Housing Crisis Coming Again : Crisis Displaced Millions Like 1930's

The 2008 Housing Crisis Displaced More Americans than the 1930s Dust Bowl



Welcome to the real world of progressive socialist democrats. Why do we still need to explain how all this disaster in the housing market took place when the proof is everywhere you look if only most people that are confused would that the time to understand what happened.

But here goes, and it's very easy and in just a few words, Chris Dodd, Barney Frank, Bill Clinton, Janet Reno and the progressive socialist idea to make housing affordable for everyone, Community Reinvestment Act, no matter if you had a job or not, or even if you couldn't speak English or right your name, and no matter what the cost, you got the loan.

Little wonder it all crashed. But even worse, the new proposals from the Obama administration is to start the whole failed system again with cheap loans to buy houses people can't afford, and taxpayers ready to be on the hook when Fanny and Freddie go under, again.

The 2008 Housing Crisis Displaced More Americans than the 1930s Dust Bowl
Source: Emily Badger, "How the Housing Crisis Left Us More Racial Segregated," Washington Post, May 8, 2015.

May 11, 2015

As many as 10 million families lost their homes to foreclosure during the housing crisis. As a result, nearly all of them had to move.They didn't make for the kind of dramatic cross-country moves that have characterized other great population shifts in U.S. history — west in search of open land, or north in hopes of factory work.

For the most part, nearly all of these foreclosed families stayed within the same metropolitan area. But the sheer scale of all of their short-distance reshuffling has had a real and largely hidden impact in cities: It reversed much of the recent progress the made on racial integration.

• According to new research, migration patterns set in motion by the foreclosure crisis slowed declines in segregation across metropolitan America between blacks and whites by 19 percent and between whites and Hispanics by 50 percent.
• Minorities who lost their homes moved to more distressed neighborhoods, while white homeowners who could leave appear to have been the first to pull out of places hit by foreclosure.
• Foreclosure rates during the housing bust were highest in the most integrated neighborhoods. So not only were we becoming more segregated — but the least segregated places were heavily undermined by foreclosure at the same time. 

The scale of this entire foreclosure migration is deceptively large. The 10 million households that lost their homes dwarf the number that left the Great Plains during the Dust Bowl (that was about 2.5 million people). In fact, it is larger than the 6 million blacks who moved north during the Great Migration — a movement that spanned decades. That number does not even include all the households that never went through foreclosure but moved anyway because many of their neighbors did.