It took less than eight months for Dustin Suposs' "American Dream" to become a nightmare.Check out those numbers between owning and renting.Spreads generally come back into line over time.
He and his girlfriend, both in their early 20s, got caught up in the better-buy-now mentality that fueled the Sacramento area's housing market last spring. They bought a $365,000, 1,550-square-foot home in Elk Grove with no money down. The result: A $2,300-a-month payment that was more than 2 1/2 times the rent they were paying.
By December the couple were drowning in bills and debt. Now they're two months behind on the mortgage.
Experts say the pair are part of a new trend - a growing wave of distressed borrowers just beginning to hit Sacramento and across California.
Monday, February 06, 2006
Default notices are on the rise
The Sacramento Bee reports:
