April 3, 2008
Professor Raphael Bostic was interviewed on NPR's "News & Notes" about rising home foreclosures. The foreclosures may be due in part to Americans' view of home ownership, the story noted. "We haven't sent the message that homeownership really isn't a right, it is a privilege, and it comes with cost obligations and burdens," Bostic said. "And collectively, our society has not placed homeownership in a position such that people who are chasing homeownership actually understand that there are potential consequences." Foreclosure rates are concentrated in the African American community, he added. "Some research that I've done would suggest that even after you control for credit quality and all those sorts of issues, foreclosure is much more prevalent in a lower income minority communities," he explained. Bostic is director of the Master of Real Estate Development Program at SPPD.
Professor Raphael Bostic was interviewed on NPR's "News & Notes" about rising home foreclosures. The foreclosures may be due in part to Americans' view of home ownership, the story noted. "We haven't sent the message that homeownership really isn't a right, it is a privilege, and it comes with cost obligations and burdens," Bostic said. "And collectively, our society has not placed homeownership in a position such that people who are chasing homeownership actually understand that there are potential consequences." Foreclosure rates are concentrated in the African American community, he added. "Some research that I've done would suggest that even after you control for credit quality and all those sorts of issues, foreclosure is much more prevalent in a lower income minority communities," he explained. Bostic is director of the Master of Real Estate Development Program at SPPD.