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Homeownership and America's Financial Underclass
Flawed Premises, Broken Promises, New Prescriptions

$24.00 USD

  • Date Published: June 2014
  • availability: This ISBN is for an eBook version which is distributed on our behalf by a third party.
  • format: Adobe eBook Reader
  • isbn: 9781139990318

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About the Authors
  • Why does America have a love affair with homeownership? For many, buying a home is no longer in their best interest and may harm their children's educational opportunities. This book argues that US leaders need to re-evaluate housing policies and develop new ones that ensure that all Americans have access to affordable housing, whether rented or owned. After describing common myths, the book shows why the circumstances now faced by America's financial underclass make it impossible for them to benefit from homeownership because they cannot afford to buy homes. It then exposes the risks of 'home buying while brown or black,' discussing US policies that made it easier for whites to buy homes, but harder and more costly for blacks and Latinos to do so. The book argues that remaining racial discrimination and certain demographic features continue to make it harder for blacks and Latinos to receive homeownership's promised benefits.

    • Details the tension between the individual benefits of homeownership, the collective benefits to the US economy, and the benefits of certain powerful industry groups, which derive from homeownership
    • Shows how changes in US labor markets and the growing income and wealth divide now make it hard for Americans of all races to buy homes
    • Shows how low homeownership rates for blacks and Latinos result from racial discrimination in the housing and lending markets
    • Provides a link between housing choices and educational outcomes
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    Reviews & endorsements

    'The myth that everyone should be a homeowner is just that - a myth, argues Professor Mechele Dickerson in this penetrating book, and a dangerous one at that. She reveals how financial institutions and real estate professionals, backed by the US government, promoted increasingly risky credit in service to the homeownership myth - with particularly disastrous consequences for minority groups, the elderly, and low- and moderate-income neighborhoods. Professor Dickerson demonstrates that, contrary to their supposed goals, the numerous incentives for homeownership often distort financial planning and destabilize residential areas, and she argues that many of our fellow citizens would be better served by programs that invest in education and earning opportunities, so as to provide a firm platform for stable communities that include renters along with homeowners.' Carol M. Rose, University of Arizona College of Law, coauthor of Saving the Neighborhood: Racially Restrictive Covenants, Law, and Social Norms

    'A bold, clear-eyed, and refreshingly blunt appraisal of the problems with the homeownership proposition for struggling middle-class and poorer workers. Mechele Dickerson's book is a must-read for anyone in housing policy.' Patricia A. McCoy, Liberty Mutual Professor of Law, Boston College Law School

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    Product details

    • Date Published: June 2014
    • format: Adobe eBook Reader
    • isbn: 9781139990318
    • contains: 22 b/w illus.
    • availability: This ISBN is for an eBook version which is distributed on our behalf by a third party.
  • Table of Contents

    1. Chasing the American dream
    2. The happy homeownership narrative
    3. US support for homeowners
    4. The homeownership crisis
    5. Homeowner harm and the blame game
    6. Flawed premises
    7. The burden of home buying while black or Latino
    8. The benefits of home buying while black or Latino
    9. Homeownership: demographic disparities
    10. Outlook and prescription for the future.

  • Author

    Mechele Dickerson, School of Law, University of Texas, Austin
    Mechele Dickerson is the Arthur L. Moller Chair in Bankruptcy Law and Practice at the University of Texas, Austin School of Law. She is a former Associate Dean for Academic Affairs at the University of Texas Law School and previously taught on the law faculty of William and Mary Law School. She is the author of more than 30 articles, essays and book chapters on consumer debt and bankruptcy, and her writings have appeared in the Atlanta Journal-Constitution, the Boston Review, the Austin American-Statesman, the Foundation Press, the Michigan Law Review, the Emory Law Review, the Minnesota Law Review, the Indiana Law Journal, and other law journals.

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