The Recovery threw the middle-class dream under a Benz

 

Source: Nelson Schwartz, N.Y.Times ( Paid Registration )

Like the diary stored in Ms. Swonk’s basement, the scars of the financial crisis and the ensuing Great Recession are still with us, just below the surface. The most profound of these is that the uneven nature of the recovery compounded a long-term imbalance in the accumulation of wealth. As a consequence, what it means to be secure has changed.

Although home prices in hot markets have fully recovered, many homeowners are still underwater in the worst-hit states like Florida, Arizona and Nevada. Meanwhile, more Americans are renting and have little prospect of ever owning a home.

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