Housing Bubble

Real Estate Racism

Abdulla Al remeithi
Chyanne Walton
Chaseddie Medina
Bryan Leiva
Glenda Posada
bell hooks major points
hooks argues that its more about race
than class.
In California, whites express concerns
selling to blacks.
Ohio wanted appropriate class
White people support segregation
hooks predicted the housing bubble
bell hooks major points
Whites say is more about class than race

When I began seeking to buy real estate in Greenwich
Village in New York City, telling the agents (all of whom
were white) that I wanted to be in a racially diverse
building, as I did not want myself or the folks coming to see
me to be subjected to racism, they kept insisting that the
issue was not about race but class (hooks131)



In a society like ours where class is rarely, if ever, talked
about, it is worthy of note that whenever racism in real
estate and housing is talked about, most white people will
argue that discrimination is really about class rather than
race (hooks134)
bell hooks major points
bell hooks major points
Whites would rather be away from the
black.
White residents who might ordinarily in their daily lives see
themselves as liberal when it comes to the issue of race
often acted in a conservative manner when it came to
allowing blacks/people of color into their building (hooks
132)
bell hooks major points

Every day citizens of this nation buy houses they cannot
afford and will not own in their lifetime. Ironically, in many
parts of our nation the houses get bigger and grander even
as incomes dwindle (hooks 140)
Average prices of Homes during the
housing bubble
This graph shows the average and median
sales prices between 1963-2010. In 2008
the prices raised 17.5% from 2005 to 2009.
In 2006 the average price of a home was
305,900, in 2007 it was 313,600 and in
2008 it dropped to 292,600.
Research
What is the Housing Bubble?
Who/Why did they get affected by it?
Lessons learned from the Housing
Bubble

What is the Housing Bubble?
A temporary condition in which the real
estate prices rapidly increase.
It eventually bursts, causing the housing
bubble to decline in prices.
When interest rates become lower,
demand becomes higher, therefore prices
increase.

Who/Why did they get affected by it?
Hispanic communities faced biggest
decline.
African-American communities came in
second.
People who could not afford to pay the
mortgages.

5 Lessons learned from the Housing
Bubble
1. Adjust Expectations
2. You cant time the market
3. Dont treat your home like a piggy bank
4. Do your own research
5. Think long-term financing






Analysis
Discrimination and Exploitation in Real
Estate.
Exploitation is the act of treating someone
unfairly in order to benefit from work.
Just like bell hooks many people were
treated unfairly when buying house back in
the days because of their race.



Analysis
bell hooks said folks will insist that they are
not racist, then simultaneously argue that
everyone knows property values will diminish
if too many black people enter the
neighborhood.
White people would discriminate and believe
that if they allowed black people to move into
their neighborhood that their things would
get stolen.



Analysis
Fair Housing Act.
In the Sale and Rental of Housing: No one
may take any of the following actions based
on race

Refuse to rent or sell housing
Refuse to negotiate for housing
Making housing unavailable
Deny a dwelling


Analysis
The tax credit was offered to two main groups:
Minority groups with low homeownership rates and
young buyers with low incomes. (Minority = Black,
Asian, Hispanic)
The credit only applied to first-time buyers who
purchased homes after April 8, 2008 and before
July 28, 2008.
The tax credit granted them enough money to
cover the down payment on the house and
mortgage.
Payments were to be covered over a 15 year span
with 10% interest.
http://money.cnn.com/video/news/2013/11/12/n-housing-bubble-california-home-prices-mortgage-rates-zillow.cnnmoney


Discussion Questions
How do you see the housing bubble and
its aftermath in effect now?
Do you see this happening again in the
future? Why or why not?
Did this happen to you or anyone you
know?

Works Cited
Black, Ken, and Bronwyn Harris. "What Is A Housing Bubble?" WiseGeek. Conjecture, 04
Mar. 2014. Web. 30 Mar. 2014.
Covert, Bryce. "Hispanic Communities Were Hit Hardest By The Housing Bubble And
Bust." ThinkProgress RSS. N.p., 17 Jan. 2014. Web. 31 Mar. 2014.
Holmes, Tamara E. "Lessons Learned When Housing Bubble Bust Caused Real Estate
Market Crash." Lessons Learned When Housing Bubble Bust Caused Real Estate Market Crash. Bankrate, n.d.
Web. 30 Mar. 2014.
Hooks, Bell. Where We Stand Class Matters. Print.
"Fair Housing Act." Encyclopedia of African American Society, (2005): .
Goodwin, Kimberly R, and Leonard V Zumpano. "The Home Buyer Tax Credit of 2009 and the Transition to
Homeownership." Journal of Housing Research, 20.2 (2011): 211-224
www.census.gov/const/uspriceann.pdf
Malter, Jordan. Is there a housing bubble in California?. CNNMONEY. video.