Why does the housing crisis affect Upper Middle class black areas so hard? (Largo: 2015, foreclosures)

[Turnerbro]

In Fairwood, dreams of black wealth foundered amid the mortgage meltdown | The Washington Post

Article about Fairwood, a neighborhood which was hit hard by the housing crisis and is now going through a bit of a reverse demographic change. I'm wondering what is going on? Why are upper middle class black neighborhoods always affected un-proportionately hard by foreclosures. Majority white or mixed neighborhoods with the same income level don't get hit as hard. Most of the people I knew who currently live or have lived in Fairwood where well to do and college educated, with decent jobs.

Edit: Should also add, Fairwood is still fighting to get an Elementary school.

[adelphi_sky]

Originally Posted by Turnerbro

In Fairwood, dreams of black wealth foundered amid the mortgage meltdown | The Washington Post

Article about Fairwood, a neighborhood which was hit hard by the housing crisis and is now going through a bit of a reverse demographic change. I'm wondering what is going on? Why are upper middle class black neighborhoods always affected un-proportionately hard by foreclosures. Majority white or mixed neighborhoods with the same income level don't get hit as hard. Most of the people I knew who currently live or have lived in Fairwood where well to do and college educated, with decent jobs.

Edit: Should also add, Fairwood is still fighting to get an Elementary school.

Hmmmm. It's been a while since WaPo published their requisite annual, "We Are Still Amazed At How Centuries of Institutional Segregation and Discrimination Can Affect Wealthy African Americans Prince George's County Today" article.

Sacramento becomes latest city to allege mortgage discrimination by Wells Fargo

[willow_hiller]

Not sure if I can post hyperlinks yet, but it partially comes down to a disparity in accumulated wealth, rather than incomes: https://www.americanprogress.org/iss...ic-inequality/

In 2016, the median wealth for black and Hispanic families was $17,600 and $20,700, respectively, compared with white families’ median wealth of $171,000.

A large part of that disparity comes from home equity, which means that black families could be more likely to see their mortgages go under water when housing prices fall.

As for the root causes, see adelphi_sky's post above.

[Turnerbro]

Originally Posted by adelphi_sky

Hmmmm. It's been a while since WaPo published their requisite annual, "We Are Still Amazed At How Centuries of Institutional Segregation and Discrimination Can Affect Wealthy African Americans Prince George's County Today" article.

Sacramento becomes latest city to allege mortgage discrimination by Wells Fargo

I am honestly amazed by it though. Institutional racism started dying in the 1960's. I know racism isn't dead, but I genuinely don't get this.

[adelphi_sky]

Originally Posted by Turnerbro

I am honestly amazed by it though. Institutional racism started dying in the 1960's. I know racism isn't dead, but I genuinely don't get this.

Then you have a lot of reading to do. And if institutional racism started dying in the 1960s, it's dying a long slow death.

[Turnerbro]

Originally Posted by adelphi_sky

Then you have a lot of reading to do. And if institutional racism started dying in the 1960s, it's dying a long slow death.

That article about Sacramento seems to be focusing on poor areas. Why and more importantly how could banks force foreclosures and upper middle class majority black neighborhoods? If people are paying their bills what's the problem. Also let me just say I am bi-racial, black and white and grew up in Largo around the time it was transitioning. Sometimes I feel a little overwhelmed by all the race baiting that's going on today.

[adelphi_sky]

Originally Posted by Turnerbro

That article about Sacramento seems to be focusing on poor areas. Why and more importantly how could banks force foreclosures and upper middle class majority black neighborhoods? If people are paying their bills what's the problem. Also let me just say I am bi-racial, black and white and grew up in Largo around the time it was transitioning. Sometimes I feel a little overwhelmed by all the race baiting that's going on today.

Racial discrimination crosses all financial demographics. If it is happening to the poor it is happening to the wealthy. ANd it impacts the wealthy the hardest because they have more to lose.

[Turnerbro]

Originally Posted by adelphi_sky

Racial discrimination crosses all financial demographics. If it is happening to the poor it is happening to the wealthy. ANd it impacts the wealthy the hardest because they have more to lose.

I guess I just have a major problem with assuming racism. But I also have a problem with someone assuming the worst out of someone because of their race.

[adelphi_sky]

Originally Posted by Turnerbro

I guess I just have a major problem with assuming racism. But I also have a problem with someone assuming the worst out of someone because of their race.

Racism has always been the nasty undercurrent in this county. You won't notice it if you're not looking for it or a victim of it. It requires a certain "awareness." What the young people now call being "Woke."

[Moth]

Originally Posted by Turnerbro

In Fairwood, dreams of black wealth foundered amid the mortgage meltdown | The Washington Post

Article about Fairwood, a neighborhood which was hit hard by the housing crisis and is now going through a bit of a reverse demographic change. I'm wondering what is going on? Why are upper middle class black neighborhoods always affected un-proportionately hard by foreclosures. Majority white or mixed neighborhoods with the same income level don't get hit as hard. Most of the people I knew who currently live or have lived in Fairwood where well to do and college educated, with decent jobs.

Edit: Should also add, Fairwood is still fighting to get an Elementary school.

If they are well to do and college educated, then one would think they understand how vital it is to make that monthly mortgage payment.

Failing to do so generally results in foreclosure.

The mortgage meltdown revealed that numerous Americans had taken leave of their senses in the name of home ownership. I was unaware there was much racial disparity in said foreclosures. One can find numerous examples of all kinds of people buying houses they could not afford. Kind of an old story at this point.

Lobbing accusations of racism when in reality people have simply behaved foolishly is sophomoric.