Middle Class And Minority Families

1510 Words7 Pages
More middle class and minority families than ever are underwater in their mortgages, and most have zero to negative wealth after the Great Recession that followed the housing boom in 2000 (Potts 7). Even those who kept their homes watched their values drop due to declined neighborhood worth. My childhood home’s peak value was over $200,000, but my parents listed it on the market with the hope of selling for just $175,000 when they were attempting to move to lower their mortgage. There were never any foreclosures in our neighborhood, the house is in one of the best school systems in the state, and it had a fantastic location, yet the value dropped significantly further than it had in twenty years after it was built because of flood of empty…show more content…
Because so many vulnerable people were harmed by manipulative actions, many were ultimately in need of financial assistance from the government; however, they were never were truly relived thanks to a new breed of law firms. Until every home loses value, buying a home will continue to be a prudent investment for those who can’t buy stocks or bonds. Purchasing my home was a major milestone in my life as well as an investment I could make for my future. Adalberto Aguirre believes that “For many Americans, homeownership is synonymous with success, independence, and the achievement of the American Dream.” Homeownership is seen as a pathway to aspects of the American dream; for instance, the ability to pay for a college education, providing start-up capital for a family business, or funding retirement plans (Aguirre 6). Owning a home, like earning a college education, is something I thought was supposed to be coveted for not only ourselves, but also for our friends and family. Helping others attain the American Dream certainly took a backseat to profits in the minds of countless mortgage brokers and lenders during the 2000 housing boom. First, everyone who has bought a house himself or herself, or has been near the process of home buying, knows that first time home buyers make mistakes. They become
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