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Homeownership Built to Last

Author: Eric S. Belsky

Publisher: Brookings Institution Press

Published: 2014-06-27

Total Pages: 497

ISBN-13: 0815725655

A Brookings Institution Press and Harvard University Joint Center for Housing Studies publication The ups and downs in housing markets over the past two decades are without precedent, and the costs—financial, psychological, and social—have been enormous. Yet Americans overwhelmingly still aspire to homeownership, and many still view access to homeownership as an important ingredient for building wealth among historically disadvantaged groups. This timely volume reexamines the goals, risks, and rewards of homeownership in the wake of the housing bubble and subprime lending crisis. Housing, real estate, and finance experts explore the role of government in supporting homeownership, deliberate how homeownership can be made more sustainable, and discuss how best to balance affordability, access, and risk, particularly for minorities and low income families. Contributors: Eric S. Belsky (JCHS); Raphael W. Bostic (University of Southern California); Mark Calabria (Cato Institute); Kaloma Cardwell (University of California, Berkeley); Mark Cole (Hope LoanPort); J. Michael Collins (University of Wisconsin– Madison); Marsha J. Courchane (Charles River Associates); Andrew Davidson (Andrew Davidson and Co.); Christopher E. Herbert (JCHS); Leonard C. Kiefer (Freddie Mac); Alex Levin (Andrew Davidson and Co.); Adam J. Levitin (Georgetown University Law Center); Mark R. Lindblad (University of North Carolina at Chapel Hill); Jeffrey Lubell (Abt Associates); Patricia A. McCoy (University of Connecticut School of Law); Daniel T. McCue (JCHS); Jennifer H. Molinsky (JCHS); Stephanie Moulton (Ohio State University); john a. powell (University of California–Berkeley); Roberto G. Quercia (University of North Carolina at Chapel Hill); Janneke H. Ratcliffe (University of North Carolina); Carolina Reid (University of California–Berkeley); William M. Rohe (University of North Carolina at Chapel Hill); Rocio Sanchez-Moyano (JCHS); Susan Wachter (University of Pennsylvania); Peter M. Zorn (Freddie Mac)

Race for Profit

Author: Keeanga-Yamahtta Taylor

Publisher: UNC Press Books

Published: 2019-09-03

Total Pages: 364

ISBN-13: 1469653672

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LONGLISTED FOR THE 2019 NATIONAL BOOK AWARD FINALIST, 2020 PULITZER PRIZE IN HISTORY By the late 1960s and early 1970s, reeling from a wave of urban uprisings, politicians finally worked to end the practice of redlining. Reasoning that the turbulence could be calmed by turning Black city-dwellers into homeowners, they passed the Housing and Urban Development Act of 1968, and set about establishing policies to induce mortgage lenders and the real estate industry to treat Black homebuyers equally. The disaster that ensued revealed that racist exclusion had not been eradicated, but rather transmuted into a new phenomenon of predatory inclusion. Race for Profit uncovers how exploitative real estate practices continued well after housing discrimination was banned. The same racist structures and individuals remained intact after redlining's end, and close relationships between regulators and the industry created incentives to ignore improprieties. Meanwhile, new policies meant to encourage low-income homeownership created new methods to exploit Black homeowners. The federal government guaranteed urban mortgages in an attempt to overcome resistance to lending to Black buyers – as if unprofitability, rather than racism, was the cause of housing segregation. Bankers, investors, and real estate agents took advantage of the perverse incentives, targeting the Black women most likely to fail to keep up their home payments and slip into foreclosure, multiplying their profits. As a result, by the end of the 1970s, the nation's first programs to encourage Black homeownership ended with tens of thousands of foreclosures in Black communities across the country. The push to uplift Black homeownership had descended into a goldmine for realtors and mortgage lenders, and a ready-made cudgel for the champions of deregulation to wield against government intervention of any kind. Narrating the story of a sea-change in housing policy and its dire impact on African Americans, Race for Profit reveals how the urban core was transformed into a new frontier of cynical extraction.

