Shelter from the Storm: The Multi-Dimensional Housing Crisis

[...] all the components of the nation's housing problems, especially unaffordability, result from fundamental structural features of the economy: stagnation of working-class wages, escalating inequality of income and wealth, erosion of work-related benefits, loss of good jobs, and labor market discrimination against traditionally exploited minority groups. Homeownership rates for AfricanAmerican families have declined during the current foreclosure crisis, and the white -black homeownership gap has widened.7 It is estimated that this foreclosure crisis will result in a direct loss of $164 billion to $213 billion in wealth for homeowners of color who obtained subprime loans in recent years.8 There is also the quiet crisis of housing unaffordability among renters.