Drowning in home debt

This time its different based on the plateau of prosperity continues to repeat over time. Stories such as this one are being repeated across all demographics throughout the country. While the economic focus has shifted to the Euro zone, it should not divert attention from the consequences of the actions that continue to unfold in the US.

A transfer in 2005 landed Air Force major Richard Hallbeck, his wife, and two kids in Southern California smack in the middle of the real estate bubble. Home prices in the area had doubled in the past five years and were still climbing. So the Hallbecks swallowed hard and bought an $845,000 four-bedroom in a suburb of Long Beach.

The $3,800 monthly payment was high but affordable on two incomes. (Laurie, now 37, worked as a claims adjuster.) And they figured the market was so strong that when they had to move again, they'd at least break even. "Our house actually appraised over what we paid for it," Richard, 42, recalls wistfully.

Source: money.cnn.com