By Isaac Martin, Christopher Niedt
While we now comprehend much approximately how this problem affected the worldwide financial system, we nonetheless recognize little or no approximately the way it affected the folks who misplaced their houses. Foreclosed America bargains the 1st consultant portrait of these people—who they're, how and the place they dwell after wasting their houses, and what they must say approximately their funds, their neighborhoods, and American politics. it's a sobering photograph of usa citizens down on their success, and of a situation that's trying out American democracy.
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Extra info for Foreclosed America
The National Suburban Poll allows us to confirm that the crisis had racially disparate effects all across the United States. Figure 3 summarizes the racial background of the dispossessed. People of color, a catchall category that includes everyone except for nonHispanic white people, are indeed overrepresented among the dispossessed: they make up 46 percent of those who said they lost a home, compared to only 29 percent of adults who did not lose a home. When we zoom in closer to see which particular nonwhite 25 W H O A R E T H E F O R E C LO S E D A M E R I C A N S ?
The story of Linda Ganguzza, a 58-year-old nurse and married mother of three who had lived in the same suburban New Jersey home for almost thirty years when the foreclosure crisis struck, may be typical. ” The loan was not enough to save their finances—or their marriage. They divorced. Ganguzza got the home; according to Lynn’s account, she also got the debt. 11 This story also illustrates another common pattern: the dispossessed are more likely than other adults to have children. According to the National Suburban Poll, respondents who had children under 18 years in the home were 43 percent of the dispossessed, and 31 percent of other respondents.
These are all reasons why parents might have been at the greater risk of defaulting on their mortgages, and ultimately at risk of losing their homes. But again, this difference between groups should not be exaggerated: although parents were W H O A R E T H E F O R E C LO S E D A M E R I C A N S ? 31 overrepresented among the dispossessed, the typical adult who lost a home in the foreclosure crisis was not a parent. 12 Our general conclusion, then, is that the dispossessed are similar to other people.