Fixer-Upper

Author: Jenny Schuetz

Publisher: Brookings Institution Press

Published: 2022-02-22

Total Pages: 119

ISBN-13: 081573929X

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Practical ideas to provide affordable housing to more Americans Much ink has been spilled in recent years talking about political divides and inequality in the United States. But these discussions too often miss one of the most important factors in the divisions among Americans: the fundamentally unequal nature of the nation’s housing systems. Financially well-off Americans can afford comfortable, stable homes in desirable communities. Millions of other Americans cannot. And this divide deepens other inequalities. Increasingly, important life outcomes—performance in school, employment, even life expectancy—are determined by where people live and the quality of homes they live in. Unequal housing systems didn’t just emerge from natural economic and social forces. Public policies enacted by federal, state, and local governments helped create and reinforce the bad housing outcomes endured by too many people. Taxes, zoning, institutional discrimination, and the location and quality of schools, roads, public transit, and other public services are among the policies that created inequalities in the nation’s housing patterns. Fixer-Upper is the first book assessing how the broad set of local, state, and national housing policies affect people and communities. It does more than describe how yesterday’s policies led to today’s problems. It proposes practical policy changes than can make stable, decent-quality housing more available and affordable for all Americans in all communities. Fixing systemic problems that arose over decades won’t be easy, in large part because millions of middle-class Americans benefit from the current system and feel threatened by potential changes. But Fixer-Upper suggests ideas for building political coalitions among diverse groups that share common interests in putting better housing within reach for more Americans, building a more equitable and healthy country.

Know Your Price

Author: Andre M. Perry

Publisher: Brookings Institution Press

Published: 2020-05-19

Total Pages: 271

ISBN-13: 0815737289

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The deliberate devaluation of Blacks and their communities has had very real, far-reaching, and negative economic and social effects. An enduring white supremacist myth claims brutal conditions in Black communities are mainly the result of Black people's collective choices and moral failings. “That's just how they are” or “there's really no excuse”: we've all heard those not so subtle digs. But there is nothing wrong with Black people that ending racism can't solve. We haven't known how much the country will gain by properly valuing homes and businesses, family structures, voters, and school districts in Black neighborhoods. And we need to know. Noted educator, journalist, and scholar Andre Perry takes readers on a tour of six Black-majority cities whose assets and strengths are undervalued. Perry begins in his hometown of Wilkinsburg, a small city east of Pittsburgh that, unlike its much larger neighbor, is struggling and failing to attract new jobs and industry. Bringing his own personal story of growing up in Black-majority Wilkinsburg, Perry also spotlights five others where he has deep connections: Detroit, Birmingham, New Orleans, Atlanta, and Washington, D.C. He provides an intimate look at the assets that should be of greater value to residents—and that can be if they demand it. Perry provides a new means of determining the value of Black communities. Rejecting policies shaped by flawed perspectives of the past and present, it gives fresh insights on the historical effects of racism and provides a new value paradigm to limit them in the future. Know Your Price demonstrates the worth of Black people's intrinsic personal strengths, real property, and traditional institutions. These assets are a means of empowerment and, as Perry argues in this provocative and very personal book, are what we need to know and understand to build Black prosperity.

Low-Income Homeownership

Author: Nicolas P. Retsinas

Publisher: Brookings Institution Press

Published: 2004-05-28

Total Pages: 524

ISBN-13: 9780815706038

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A Brookings Institution Press and Harvard University Joint Center for Housing Studies publication A generation ago little attention was focused on low-income homeownership. Today homeownership rates among under-served groups, including low-income households and minorities, have risen to record levels. These groups are no longer at the margin of the housing market; they have benefited from more flexible underwriting standards and greater access to credit. However, there is still a racial/ethnic gap and the homeownership rates of minority and low-income households are still well below the national average. This volume gathers the observations of housing experts on low-income homeownership and its effects on households and communities. The book is divided into five chapters which focus on the following subjects: homeownership trends in the 1990s; overcoming borrower constraints; financial returns to low-income homeowners; low-income loan performance; and the socioeconomic impact of homeownership.

Underwater

Author: Ryan Dezember

Publisher: Macmillan + ORM

Published: 2020-07-14

Total Pages: 189

ISBN-13: 1250241812

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Winner of the Bruss Real Estate Book Award His assignment was to write about a real-estate frenzy lighting up the Redneck Riviera. So Ryan Dezember settled in and bought a home nearby himself. Then the market crashed, and he became one of the millions of Americans who suddenly owed more on their homes than they were worth. A flood of foreclosures made it impossible to sell. It didn't help that his quaint neighborhood fell into disrepair and drug-induced despair. He had no choice but to become a reluctant and wildly unprofitable landlord to move on. Meanwhile, his reporting showed how the speculative mania that caused the crash opened the U.S. housing market to a much larger breed of investors. In this deeply personal story, Dezember shows how decisions on Wall Street and in Washington played out on his street in a corner of the Sunbelt that was convulsed by the foreclosure crisis. Readers will witness the housing market collapse from Dezember’s perch as a newspaper reporter. First he’s in the boom-to-bust South where a hot-air balloonist named Bob Shallow becomes one of the world’s top selling real-estate agents arranging condo flips, developers flop in spectacular fashion and the law catches up with a beach-town mayor on the take. Later he’s in New York, among financiers like Blackstone’s Stephen Schwarzman who are building rental empires out of foreclosures, staking claim to the bastion of middle-class wealth: the single-family home. Through it all, Dezember is an underwater homeowner caught up in the mess. A cautionary tale of Wall Street's push to turn homes into assets, Underwater is a powerful, incisive story that chronicles the crash and its aftermath from a fresh perspective—the forgotten, middle-class homeowner.

