Among the more stunning findings: in Philadelphia, “African Americans were 2.7 times as likely as whites to be denied a conventional mortgage.”
And it’s part of a positive feedback loop: much of Americans’ financial stability comes from their housing equity, which is made all the more disturbing in light of the Atlantic story “The Secret Shame of Middle-Class Americans”
(another long read, I’m afraid).
Perhaps this isn’t true anymore, but in 2013, nearly half of all Americans surveyed said that they’d have to borrow money or sell something to pay for a $400 emergency. Is that true of you?