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Black home ownership declines
Posted by: samintx
Date: September 06, 2013 02:32PM
[www.huffingtonpost.com]

This is not good. It is also sad on many levels.
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Re: Black home ownership declines
Posted by: cbelt3
Date: September 06, 2013 02:36PM
Realistically, this is also a statement against those banks and mortgage companies that pursued lower income neighborhoods in a wave of speculation and outright fraud in the years leading up to 2008. Lower income neighborhoods in Cleveland were specifically targeted by fraudsters who got major $$ in bonusesa and fees in exchange for selling mortgages that had no earthly hope of being handled by the home owners.

Ultimately if you replace "Black and Latino" with "Lower Income" I think you'll find the truth of the matter. It's not a race thing. It's a vulnerability thing.
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Re: Black home ownership declines
Posted by: swampy
Date: September 06, 2013 02:43PM
The great Fannie/Freddie dream.



If you don't stand for something, you'll probably fall for anything.t
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Re: Black home ownership declines
Posted by: cbelt3
Date: September 06, 2013 03:15PM
Quote
swampy
The great Fannie/Freddie dream.


Erm... well, it was a dream but they let the scammers in and relaxed the standards so much things went bad. I personally think home ownership creates stability and more of a neighborhood culture, which also produces more stablity in an area.
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Re: Black home ownership declines
Posted by: Speedy
Date: September 06, 2013 03:18PM
And hardly anyone went to jail for the rampant fraud. Another shame that Pres. Obama bears.



Saint Cloud, Minnesota, where the weather is wonderful even when it isn't.
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Re: Black home ownership declines
Posted by: hal
Date: September 06, 2013 03:27PM
Not just poor folks... the house that I live in is part of a class action of homeowners in this area that were aggressively sold on getting free money out of their houses before the fall based on outrageously inflated valuations. The appraisers were in the banks pocket (WAMU).
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Re: Black home ownership declines
Posted by: cbelt3
Date: September 06, 2013 03:46PM
Quote
Speedy
And hardly anyone went to jail for the rampant fraud. Another shame that Pres. Obama bears.

Obama ? Since when does the President make the laws ? facepalm Gotta get that old Schoolhouse Rock video up here again. old fogey smiley

In any case, Cleveland convicted and jailed a number of 'em. Cleveland was ground zero in the foreclosure crisis.. in the main because of the scammers.
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Re: Black home ownership declines
Posted by: mattkime
Date: September 06, 2013 04:15PM
careful - if you keep repeating that you might start to believe it!

Quote
swampy
The great Fannie/Freddie dream.



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Re: Black home ownership declines
Posted by: Speedy
Date: September 06, 2013 05:19PM
Quote
cbelt3
Quote
Speedy
And hardly anyone went to jail for the rampant fraud. Another shame that Pres. Obama bears.

Obama ? Since when does the President make the laws ? facepalm

Enforces.



Saint Cloud, Minnesota, where the weather is wonderful even when it isn't.
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Re: Black home ownership declines
Posted by: hal
Date: September 06, 2013 06:05PM
It was Obama's job to send the Justice Dept after the bad guys - he failed horribly!!
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Re: Black home ownership declines
Posted by: bruceko
Date: September 06, 2013 09:47PM
Did the ownership percentage for other races increase or decrease during the same time period?
My assumption is it also declined.
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Re: Black home ownership declines
Posted by: RgrF
Date: September 07, 2013 01:23AM
Quote
bruceko
Did the ownership percentage for other races increase or decrease during the same time period?
My assumption is it also declined.

True.

Institutional ownership increased and continues to do so. As foreclosed homes are sold off en masse to institutional buyers, many of whom are partnered with or propped-up by the big 5 banks.
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Re: Black home ownership declines
Posted by: kj
Date: September 07, 2013 12:28PM
Quote
bruceko
Did the ownership percentage for other races increase or decrease during the same time period?
My assumption is it also declined.

That's a good point, but several times (e.g. "and more so for Hispanic and black households than for white non-Hispanics") the article states the changes in relative terms, so it doesn't look like they made that mistake. kj.
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Re: Black home ownership declines
Posted by: samintx
Date: September 07, 2013 01:09PM
Quote
bruceko
Did the ownership percentage for other races increase or decrease during the same time period?
My assumption is it also declined.

You must not have read the article.
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Re: Black home ownership declines
Posted by: haikuman
Date: September 07, 2013 02:41PM
In case you have not noticed the establishment is still scroooing the pooch of all ethnicities. *(:>*

Amerika is snot what it used to be . . . ymmv



“Stay Hungry Stay Foolish"
Steve Jobs

"There are only two mantras yum and yuk mine is yum "
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"There is a fine line between a rut and a groove"
G.D. Kittredge III

"


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Re: Black home ownership declines
Posted by: kj
Date: September 07, 2013 02:51PM
Quote
haikuman
In case you have not noticed the establishment is still scroooing the pooch of all ethnicities. *(:>*

Amerika is snot what it used to be . . . ymmv

Yes, they are, but the point is they have screwed hispanics and blacks worse. kj.
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Re: Black home ownership declines
Posted by: cbelt3
Date: September 07, 2013 07:06PM
kj - I keep going back to this point... The issue is NOT a race issue, it's a socio-economic issue. It happens that the two correlate reasonably closely, but if you study the data just based on socio economic status and not on race, you'll find it more says "Poor" rather than one or the other.

The note on 'wealth' is also misleading, since a majority of the poor homeowner's wealth is tied into their home. When their homes dropped in value, their wealth dropped an identical amount.

Those doing the study may happily want to make it a race thing and miss the important point.
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Re: Black home ownership declines
Posted by: kj
Date: September 08, 2013 11:51PM
Quote
cbelt3
kj - I keep going back to this point... The issue is NOT a race issue, it's a socio-economic issue. It happens that the two correlate reasonably closely, but if you study the data just based on socio economic status and not on race, you'll find it more says "Poor" rather than one or the other.

The note on 'wealth' is also misleading, since a majority of the poor homeowner's wealth is tied into their home. When their homes dropped in value, their wealth dropped an identical amount.

Those doing the study may happily want to make it a race thing and miss the important point.

Sorry, but this info:

"Other researchers have found that during the housing boom, blacks and Latinos were at least twice as likely to receive high-interest loans even after adjusting for the borrower’s incomes and the loan amount."

seems to me to contradict what you are saying. It does appear they were treated differently due to their race. kj.
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Re: Black home ownership declines
Posted by: RgrF
Date: September 09, 2013 05:02AM
Low income minorities were simply easier marks for the mortgage/refinance machine run by the major banks and thus represent higher in bloodless statistics.
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Re: Black home ownership declines
Posted by: Lux Interior
Date: September 09, 2013 10:00AM
I would never own a black home.

The cooling bills would be outrageous.
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Re: Black home ownership declines
Posted by: kj
Date: September 09, 2013 05:15PM
Quote
Lux Interior
I would never own a black home.

The cooling bills would be outrageous.

I don't know why anyone but black would own black's home. kj.
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