Homewreckers

Author: Aaron Glantz

Publisher: HarperCollins

Published: 2019-10-15

Total Pages: 448

ISBN-13: 0062869558

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“[I] can’t recommend this joint enough. ... An illuminating and discomfiting read.” —Ta-Nehisi Coates "Essential reading." —New York Review of Books A shocking, heart-wrenching investigation into America’s housing crisis and the modern-day robber barons who are making a fortune off the backs of the disenfranchised working and middle class—among them, Donald Trump and his inner circle. Two years before the housing market collapsed in 2008, Donald Trump looked forward to a crash: “I sort of hope that happens because then people like me would go in and buy,” he said. But our future president wasn’t alone. While millions of Americans suffered financial loss, tycoons pounced to heartlessly seize thousands of homes—their profiteering made even easier because, as prize-winning investigative reporter Aaron Glantz reveals in Homewreckers, they often used taxpayer money—and the Obama administration’s promise to cover their losses. In Homewreckers, Glantz recounts the transformation of straightforward lending into a morass of slivered and combined mortgage “products” that could be bought and sold, accompanied by a shift in priorities and a loosening of regulations and laws that made it good business to lend money to those who wouldn’t be able to repay. Among the men who laughed their way to the bank: Trump cabinet members Steve Mnuchin and Wilbur Ross, Trump pal and confidant Tom Barrack, and billionaire Republican cash cow Steve Schwarzman. Homewreckers also brilliantly weaves together the stories of those most ravaged by the housing crisis. The result is an eye-opening expose of the greed that decimated millions and enriched a gluttonous few.

Homeownership, Renting and Society

Author: Sebastian Kohl

Publisher: Taylor & Francis

Published: 2017-04-07

Total Pages: 232

ISBN-13: 1317241088

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On the eve of the financial crisis, the USA was inhabited by almost 70 percent homeowning households, in comparison to about 45 percent in Germany. Homeownership, Renting and Society presents new evidence showing that this homeownership gap already existed between American and German cities around 1900. Existing explanations based on culture, government housing policy or typical socio-economic factors have difficulties in accounting for these long-term cross-country differences. Using historical case studies on Germany and the USA, the book identifies three institutional domains on the supply-side of the housing market – urban land, housing finance and construction – that set countries on different housing trajectories and subsequently established differences that were hard to reverse in later periods. Further chapters generalize the argument across other OECD (Organisation for Economic Co-operation and Development) countries and extend the explanation to cover historical differences in homeownership ideology and horizontal property institutions. This enlightening volume also puts forward path-dependence theories in housing studies, connects housing with vast urban-history and political-economy literature and offers comprehensive insights about the case of a tenant’s country which contradicts the tendency towards universal homeownership. Providing an all-new historic-institutionalist explanation of the German–American homeownership gap, this title will be of interest to postgraduate students and scholars interested in fields including: Housing Studies, Sociology, Urban History, Political Economy, Social Policy and Geography. It may also be of interest to those working in housing field organizations and ministries.

How to Buy Your Home

Author: Mindy Jensen

Publisher:

Published: 2020-10-15

Total Pages: 200

ISBN-13: 9780997584783

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At the Boundaries of Homeownership

Author: Chloe N. Thurston

Publisher: Cambridge University Press

Published: 2018-05-03

Total Pages: 275

ISBN-13: 1108386547

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In the United States, homeownership is synonymous with economic security and middle-class status. It has played this role in American life for almost a century, and as a result, homeownership's centrality to Americans' economic lives has come to seem natural and inevitable. But this state of affairs did not develop spontaneously or inexorably. On the contrary, it was the product of federal government policies, established during the 1930s and developed over the course of the twentieth century. At the Boundaries of Homeownership traces how the government's role in this became submerged from public view and how several groups who were locked out of homeownership came to recognize and reveal the role of the government. Through organizing and activism, these boundary groups transformed laws and private practices governing determinations of credit-worthiness. This book describes the important policy consequences of their achievements and the implications for how we understand American statebuilding.