Black Wealth in PG County (MD) Dashed by the Housing Crisis...

2004-2008 banks were approving mortgages like they were damb Eastern Motors :smh:

So many of my homeboys had to leave school to get second jobs to help their parents kept their homes
 
These articles pretty much confirmed my concerns with purchasing in PG. Seems like my only options now are to either purchase somewhere in DC pre-gentrified or in NoVA 
mean.gif
. I would kill to live in TX.
 
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SuperAntigen said:
He asks for proof...i give him proof...he retorts: "I have noticed that alot of those articles are out of the eastern coast where there are a lot more black folks..."

I seriously can't...:lol:

I'm done..:lol:



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I asked for a comp

I asked you to "show me the data that compares lenders nationwide portfolio in relation to PG County." My exact words, I never asked for proof. I know there were blacks that took sub-prime homes and didn't read the fine print just like other folks.

Yet you post more articles about predatory lending towards black folks.

BYE Felicia
 
SuperAntigen said:
He asks for proof...i give him proof...he retorts: "I have noticed that alot of those articles are out of the eastern coast where there are a lot more black folks..."

I seriously can't...:lol:

I'm done..:lol:



...
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I mean he Did make a valid point, that's fine if you want to ignore that part.

lenders targeted those who were not financially savy enough to realize that what they were signing up for was really imminent failure.

Now yes many of the uneducated folks were black, but to say that skin color was "the" reason why they were picked is not accurate at all. I'm sure plenty of financially smart black folks saw these loans for what they were and avoided them, but plenty more fell for it. Can't answer for why blacks fell for it, probably general lack of financial awareness, but they did, just like uneducated folks of ther colors.

That said, if you have support that banks specifically wanted to bring the black man down with their loans, Then I welcome the opportunity to prove me wrong

Until then, I'll consider you a black version of Uncle Leo :lol:
 
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And fwiw its not that all of these people were jus naive or living substantially out of their means...

When your home is supposed to be an asset and out of nowhere loses 25% of its value or more it can be crippling if you ever have to leave (sell) that home or have a HELOC or HEIL against it.

Its not only blacks and certaintly not only the naive but both were targeted certaintly. PG county seems like an interesting case study. Eastern shore got hit hard period by the bubble. See homes all the time on zillow bought in the 2000s being sold at a third less than what they paid. :x
 
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PG will probably never bounce for two reasons:

1. Maryland is just a trash *** state and no one wants to move there. I know many people that I meet through my work and friends that would rather live in a apartment with roomates than go to Maryland and have their own spot. I live in NoVa and the zeitgeist is if you move to Maryland or even southern va it's because you couldn't financially cut it in NoVa. This is where people want to be. I liken it to people who'd rather live in a bread box in nyc than move to regular apartment in NJ.

2. The second reason is that people with money don't want to move predominantly minority communities. So don't expect any huge influx of affluent people, black or any other race to build PG back up, because if they're looking at this area, they're most likely coming to NoVa. Housing prices are steadier. Crime is lower. Schools are better. And you get the benefit of living in one of the most economically stable areas in the country.
 
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Rico x Hood said:
PG will probably never bounce for two reasons:

1. Maryland is just a trash *** state and no one wants to move there. I know many people that I meet through my work and friends that would rather live in a apartment with roomates than go to Maryland and have their own spot. I live in NoVa and the zeitgeist is if you move to Maryland or even southern va it's because you couldn't financially cut it in NoVa. This is where people want to be. I liken it to people who'd rather live in a bread box in nyc than move to regular apartment in NJ.

The second reason is that people with money don't want to move predominantly minority communities.
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Spoken like a true NoVa lame :lol:

Maryland is a trash state, and but outchea reppin Virginia.

Brah after Florida and Ohio, VA is next in line
 
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RustyShackleford said:
Rico x Hood said:
PG will probably never bounce for two reasons:

1. Maryland is just a trash *** state and no one wants to move there. I know many people that I meet through my work and friends that would rather live in a apartment with roomates than go to Maryland and have their own spot. I live in NoVa and the zeitgeist is if you move to Maryland or even southern va it's because you couldn't financially cut it in NoVa. This is where people want to be. I liken it to people who'd rather live in a bread box in nyc than move to regular apartment in NJ.

The second reason is that people with money don't want to move predominantly minority communities.
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Spoken like a true NoVa lame :lol:

Maryland is a trash state, and but outchea reppin Virginia.

Brah after Florida and Ohio, VA is next in line
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FWIW, NoVA is like a different country compared to other parts of the state. [Ninjahood] da proof is in da puddin', b [/Ninjahood] when looking at the Wiki stats that were posted a few pages back.
 
Exactly. NoVa is not at all like the rest of VA. We're a blue area, far more diverse, more affluent than the rest of the state, and more populated, NoVa can literally swing whole elections, which is why VA is a purple state. You can't compare the two at all really.
 
