Until recently, homeownership was celebrated as a hallmark of upward social mobility. Today, many millions of people who owe more than their homes are worth feel it’s become quite the opposite. It prevents many people from being able to seek a better job. And in many cases, it’s taking a harsh emotional toll on families who find themselves stuck.
Among those frozen in place is Kelly Christensen, who was set to marry her longtime love, Joel Nerenberg. They bought a house in Burnsville, Minn., three years ago. They had wedding invitations printed. Then they broke up.
Two years later, they still own their home. Christensen’s wedding dress now hangs in her ex-fiance’s closet. He lives across the hall.