I posted an article at Vox today on race-ethnic wealth disparities, and how prior inequalities in the housing market and the stock market become self-replicating.
My own majority-African-American community underscores the general problem. Housing values are down more than 30 percent since 2006. I won’t give the full litany of grim statistics. The below screen shots from Zillow probably display the Â impact of the subprime crisis better than I can otherwise convey.
The first picture are foreclosed properties in a five-mile square around my house. The red dots are for sale. The blue dots are potential sales. Of course this is eight or nine years after the worst of the crisis. People are still reeling.
This may not look so bad. But now consider the second picture below. It includes “pre-foreclosure” properties. As Zillow explains things, owners of these properties have received some Notice of Default (in a non-judicial foreclosure) or lis pendens (in a judicial foreclosure), though the property has not yet been put up for auction.
And yes. Only the first 500 properties are shown. More here on the policy and the economics.