Do San Diegans still believe in the American Dream?

San Diego Union-Tribune Saturday 14th May, 2011

Faces of the American Dream The American Dream of homeownership is still alive in today's tough economy, but it has become harder to achieve. The strongest evidence came from the latest census figures that a small percentage of San Diegans own their own homes today than they did 10 years ago. Five years ago, loose lending policies made buying easy, and many consumers considered their homes as an investment that would never lose value. Now, housing prices are down 37.8 percent from their peak of 2005 and mortgage terms have tightened up, calling into question both the reason to buy and the ability to buy. Norm Miller, a real estate professor at the University of San Diego, said he still recommends home buying as a good financial decision. "Just don't count on getting rich," he said. ...

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