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JJs07 said:
RustyShackleford said:
Rico x Hood said:
PG will probably never bounce for two reasons:

1. Maryland is just a trash *** state and no one wants to move there. I know many people that I meet through my work and friends that would rather live in a apartment with roomates than go to Maryland and have their own spot. I live in NoVa and the zeitgeist is if you move to Maryland or even southern va it's because you couldn't financially cut it in NoVa. This is where people want to be. I liken it to people who'd rather live in a bread box in nyc than move to regular apartment in NJ.

The second reason is that people with money don't want to move predominantly minority communities.
Click to expand...

Spoken like a true NoVa lame :lol:

Maryland is a trash state, and but outchea reppin Virginia.

Brah after Florida and Ohio, VA is next in line
Click to expand...

FWIW, NoVA is like a different country compared to other parts of the state. [Ninjahood] da proof is in da puddin', b [/Ninjahood] when looking at the Wiki stats that were posted a few pages back.
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He man a comment about Maryland as a whole (the entire state), so I made a comment about Virginia as a whole.
 
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Lmao at any part of VA being in MDs or DCs water.

You talk to any native of the area and literally nobody agrees. I got to Nova for ******* and pentagon that's about it
 
This is from part 1 (link posted on first page)

African Americans for decades flocked to Prince George’s County to be part of a phenomenon that has been rare in American history: a community that grew more upscale as it became more black.

The county became a national symbol of the American Dream with a black twist. Families moved into expansive new homes, with rolling lawns, nearby golf courses and, most of all, neighbors who looked like them. In the early 2000s, home prices soared — some well beyond $1 million — allowing many African Americans to build the kind of wealth their elders could only imagine.


But today, the nation’s highest-income majority-black county stands out for a different reason — its residents have lost far more wealth than families in neighboring, majority-white suburbs. And while every one of these surrounding counties is enjoying a strong rebound in housing prices and their economies, Prince George’s is lagging far behind, and local economists say a full recovery appears unlikely anytime soon.

The same reversal of fortune is playing out across the country as black families who worked painstakingly to climb into the middle class are seeing their financial foundation for future generations collapse. Although African Americans have made once-unthinkable political and social gains since the civil rights era, the severe and continuing damage wrought by the downturn — an entire generation of wealth was wiped out — has raised a vexing question: Why don’t black middle-class families enjoy the same level of economic security as their white counterparts?
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Article highlighted the Bryant family, who live in PG.

The Bryants owe just over $560,000 on their house, which they estimate is worth about $80,000 less than that. Since they moved in 2001, their monthly payment has more than doubled to nearly $3,900 a month — a predicament that arose because of an ill-advised refinancing into a loan whose terms the federal government now deems predatory.
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This. is. INSANE. :wow: :smh:

Link

Emerick A. Peace, operating partner of Keller Williams Preferred Properties in Upper Marlboro, said that homes in the county are undervalued. But that will not change, he said, until more people of all races show interest in moving there. Demand from only African Americans in effect puts a lid on prices, he said.
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DCMADE said:
Lmao at any part of VA being in MDs or DCs water.

You talk to any native of the area and literally nobody agrees. I got to Nova for ******* and pentagon that's about it
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The only people who'd disagree with what I said is single young professionals that work in DC and want to be close to their jobs so they won't have to deal with traffic. And the DC night life is better. But I can tell you this, once they decide to settle down and cab afford it, they'll be in NoVa.
 
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Rico x Hood said:
The only people who'd disagree with what I said is single young professionals that work in DC and want to be close to their jobs so they won't have to deal with traffic. And the DC night life is better. But I can tell you this, once they decide to settle down and cab afford it, they'll be in NoVa.
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I know a lot more well-off/affluent people who work in DC that move to MD (Bethesda, Chevy Chase, Potomac, Columbia, Annapolis, etc.) than to NoVa.
 
Anyone know the % of Black Businesses in the Area? Good Jobs isn't wealth because you can't pass that down, and if the Govt has budget cuts and cuts a ton of jobs, many of these people will be looking sick. Thats just my opinion though.
 
Destination Kicks said:
Rico x Hood said:
The only people who'd disagree with what I said is single young professionals that work in DC and want to be close to their jobs so they won't have to deal with traffic. And the DC night life is better. But I can tell you this, once they decide to settle down and cab afford it, they'll be in NoVa.
Click to expand...

I know a lot more well-off/affluent people who work in DC that move to MD (Bethesda, Chevy Chase, Potomac, Columbia, Annapolis, etc.) than to NoVa.
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This. I don't know anyone who has bought into NoVA within the last 6 years. A lot stay in MD, and they tend to go towards MoCo (Rockville, Bethesda). People aren't avoiding MD, they're avoiding PG due to whatever preconceived notion they have of it.
 
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