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Old 01-28-2015, 07:42 AM
 
Location: DMV
10,125 posts, read 13,952,006 times
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Quote:
Originally Posted by dkf747 View Post
I don't think BOA did enough earlier that the part you quoted, but then again, judging by the couple's continued foolis1h1ness, maybe it was impossible.
What do you think they could have done?
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Old 01-28-2015, 08:09 AM
 
Location: It's in the name!
7,079 posts, read 9,532,096 times
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Quote:
Originally Posted by SDonthemind View Post
They didn't like that there were literally 5K comments with 90% seeing right through their BS. To have a 3 part series on stupid people and to blame it on institutional racism is insanity.
That's interesting. Doing a word search in each article, nowhere did I find the word racism. All I saw were statistics that anyone can look up. There has always been inequality between blacks and whites. And that was presented as worsening the recovery in a majority black neighborhood, not racism.

We are all aware that this same story played out in Arizona and Florida, both majority white wealthy neighborhoods. And for every black family mentioned in these articles, there's a white family out there in the same situation. But sense the focus is on a majority black county, I think people tend to make illogical demographic extrapolations.

Racism certainly didn't play a part in Florida and Arizona, again, both majority white. And if every black person in the country defaulted on their mortgage, it wouldn't have been enough to cause the crash. lol There just aren't that many blacks that are homeowners. And many of us have never defaulted. So, that makes the number of black participants, and the resulting impact the black community had on the crash even smaller.

EDIT: So, I'm agreeing that racism isn't causing the current slow recovery. It's the current state of inequality that simply states home values in black neighborhoods are statistically lower than in white neighborhoods. Thus it's not hard to presume that the recovery would be slower in a black community as the inequality in education and income has widened between whites and blacks. And again, we have debated before on how this inequality has gotten worse since the 50s when inequality was at it's lowest levels.

I just haven't seen in the article where racism is playing a part in the slow recovery. Inequality is.

Last edited by adelphi_sky; 01-28-2015 at 08:20 AM..
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Old 01-28-2015, 08:53 AM
 
Location: Maryland
18,630 posts, read 19,381,739 times
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I listened to the Kojo show about this article yesterday. A caller made a great point. He said he bought a relatively cheaper home, that kept his housing costs low. He invested his savings in buying other property in the county that he rents out. He said he's not concerned too much about appreciation because someone else is paying the mortgage, the tenant.

His overall point was if you are realistic about what you housing is and understand that you will not enjoy the same home appreciation as a home in NoVa you should be ok. He said many people bought the largest, newest home they could get. That's how folks got tripped up.

I agree, there are some good deals in PG close to Metro. The money you save on housing could be used to put your kids in private school or allow a spouse to stay home with kids. I've noticed more younger non-black families moving into my mother's Camp Spring neighborhood. It's not all bad in PG.
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Old 01-28-2015, 09:08 AM
 
Location: It's in the name!
7,079 posts, read 9,532,096 times
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Quote:
Originally Posted by EdwardA View Post
I listened to the Kojo show about this article yesterday. A caller made a great point. He said he bought a relatively cheaper home, that kept his housing costs low. He invested his savings in buying other property in the county that he rents out. He said he's not concerned too much about appreciation because someone else is paying the mortgage, the tenant.

His overall point was if you are realistic about what you housing is and understand that you will not enjoy the same home appreciation as a home in NoVa you should be ok. He said many people bought the largest, newest home they could get. That's how folks got tripped up.

I agree, there are some good deals in PG close to Metro. The money you save on housing could be used to put your kids in private school or allow a spouse to stay home with kids. I've noticed more younger non-black families moving into my mother's Camp Spring neighborhood. It's not all bad in PG.

I totally agree. I've been taught that family expenses should not be more than what one salary can handle. Housing costs should not exceed 29% of income. So, if someone loses their job or takes a pay cut, only minor living adjustments need to be made. The shock to the family finances is lessened. Too many people build their lifestyles on two and sometimes three salaries. Then when one get's laid off, the other salary isn't enough to sustain the expenses. Sometimes the income loss is greater than 50%. And if your housing costs are 50% of your income, well, do the math. lol
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Old 01-28-2015, 09:10 AM
 
Location: DMV
10,125 posts, read 13,952,006 times
Reputation: 3222
Quote:
Originally Posted by adelphi_sky View Post
EDIT: So, I'm agreeing that racism isn't causing the current slow recovery. It's the current state of inequality that simply states home values in black neighborhoods are statistically lower than in white neighborhoods. Thus it's not hard to presume that the recovery would be slower in a black community as the inequality in education and income has widened between whites and blacks. And again, we have debated before on how this inequality has gotten worse since the 50s when inequality was at it's lowest levels.

