Samuel Perez has a steady job running trains for the New York City subway system on the No. 4 line. His wife, Rosemarie, earns a reliable paycheck as a unionized school bus driver in the Bronx. In 2003 they bought a semi-attached, two-story house in unfashionable western Staten Island for $246,000â??as cheap as New York City real estate gets. With two children and a foster child at home, theyâ??re not big spenders. â??We havenâ??t taken a vacation in years,â? Rosemarie says.
If youâ??ve paid any attention to the U.S. housing market over the past four years, you probably know where this is headed.
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