Even with recent gains in the market, the concept of homeownership is still under attack. Owners feel let down by falling values, critics say the American Dream has become a nightmare, and others say renting is the best option right now. There is no doubt that many have suffered at the hands of bad lending practices and economic turmoil associated with the recession.
However…owning a home has Always been a huge part of the American Dream, and will continue to be so long after the current economic crisis and wave of defaults has passed. Our homes are a place of security for our families and for establishing traditions with our friends.
[%readmore%]No one can argue against the benefits that homeownership provides to our communities and to society in general. Homeowners have a higher level of self-esteem, education, and involvement in civic activities. Why try to tear down these fundamental truths simply because we are in a downward part of the always dynamic cycle of real estate?
The time has come to reaffirm the dream of homeownership, but in a more sober and accountable fashion. We should emphasize responsible ownership for the long term, which helps us and our communities achieve the common goals of financial and social well-being. Today’s naysayers will change their tune when the cycle rises again and you can count on that.