New Book Details Homeownership Challenges in Detroit – NMP Skip to main content

New Book Details Homeownership Challenges in Detroit

Phil Hall
Nov 23, 2016
Quicken Loans is welcoming a decision for the relocation of a Department of Justice (DOJ) lawsuit to the Eastern District Court in Detroit, where the company is headquartered

For many people, achieving homeownership is a major step for creating a future of economic security and wealth building. But in the upcoming book Abandoned Families: Social Isolation in the 21st Century, University of Michigan sociologist Kristin S. Seefeldt focuses on 45 mostly Black women in Detroit who discovered that homeownership was not an automatic guarantee for entering or staying in the middle class.

Despite aid programs from the federal government targeting distressed homeowners and municipal efforts to improve blighted neighborhoods by bulldozing abandoned homes and working with homeowners burdened by delinquent property taxes, Seefeldt concluded that Detroit’s recovery efforts ultimately did not benefit the predominantly Black communities in the outer sections of the city.

“In Detroit, many neighborhoods are recovering, but they tend to be close to the downtown core, where there is a demand for more affluent housing by White folks,” she said, noting that the predominantly Black neighborhoods were still struggling with the aftermath of the housing bubble. “When neighborhoods start crumbling, you start to think if the best use of funds involves putting money into a house where you may never get any return on investment.”

Seefeldt noticed that the working-class women she interviewed for her book were stymied by the limited choices they encountered when trying to pursue the American Dream. Seefeldt’s research showed that many of the women that she interviewed wound up deep in debt because of sub-prime mortgages and student loans—the latter was particularly bitter, as their pursuit of higher education was not rewarded with opportunities to secure well-paying jobs and lucrative careers.

“My biggest surprise in writing this was realized the extent to which families tried so many different ways to achieve economic stability or upward mobility—but no matter what they tried, nothing seemed to work,” said Seefeldt. “They wound up back where they started, or in an even worse position.”

Published
Nov 23, 2016
Biden Reappoints Powell As Federal Reserve Chairman

A signal that The Fed will continue its policies as inflation surges and economic uncertainty spikes due to an emerging variant of the coronavirus. 

Industry News
Nov 29, 2021
Servion Taps Sagent For Consumer-First Servicing Tech Stack

A 7-year deal between Servion Mortgage and Sagent will equip Servion with Sagent's tech stack for performing, non-performing, and consumer experience.

Tech
Nov 29, 2021
Guaranteed Rate's Banosian Funds $2B In Total Loan Volume

The mortgage industry shouldn't be surprised by Guaranteed Rate's top loan officer, Shant Banosian, funding $2 billion in total loan volume during a record-breaking year. After all, “The Billion Dollar Man” is one of the top 5 loan originators in the U.S.

Wholesale
Nov 29, 2021
Chairman Xu Sells Off Personal Assets To Avoid Default

The Evergrande saga continues as Chairman Xu Jiayin sells off 7 billion yuan ($1.1 billion) of his personal assets to prop up the deflating property giant.

Industry News
Nov 23, 2021
OptiFunder Secures $25 Million In Capital

OptiFunder, a warehouse management system provider for mortgage originators, raised $25 million in additional capital lead by Arthur Ventures, a growth capital firm focused on high-growth, founder-led and capital efficient B2B software companies.

Tech
Nov 23, 2021
Mortgage Company Donates $100K To High School In Memory Of Fallen U.S. Navy Corpsman

Cleveland-based CrossCountry Mortgage donated $100,000 to Milan Edison High School in memory of U.S. Navy Corpsman, Maxton W. Soviak, who died while assisting in the evacuation of Americans and refugees in Afghanistan in August.

Community
Nov 23, 2021