Maintaining and Achieving Homeownership While Facing a Mortgage and Economic Crisis
Miriam L. Sumpter Richard, Esquire Marshelle Brooks, FAMU Law Student
Homeownership is used as the symbol for achieving the American dream because it is the largest investment that most
families will ever make. Purchasing a home allows families to generate financial security as the value of the asset increases. Not only does homeownership assist individual families with financial gains, it provides stable communities while generating jobs and stimulating the growth of the economy. However, with the recent and ongoing mortgage crisis, the American dream of homeownership is becoming a nightmare.
Currently, the United States is facing an economic decline and mortgage crisis. In Florida, the unemployment rate among Whites is 8.4%, while the unemployment rate among Blacks is 16.8%. Florida has the third highest unemployment rate in the
country. Florida is also the state with the highest foreclosure rate. This disparity is even more drastic on a national level in terms of wealth between Blacks, Hispanics and Whites. According to a recent study done by the Pew Research Center, Whites have a wealth level that is 20 times greater than Blacks and 18 times greater than Hispanics. Given the fact that the highest foreclosure rates have come from Florida, California and Nevada, Blacks and Hispanics in these states have been the most affected by the mortgage crisis our country is facing. While the same study reports that it is unlikely the gap in wealth will narrow in the decade to come, there are measures that can be taken to protect your family’s most valuable asset, even in the midst of a foreclosure.
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