Racism in Home Values

[ttystikk]

http://www.npr.org/2016/09/02/492251653/for-the-black-middle-class-housing-crisis-and-history-collude-to-dash-dreams

Home values are negatively impacted specifically because of racial makeup of the residents.

I find this despicable, yet pervasive.

 

[ttystikk]

@bearkat42 I'm interested in hearing your perspective on this.

 

[bearkat42]

@bearkat42 I'm interested in hearing your perspective on this.

This is something that has been known forever, and yes, it's quite despicable. I have many friends who live in PG county, some of which who've lost their homes for various reasons. Another trick that is often pulled is taking two people with similar incomes and credit ratings, one white and one black, and charging the black person a higher interest rate. Hell, I have no idea whether or not I've paid a higher interest rate that any of my similarly qualified white neighbors. The automobile industry frequently pulls the same type of shenanigans. Banks have paid millions of dollars in fines and settlements with regards to lending discrimination, but apparently that's just the cost of doing business. This has been going on forever, and I would imagine that it will continue indefinitely.

It's also no secret that white people will pay premium prices to live amongst themselves. Take the Georgetown area of Washington DC for example. With regards to price, many of those homes are vastly overrated for what you're paying for. I would take my house over many in Georgetown costing twice (or more) as much. But, it's a predominantly white area in a city that was once known as "Chocolate City" so the prices are what they are.

 

[ttystikk]

Compared to back east, Colorado is very new- and very white. I find such institutionalized racism to be jarring perhaps because I didn't grow up with it as part of the sociopolitical landscape.

Black people in my city tend to be educated middle class professionals, much like the vast majority of the rest of the residents. That and the relative youth of both the residents and the city itself tend to lend themselves to more equal treatment of minorities- which isn't to say it doesn't happen, only that it happens less here than, say, Baltimore.

Is an inclusive attitude something that can be exported to other places in the country? If so, how?

#isitwithcolin

 

[bearkat42]

Compared to back east, Colorado is very new- and very white. I find such institutionalized racism to be jarring perhaps because I didn't grow up with it as part of the sociopolitical landscape.

Black people in my city tend to be educated middle class professionals, much like the vast majority of the rest of the residents. That and the relative youth of both the residents and the city itself tend to lend themselves to more equal treatment of minorities- which isn't to say it doesn't happen, only that it happens less here than, say, Baltimore.

Is an inclusive attitude something that can be exported to other places in the country? If so, how?

#isitwithcolin

You will continue to see this with younger generations, as they tend to be better educated than their parents. I look at the kids in my daughter's generation (she's19), and I'm often amazed at how open many of these kids (of all races) are. A large percentage of them have seemingly no hang ups about race, gender, sexuality, etc. These kids are getting it right. The problem remains that the overwhelming majority of those in power (older white men) still hold views from decades past, and they are the ones making all of the decisions.

 

[ttystikk]

It is this subject of housing, home values and access to ownership that the intersection between racism and economic status is most clearly visible.

 

[bearkat42]

It is this subject of housing, home values and access to ownership that the intersection between racism and economic status is most clearly visible.

Yes sir. It is also a clear example proving the old adage "Money isn't everything".

 

[blu3bird]

Is an inclusive attitude something that can be exported to other places in the country? If so, how?

#isitwithcolin

I think the answer to your question is, probably not. Exported = forced, and I don't imagine most folks like to be forced into any situation. Especially a housing/living situation.

For the most part, I think it's just human nature to want to live among your own peoples. I mean when I bought my house, I sure didn't go looking in the hood or inner city for it.

I guess in the other hand, I could care less who my neighbor is though, as long as they dont fuck with me. If an African American family moved next door to me, I would invite them over for beer and bbq.

It does suck though that not everyone is treated equal when buying a home.

 

[Blunted 4 lyfe]

http://www.npr.org/2016/09/02/492251653/for-the-black-middle-class-housing-crisis-and-history-collude-to-dash-dreams

Home values are negatively impacted specifically because of racial makeup of the residents.

I find this despicable, yet pervasive.

