A black homeowner in a black neighborhood lost $144,000 on a short sale

Evidence

After a series of disappointing renters who didn’t take good care of the house, John and his wife decided to sell the Feldwood Road property. But life kept getting in their way. The Great Recession reduced buying rates across the country. Plus, their two mortgages, one for each property, left them without extra income to fix up the house for potential buyers. When John went through a job transition and had a few months of unemployment, he became concerned about defaulting on their loan, and reached out to the bank that held their mortgage to see if he could negotiate a new payment schedule. — Dorothy A. Brown, Getting to Reparations, 1261

Categorization

Category: Factual Claims

• SHARE: The 204k buy / 60k sell figure is the concrete anecdotal anchor for the appreciation-gap argument.

Related

• A house bought at 204,000 sold for 60,000 in a black neighborhood (similarity 0.88)