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Originally Posted by DrPhil
I agree. There's a reason why these things disproportionately impact Blacks.
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So blacks face foreclosure at a higher rate than non-blacks? I didn't know that. Where would one find these figures?
I posted this story a few months back. There is also a similar one circling FB about a family who haven't made a mortgage payment in almost 2 years. Must.Be.Nice. As a renter I think I could slide for about a month tops before my ass was living on the street. I'm sorry but since housing is typically ones highest expense, barring catastrophe I don't understand how one could not pay for housing and still be behind on credit card bills.
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Originally Posted by Munchkin03
I'm here! Finally! I was out of town for a wedding this weekend and was mad busy in the days leading up to it.
I hinted at this upthread, but there's a lot of pressure for black professionals to buy houses even when it might not be the best time to do so in their lives. It used to be that homeownership was the official sign that "you've made it," and you can still see it with a lot of black Baby Boomers and Greatest Generation folks. When I got my masters, my father was on me hard to buy--I knew it was a dumb idea, given how mutable my life was and how expensive real estate was in NYC, and I chose to focus my financial priorities on building savings and investing for retirement. I'll have the rest of my life to buy a house. But, there are a lot of people in their early to mid 20s who take what their parents say as gospel, especially if their parents did "well." (It's a relative term since so many Black Greatest Generation and Baby Boomers had stable government or union jobs, VA housing loans, and the GI bill to get out of college without debt. It would require lot more income--and much lower housing costs--to replicate that sort of middle-class prosperity today.)
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The bolded statements are more universal than you think. We are just living in a different era now than when our parents were our age. Over Thanksgiving my aunt was telling me how she bought her first house when she was 19 and working as a cashier at a grocery store and couldn't understand why "kids" these days couldn't afford their own houses. I told her if I was able to buy a nice 3 bedroom ranch in a safe, tree lined suburb for $35,000 than I probably would've been a homeowner at 19 as well
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