Many years ago when I (like most) weren't too concerned with good credit I had played the credit card shuffle (where you transferred balance from 1 card to another for 0% interest) then closing the old card not knowing that was hurting your credit, then there was this thing called universal credit default where if you missed a payment to 1 credit card co. all the others would put you in default as well until the Fair Credit Act signed by Obama got rid of that. Thank God I had savings and was able to payoff all of my high debt ( when I forgot to make a payment to Chase all my other credit cards raised my APR and cut off my credit to $500 above what I owed at that time) which resulted in a high debt-to-income ratio lowering my credit score then comes redlining by banks so home buying was out of the question for most minority's.

I had to buy a car under my then brother-in-laws name (he's white) because when I went to get the car the best offer was 6.99 but yet I have a 781 credit score and he has a 721 score but was given a 1.99 APR. Now I go to my Union and get a loan to buy cars.

B4L

 

[ttystikk]

Many years ago when I (like most) weren't too concerned with good credit I had played the credit card shuffle (where you transferred balance from 1 card to another for 0% interest) then closing the old card not knowing that was hurting your credit, then there was this thing called universal credit default where if you missed a payment to 1 credit card co. all the others would put you in default as well until the Fair Credit Act signed by Obama got rid of that. Thank God I had savings and was able to payoff all of my high debt ( when I forgot to make a payment to Chase all my other credit cards raised my APR and cut off my credit to $500 above what I owed at that time) which resulted in a high debt-to-income ratio lowering my credit score then comes redlining by banks so home buying was out of the question for most minority's.

I had to buy a car under my then brother-in-laws name (he's white) because when I went to get the car the best offer was 6.99 but yet I have a 781 credit score and he has a 721 score but was given a 1.99 APR. Now I go to my Union and get a loan to buy cars.

B4L

This kind of shit is why banks need to be brought to heel.

 

[Blunted 4 lyfe]

This kind of shit is why banks need to be brought to heel.

For sure banks been fucking folks in the name of profit for years, I'm just glad that Obama leveled the playing field somewhat, banks retaliated with higher fees and even fees for carrying their card.

 

[londonfog]

For sure banks been fucking folks in the name of profit for years, I'm just glad that Obama leveled the playing field somewhat, banks retaliated with higher fees and even fees for carrying their card.

Banks owned by the Jewish Rothschild family

“Give me control over a nations currency, and I care not who makes its laws” – Baron M.A. Rothschild

ROTHSCHILD OWNED BANKS:
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[schuylaar]

Many years ago when I (like most) weren't too concerned with good credit I had played the credit card shuffle (where you transferred balance from 1 card to another for 0% interest) then closing the old card not knowing that was hurting your credit, then there was this thing called universal credit default where if you missed a payment to 1 credit card co. all the others would put you in default as well until the Fair Credit Act signed by Obama got rid of that. Thank God I had savings and was able to payoff all of my high debt ( when I forgot to make a payment to Chase all my other credit cards raised my APR and cut off my credit to $500 above what I owed at that time) which resulted in a high debt-to-income ratio lowering my credit score then comes redlining by banks so home buying was out of the question for most minority's.

I had to buy a car under my then brother-in-laws name (he's white) because when I went to get the car the best offer was 6.99 but yet I have a 781 credit score and he has a 721 score but was given a 1.99 APR. Now I go to my Union and get a loan to buy cars.

B4L

Credit score is not the only way loans are conceived. They take into account debt-to-income ratio among other criteria.

 

[ttystikk]

I think the answer to your question is, probably not. Exported = forced, and I don't imagine most folks like to be forced into any situation. Especially a housing/living situation.

For the most part, I think it's just human nature to want to live among your own peoples. I mean when I bought my house, I sure didn't go looking in the hood or inner city for it.

I guess in the other hand, I could care less who my neighbor is though, as long as they dont fuck with me. If an African American family moved next door to me, I would invite them over for beer and bbq.

It does suck though that not everyone is treated equal when buying a home.

I disagree with the notion of exporting = force completely. Do you own a domestic car? Do you know anyone forced to buy one? I also disagree that people somehow 'want' to live segregated lives, and I can point to my own personal experience as evidence of this.

The key would be to make inclusiveness desirable, attractive and something that enhances property and other values.

If we can do that, we can let people do what they do and the problem *could* be well on the way to solving itself.

