In his analysis of the “new normal,” PIMCO chief Bill Gross discussed the declining rate of homeownership in America — an obvious phenomenon, given what we’re going through in this economy. But we still have a long way to go to get to where we were the boom started, and we might even go further down than that. Nobody believes in the homeownership myth anymore, for one thing. And we’re a changing society. We’re more mobile than ever before, and the idea of being locked down in a home with a 30-year mortgage just makes less and less sense
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