Earlier today, the Washington Business Journal released an article on the “Stark divide in Fairfax, Prince George’s counties on underwater mortgages.”
The top 10 cities in Greater Washington with the biggest percentage of mortgages “seriously underwater” — where the combined loan amount secured by the property is at least 25 percent higher than the property’s estimated market value — are all located within Prince George’s county, according to data provided to the Washington Business Journal by housing data firm RealtyTrac. (read the full article here)
Of course it doesn’t explore the racial undertones that caused to (1) a disproportionate amount of growth in certain areas of the DC Region and (2) discriminatory bank-lending practices that stuck people of color with inequitable mortgage rates. But then here is Katrin B. Anacker with that crucial background information.
In May 2015, Anacker, Associate Professor at George Mason’s School of Policy, Government, and International Affairs, presented findings from her study on Analyzing Determinants of Foreclosure in Prince George’s County, Maryland and Providing Implications for Housing Policy during the Prince George’s County Planning Department’s Speaker Series.
If you don’t remember anything else, remember: 194 Billion dollars in wealth was lost from the African American Community because of the foreclosure crisis. It will take TWO GENERATIONS to rebuild wealth lost by people of color.