Take my hometown of Ft Collins, CO for example. Black people live with white people, perhaps in part because the city isn't old or big enough to have a history of segregated ghettos. Yet, it works and it works well. Isn't this how it should be?

Speaking personally, people of differing races, cultural backgrounds and religions are interesting to me and I make it a point to reach out to them whenever I get the chance. What do I find? Fascinating perspectives that enrich my frame of reference, great food, lol and generally warm and friendly people.

I've found that racists are generally very disagreeable and ugly people, fearful, angry, not very intelligent and don't have a lot going for them. Why would I want to waste any of my precious limited time on this earth around that?!

 

[Blunted 4 lyfe]

Credit score is not the only way loans are conceived. They take into account debt-to-income ratio among other criteria.

Yup that's exactly what happened to me when other credit card co. Raised my APR in what is known as universal default and and capped my credit $500 bucks above my balance.

I did mention debt-to-income ratio as well as closing the oldest credit card (credit history), but you live and learn. The extra $16k I spent on cleaning my credit came from my down payment on my house fund.

B4L

 

[Illinois Enema Bandit]

Right off the bat its easy to spot that the person,or company responsible for the article is full of shit,I don't know the neighborhood or the banks but I know this much,quote from article below.

Though it's impossible to say that a particular loan or a particular action by a bank was motivated by racism or discrimination, lawsuits and Justice Department investigations show that black homeowners consistently have been given worse deals than white homeowners.
end quote

what I know is if your able to write the above paragraph with a sense of certantity then why aren't " they " able to prove predatory lending scams at the very least,then rectify these people being fucked over by the bank bitch who " recommends liquidating their retirement funds" .

seems to me a cut & dried case of predatory lending,using race as another tool to leverage higher rates & boost profits,before I allowed my home of decades to be repoed I'd bulldoze the thing to the ground before I didn't legally own it anymore

 

[schuylaar]

Yup that's exactly what happened to me when other credit card co. Raised my APR in what is known as universal default and and capped my credit $500 bucks above my balance.

I did mention debt-to-income ratio as well as closing the oldest credit card (credit history), but you live and learn. The extra $16k I spent on cleaning my credit came from my down payment on my house fund.

B4L

But my point was, it wasn't racially motivated and that it could have been based upon other criteria used in the credit process.

You confirmed my suspicions.

 

[SaitouMichiko]

Something that reminds me of this is what my grandmother and boyfriend call white flight. Basically when a neighborhood became too segregated, and the neighbors noticed people of color moving in, the white people would leave the neighborhood and the values of the homes occupied by people of color would go down drastically. The more people moved in, the more devalued the homes and the neighborhood in general became. And this happened no matter the professional degrees the people of color held, income they managed etc. middle class neighborhoods then became valued at low class prices.

Houston has a bad history with this, and this is where I reside. Nowadays it's not white flight, it's gentrification. It's very odd to be driving around what has been known as a predominantly black neighborhood, being redone, condos being built that no one in that area could ever afford, which ends up pushing them into worse parts of the city. One moment you're in the "hood" and the next you're in "the heights" and it's funny because though you're in the heights you see squatters with crack pipes under the bridges, then a few upper middle class people strolling around and exercising their French Bulldogs completely oblivious.

From a business perspective, buying land that is valued very low and building very expensive residencies on it makes sense especially if it has the potential to become a popular area, but it's human lives that are the expense to the companies/corporations profits.

 

[Blunted 4 lyfe]

But my point was, it wasn't racially motivated and that it could have been based upon other criteria used in the credit process.

You confirmed my suspicions.

I'm not so sure the banks raising the APR wasn't racially motivated as well or just plain greed as many think it is, after all it's documented that neighborhoods with lower medium incomes are predominantly Black/Brown and are less likely to have savings to payoff that high interest card/s.

You know as well as I that one of the factors that are used to rate your credit is % of max credit line you owe I.e. Max credit line is 20k on card A,B and C and you owe 8k to each you're at 40% of your max on all 3 cards not too bad right? but miss a payment to card A, then card A, B & C because of universal default, raises the APR AND caps your max credit line to 10k each now you're at 80% of max, which lowers your credit score.

So again I say, I'm not quick to just say those practices weren't aimed at POC.

Thank God the Fair Credit Act implemented by Obama got rid of that.

 

[Uncle Ben]