Housing: the Rich and the Rest - Art Sitthiphap
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Transcript of Housing: the Rich and the Rest - Art Sitthiphap
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Housing: The Rich and the Rest
Art SitthiphapSociology, period 7, 2012
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"Multimillion dollar mansion sales are up 25 % compared to the rest of the market, which has suffered a 30% decline in prices since its peak in 2007"(source: Michelle Conlin, 2011. postandcourier.com)
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For example, in "Birmingham (Alabama) ...multimillion-dollar mansions are selling quickly. Sales this August were up 21 percent from the previous year."(Source: Jill Krasny, 2011. businessinsider.com)
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Also, the "country club (in Birmingham) has ended its discounts on new memberships"(Source: Jill Krasny, 2011. businessinsider.com)
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This illustrates the fact that right now in the US, the rich are getting richer. But there is another side to this.
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"The middle class and the working classes are getting closer to poverty "
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For example “One in 10 New Jersey homes sold last year was in the foreclosure process”. (source: Kathleen Lynn, 2012. northjersey.com)
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And, in February 2012, “...nearly 211,000 [households] got hit with some sort of foreclosure filing...which is down 19% since January 2011.” So things are getting a little better.(source: occupy-detroit.us)
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But sadly, foreclosures are mostly affecting African-Americans and Latina(o)s.