "short sales" might be better dubbed "really long and drawn out" sales. New federal guidelines, though, could now push lenders to approve short sales faster.
Home ownership has long been considered a key part of the American Dream. The dream has taken a beating in recent years, but polls show the desire to own remains extremely high. NPR's Chris Arnold discusses the state of home ownership and reviews the latest housing news with host Rachel Martin.
As sales of existing homes rose 3.4 percent in April from March, prices of those previously owned houses, townhouses, condominiums and co-ops also rose, the National Association of Realtors said this morning.
Making the decision to move a parent out of the homestead can hurt.
The house may be full of good ghosts and happy memories. But it also has too many steps and too much lawn to mow. So the time comes to pack up and move on.
A decade ago, at least one part of that transition wasn't so tough. When the for-sale sign went up, an eager buyer was likely to show up with a good offer. But today, families are facing a much more difficult real estate environment.