Homeownership and America's Financial Underclass

Homeownership and America's Financial Underclass

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Why does America have a love affair with homeownership? For many, buying a home is no longer in their best interest and may harm their children's educational opportunities. This book argues that US leaders need to re-evaluate housing policies and develop new ones that ensure that all Americans have access to affordable housing, whether rented or owned. After describing common myths, the book shows why the circumstances now faced by America's financial underclass make it impossible for them to benefit from homeownership because they cannot afford to buy homes. It then exposes the risks of 'home buying while brown or black, ' discussing US policies that made it easier for whites to buy homes, but harder and more costly for blacks and Latinos to do so. The book argues that remaining racial discrimination and certain demographic features continue to make it harder for blacks and Latinos to receive homeownership's promised benefits.Notwithstanding this premise, homeowners do not view their houses as places to enjoy and occupy solely because of the comfort ... They were cash-poor, but they felt house-rich, and this feeling of wealth induced these negative equity owners to ... that an owner can use to make non-housing investments or finance purchases, or to repay or reduce non-housing debts. ... and falling interest rates allowed homeowners a€œto tap into their home equity through refinancing and lines of credit.

Title:Homeownership and America's Financial Underclass
Author: Mechele Dickerson
Publisher:Cambridge University Press - 2014-06-30

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