53 Percent Of Black Wealth Wiped Out: Foreclosure Crisis Erodes Communities Of Color
Over the course of the last seven years, African American wealth has been decimated as a result of the foreclosure crisis in the United States. According to statistics, nearly 53% of Black wealth was wiped out as a result.
Washington Post’, national economics correspondent Michael Fletcher highlighted the impact of the housing crisis on Prince George’s County in Maryland. This municipality is considered to be one of the most affluent Black counties in America and has not escaped the erosion of wealth as a result of the nation’s economic downturn.
Fletcher writes in his Washington Post column:
African Americans for decades flocked to Prince George’s County to be part of a phenomenon that has been rare in American history: a community that grew more upscale as it became more black.
The county became a national symbol of the American Dream with a black twist. Families moved into expansive new homes, with rolling lawns, nearby golf courses and, most of all, neighbors who looked like them. In the early 2000s, home prices soared — some well beyond $1 million — allowing many African Americans to build the kind of wealth their elders could only imagine.
But today, the nation’s highest-income majority-black county stands out for a different reason: Its residents have lost far more wealth than families in neighboring, majority-white suburbs. And while every one of these surrounding counties is enjoying a strong rebound in housing prices and their economies, Prince George’s is lagging far behind, and local economists say a full recovery appears unlikely anytime soon.
Roland Martin and “NewsOne Now” looked at the foreclosure crisis latest victim, Price George’s Country and how vital home ownership is to African Americans building as well as sustaining wealth.
Fletcher told Martin,”The idea of home ownership works differently in our community.”
“Home ownership is the foundation of wealth for all Americans and for the average American that is where their wealth will be, but in African American communities across this nation you see this,” Fletcher said. He added, if you go to L.A. there are neighborhoods that are beautiful neighborhoods but “do not command the same prices as homes in other parts of that area.”
Fletcher called this trend a “national phenomenon” and thinks race is tied to the alarming housing stats and “there is no getting around it.”
WealthyU: Invest Your Tax Refund And Start Building Wealth (VIDEO)
According to Owens, the average tax refund is $3,000 and there are a number of steps you can take to get your money to make money for you.
WealthyU Tax Return Wealth Building Tips:
During this week’s installment of WealthyU, Owens also explained that we as a community need to shift from an income mindset to a wealth mindset. She quoted poet Henry David Thoreau as the basis for her recommendation.
“Wealth is the ability to fully experience life.” – Henry David Thoreau
Owens told Martin, “Wealth is not having to worry if you got to pay a mortgage or if you are going to have a roof over your head. That is what wealth is about, it’s about freedom.”
Gay Alabama Lawmaker Threatens To ‘Out’ Adulterous Politicians
Alabama’s only openly gay lawmaker is threatening to expose state politicians who have extramarital affairs but say gay marriage is immoral or bad for children.
State Rep. Patricia Todd, a Birmingham Democrat, says she was furious over some of the comments made by some colleagues after they learned gay couples might soon be able to get married in Alabama.
Todd says they’re being hypocrites. She says they will “out” politicians who cheat on their spouses or have other ethical lapses, but cite family values to oppose gay marriage.
On Tuesday, Roland Martin and the “NewsOne Now” Straight Talk panel (featuring Monique Pressley, Wilmer Leon and Michelle Hudgins) discussed the controversy surrounding Todd’s move to blast out the transgressions of her colleagues.
Monique Pressly told Martin, “It’s messy to accuse or to allege to accuse or say that you are going to ‘out’ someone’s affair. It’s personal private business and I am not in favor of that.” She continued, “However, her message is a clear one that I think is correct. If you’re going to discuss family values in Alabama and that really means Southern Christian values, then what they are saying is they don’t have a problem with fornication, they don’t have a problem with adultery, they don’t have a problem with pregnancy outside of marriage, but they have a problem with homosexuality.”
Pressley called the stance these politicians are taking on same sex marriage and family values “hypocrisy” as well as an “inherent contradiction.” She later stated, “We all have heard stories of people doing things that don’t necessarily go along with Biblical principles, but then when it comes to the gay community, we take this firm stance.”
Pressley summed up this touchy subject saying, “Don’t throw a brick at my window when you got a crack in your own.”
All that and more in this edition of the NewsOne Now Audio Podcast.