I just haven't seen in the article where racism is playing a part in the slow recovery. Inequality is.
Ok, but I think this is going to be an issue with any non-white minority in this country, especially now. For a place to be predominantly black and marketed to black people, it is not likely that other groups of races would be interested in moving to those areas. Given the lower number of qualified black home buyers, it seems as though having that exclusivity is killing the demand. I don't think really think it's going to be realistic for there to be a black neighborhood in this country that will appreciate as much as similar white neighborhoods. The only thing that would help is a huge increase in the black population and/or potential black home buyers. Without those things, you have a very narrow demographic to market to.
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Old 01-28-2015, 09:15 AM
 
Location: DMV
10,125 posts, read 13,952,006 times
Reputation: 3222
Quote:
Originally Posted by EdwardA View Post
I listened to the Kojo show about this article yesterday. A caller made a great point. He said he bought a relatively cheaper home, that kept his housing costs low. He invested his savings in buying other property in the county that he rents out. He said he's not concerned too much about appreciation because someone else is paying the mortgage, the tenant.

His overall point was if you are realistic about what you housing is and understand that you will not enjoy the same home appreciation as a home in NoVa you should be ok. He said many people bought the largest, newest home they could get. That's how folks got tripped up.

I agree, there are some good deals in PG close to Metro. The money you save on housing could be used to put your kids in private school or allow a spouse to stay home with kids. I've noticed more younger non-black families moving into my mother's Camp Spring neighborhood. It's not all bad in PG.
Quote:
Originally Posted by adelphi_sky View Post
I totally agree. I've been taught that family expenses should not be more than what one salary can handle. Housing costs should not exceed 29% of income. So, if someone loses their job or takes a pay cut, only minor living adjustments need to be made. The shock to the family finances is lessened. Too many people build their lifestyles on two and sometimes three salaries. Then when one get's laid off, the other salary isn't enough to sustain the expenses. Sometimes the income loss is greater than 50%. And if your housing costs are 50% of your income, well, do the math. lol
That's really the common thread with the stories that were in these articles. A lot of these individuals over extended themselves financially and didn't prepare for the what ifs. I believe better decisions could have helped these families out. There is nothing wrong with living modestly. Not only do you have to think about the what ifs, but you also have to think about your children. If you are carrying debts for that long just to have a nice house, how does that help your children in the future? Where are they going to have a college fund come from? Priorities need to improve. If all you have to offer your kids in the future is a nice house to come visit, but they have to go into debt just to go to college then they are going to start off in the same or worse state then you.
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Old 01-28-2015, 09:32 AM
 
Location: It's in the name!
7,079 posts, read 9,532,096 times
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Quote:
Originally Posted by justtitans View Post
a black neighborhood in this country that will appreciate as much as similar white neighborhoods.
This has never been the case in the history of America. lol

Quote:
The only thing that would help is a huge increase in the black population and/or potential black home buyers. Without those things, you have a very narrow demographic to market to.
I think the only thing that will help is if white people change their mindset and determine to move into black neighborhoods. Not necessarily to take over, but to actually want to be a part of making neighborhoods more diverse. Black people alone will never be able to be equal to whites in this regard unless those with the power and resources (whites) want the same thing. Until then, everyone chooses to live separately for the most part. And that creates the inequity in the housing market.

In simple words, white people have to be okay with living near minorities who may not be on the same socioeconomic status - to not care about how they will be perceived living around minorities. I think this will raise the bar for everyone. But that remains to be seen.
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Old 01-28-2015, 09:37 AM
 
Location: It's in the name!
7,079 posts, read 9,532,096 times
Reputation: 3780
Quote:
Originally Posted by justtitans View Post
That's really the common thread with the stories that were in these articles. A lot of these individuals over extended themselves financially and didn't prepare for the what ifs. I believe better decisions could have helped these families out. There is nothing wrong with living modestly. Not only do you have to think about the what ifs, but you also have to think about your children. If you are carrying debts for that long just to have a nice house, how does that help your children in the future? Where are they going to have a college fund come from? Priorities need to improve. If all you have to offer your kids in the future is a nice house to come visit, but they have to go into debt just to go to college then they are going to start off in the same or worse state then you.
I think where a lot of people go wrong is one, they don't follow the 29% rule, which includes homeowner's insurance, and utilities. Two, I think when people sign for mortgages on 3k+ sqft homes, they don't take into account how much it will cost to heat those large homes in the winter and cool them in the summer. Usually large homes carry two water heaters. And as homes are now becoming more electronic (ti's insane how many plugs we need now) electricity bills are going to continue to rise. Utilities can add an additional 10% to 20% of housing costs.
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Old 01-28-2015, 10:30 AM
 
Location: Maryland
18,630 posts, read 19,381,739 times
Reputation: 6462
We've hit the P&OC forum lol: //www.city-data.com/forum/polit...g-obama-4.html
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Old 01-28-2015, 10:32 AM
 
Location: Maryland
18,630 posts, read 19,381,739 times
Reputation: 6462
Quote:
Originally Posted by adelphi_sky View Post
I think where a lot of people go wrong is one, they don't follow the 29% rule, which includes homeowner's insurance, and utilities. Two, I think when people sign for mortgages on 3k+ sqft homes, they don't take into account how much it will cost to heat those large homes in the winter and cool them in the summer. Usually large homes carry two water heaters. And as homes are now becoming more electronic (ti's insane how many plugs we need now) electricity bills are going to continue to rise. Utilities can add an additional 10% to 20% of housing costs.
^^^^Folks really underestimate maintenance costs. Rule of thumb is to set aside 3-5% of home value a year in maintenance.
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