Why does the housing crisis affect Upper Middle class black areas so hard? (North Beach: sales, real estate)

[Turnerbro]

Originally Posted by seanlax

White dude here with literally zero financial backing or support trying to purchase a home. It is hard. Everyone is trying to get one over on me, and the traps never seem to end. Luckily, I have my parents, cousins and grandparents to talk to and ask for advice.

If I was black, would I even have parents or grandparents with the experiences of home-ownership or financing? Unlikely. And I'd be even worse off than I currently am.

Aggregate that scenario, and it seems extremely obvious why there is a racial disparity.

So you're going under the assumption that if you where black your parents wouldn't have owned a home but because you're white they do.

[Moth]

Originally Posted by adelphi_sky

Data source?

You yourself refuse to provide evidence, yet you ask it of others?

[adelphi_sky]

Originally Posted by Moth

You yourself refuse to provide evidence, yet you ask it of others?

I've posted links. Not my fault if people don't read them.

[Moth]

Originally Posted by adelphi_sky

I've posted links. Not my fault if people don't read them.

Nope. You posted this:


Ummm. No. See how I did that? (#33)



That is not a link. That is squat.


You made a bunch of outlandish accusations and when asked to substantiate them, you refused.

Stop lying.

[seanlax]

Originally Posted by Moth

Then you should not be attempting to purchase a home.

And I can obviously count on members of my community like you for support. Thank you so much for showing everyone how compassionate you are.

Either way you completely missed my point and failed to address the highly directed point I was making to you.

I'll take my 10% down and I guess the insight is your loss.

[seanlax]

Originally Posted by Turnerbro

So you're going under the assumption that if you where black your parents wouldn't have owned a home but because you're white they do.

Perhaps I wasn't as eloquent as I could have been. Let me rephrase:

If I was black, would I even have parents or grandparents with the same favorable experiences of home-ownership or financing options as white families faced 30-40 years ago? Unlikely

[Moth]

Originally Posted by seanlax

And I can obviously count on members of my community like you for support. Thank you so much for showing everyone how compassionate you are.

Either way you completely missed my point and failed to address the highly directed point I was making to you.

I'll take my 10% down and I guess the insight is your loss.

Seanlax:

True.

You cannot count on me for compassion as you do not know me and never will. Thus it is not my job to give you compassion and vice-versa.

What I happily gave you was COMMON SENSE.

Yes, the process of purchasing a home is arduous, stressful, costly, risky, confusing, and often a sheer PITA.

The end result can be beneficial, a disaster, something in between.

If you find said process as such, then the best thing to do is hire people to help you. Don't understand the mortgage calculations? Find a CPA and pay him an hourly fee. Have doubts about the house? Have two or more inspections done. Find the contract confusing? That is what lawyers are for.

I bought my first house at age 41. I knew NOTHING about doing so. I read books and every other piece of literature I could find. I researched mortgages. I spoke to people who knew better than I.

When the time came, I put down a big down payment and made it very, very clear that I had no interest in anything but a standard 30 year with a fixed rate. I ran the calculations myself and double checked them with the aforementioned experts.

Costly? You're damn right it was. This was the biggest investment decision I have ever made. It should be costly.

Then I took ownership and like any homeowner, have continually dealt with unexpected costs and expenses. But I have never missed a mortgage payment and through a lot of sweat equity, have turned the place into a nice space for me and the family.

And it would have been easier to continue renting.

That's what I am saying: If you are not financially ready or are not prepared for what I just described, you are better off not purchasing a home. Simple as that.

It is not a question of compassion. Home ownership is not charity. It's a PITA with risks and rewards.

I wish you luck.

[Turnerbro]

Originally Posted by seanlax

Perhaps I wasn't as eloquent as I could have been. Let me rephrase:

If I was black, would I even have parents or grandparents with the same favorable experiences of home-ownership or financing options as white families faced 30-40 years ago? Unlikely

Unlikely perhaps? But not certain.

[seanlax]

Originally Posted by Turnerbro

Unlikely perhaps? But not certain.

Yes. Which is why I used the word unlikely.

Is this just a thread for contrarians or are we actually going to have a discussion?

[North Beach Person]

Originally Posted by seanlax

Yes. Which is why I used the word unlikely.

Is this just a thread for contrarians or are we actually going to have a discussion?

Nah, started out as a bitchfest.

What I find interesting in all this is that supposedly smart people, of all races, got taken in by brokers pushing questionable mortgage instruments.

I saw it in Prince George's (you know the best educated majority Black subdivision in the US) as well as where I live.