All Articles Tagged "home ownership"
All the Single Ladies! Reassess — And Realize — Your Financial Plan In 7 Steps
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As more and more women bring home the bacon (and the whole pig) across America, managing personal finances is a hot topic. Ladies, long gone are the days of waiting for your “real” life to begin once you find a mate! Good riddance! Just because you’re living solo, doesn’t mean that you can’t achieve your dreams now. How? Scrap the status quo plan of the future and expand on there here-and-now.
Column Lays Out the Variety of Issues That Threaten the Black Middle Class
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Salon.com has published a story called “Can the Black Middle Class Survive?” that doesn’t so much answer the question as paint a scary picture for why we should be concerned enough to ask it in the first place.
The author, Steven Gray, who previously worked for TIME magazine, points out that in 1999, “for the first time, more than half of black Americans were considered ‘middle class.’” According to the Census Bureau, the poverty rate for African Americans had fallen to an all-time low of 22.5 percent. But just a few years later, the housing crisis was taking shape, with even well-off African Americans falling prey to subprime mortgages, which has caused many to lose their homes or put their homeownership in jeopardy.
“If current trends persist, soon, barely 40 percent of African-Americans will be considered ‘middle class,’ and by 2042, the average black family will earn only 61 cents for every dollar earned by whites,” he writes.
He takes a bit of a tangential turn into his personal story of working and then not working for TIME to make the point that one million black workers lost their jobs across industries including construction, healthcare and manufacturing. Moreover, African Americans represent a small percentage of workers in some industries or are the newcomers in others, making it hard to break through in certain areas. This lessens already tight employment opportunities.
All of this comes to his point that blacks had a growing but weak hold on the middle class and both economic and cultural forces are sweeping that away. If you’ve read the article, what do you think of Gray’s argument?
Dee Strum Gives Low- to Moderate-Income Families A Shot At Homeownership
Image courtesy of Dee Strum
This entrepreneur with the “can do” attitude has more than 30 years of business leadership experience. Owner of MDStrum Housing Services, designated by the U.S. Housing and Urban Development (HUD) agency, the company has been offering housing development, construction management and technical and training support to housing firms and construction companies since 1981.
Dee Strum is also a public speaker, affordable housing advocate and feminist who believes that black women continue to hold the moral high ground in America and must raise their voice to elevate the conversation on gender and racial equity if America is to achieve its full potential in this new millennium. As president of the National Coalition of 100 Black Women (NCBW), Strum helps drive the coalition’s national agenda and actions of its 50-plus local chapters to influence public policy outcomes in a manner that benefits black women and girls. She reminds her constituents that “as goes the black woman, goes the black community.”
Madame Noire: What inspired you to start MDStrum Housing Services?
Dee Strum: The business was started as a sole proprietorship in 1981 and incorporated in 2001. The bigger question is “who” inspired me to start the business to get to the heart of “what” inspired me to start the business. I was influenced by the urban philosophies and work of Mr. James Rouse, a pioneer in urban redevelopment and best known now for his redevelopment and management of urban waterfronts such as Baltimore’s Inner Harbor and Boston’s Faneuil Hall, amongst others. But prior to these endeavors to restore America’s great cities, Mr. Rouse developed the “new city” of Columbia in Howard County, Maryland during my high school years.
Howard County was a rural county with lots of farmland and ideally located almost equal distance between Baltimore and Washington, D.C. Mr. Rouse was greatly disturbed by the riots of the mid- and late-1960s. He saw the “race riots” not as they were portrayed, but for what they actually were: riots driven by poverty and despair.
As a member of the student government association, I served as an usher for these community outreach meetings and heard him speak many times on his vision of a city where every neighborhood would have housing developed for families at all income levels, providing for a continuum of housing opportunities to include “low-income housing,” affordable townhouse rentals as moderate income housing, single-family homes of varying costs and upper-end or luxury homes for purchase. All with a single goal in mind: to ensure that children from every income level would attend the same schools and share the same academic and social experiences. These new neighborhoods would be called “villages” and each village would have a village board “close to the people” to encourage and grow citizen participation.
As a high school student I had the privilege of sitting in a classroom with windows overlooking what was to become the construction of the Columbia town center, and I was enamored with the ideal that “where you live (and where you are educated) defines your destiny.” My future was defined, and I spent a summer as a high school intern with the Rouse Corporation and subsequently earned my undergraduate and graduate degrees in community development. I worked in local and state government for a few years after college in the areas of housing and community development and at age 28 I started my professional services company, MDStrum Housing Services.
MN: What types of services does MDStrum Housing Services offer?
DS: Our client base is largely governmental, but also includes private, nonprofit and faith-based organizations, as well as corporate foundations and other philanthropic entities that support the mission of affordable housing.
Since 2000, HUD has been our largest client followed by a myriad of local public housing authorities. Our core services include urban/neighborhood planning, contract administration and construction management, physical needs assessments, cost estimating staff development training, independent and financial assessments, agency improvement plans and staff and board development training. We also served as HUD’s disaster recovery contractor for Hurricanes Katrina, Rita, Ike and Gustav.
The Rundown: Foreclosures, Working Hard In the U.S., How Not to Buy a Lemon
Image: Hemera
-The Huffington Post takes a closer look at the deflating situation homeowners in foreclosure find themselves in. Back in February, the Obama administration and the nation’s five largest banks reached a $25 billion settlement to resolve “complaints of unlawful foreclosure practices.” Many say things haven’t changed despite the coming October deadline.
-Mitt Romney and President Obama are appealing to women and the working class during their latest campaign stops. Romney attacked President Obama’s record on welfare.
-Feel like you’re working harder? The Labor Department says worker productivity was up 1.6 percent. That’s a modest figure, but if this keeps up, companies might have to hire. This is a bit of good news following the poor outlook of Monday’s jobs report.
-In Olympics news, Aly Raisman walked away with two more medals, a bronze on the balance beam and a gold medal on the floor exercise, making her the first American to win that individual competition. Gabby Douglas competed on the balance beam, but didn’t medal. Ever gracious, she said, “If it wasn’t my time to shine, it wasn’t my time to shine… I wanted to finish off on a good note. Event finals is something a little extra.” Love her.
Australia’s Sally Pearson beat out her American competitors to take the gold medal in the 100-meter hurdles. Dawn Harper and Kellie Wells, both from the U.S., took silver and bronze respectively. Lolo Jones didn’t medal again, prompting these very sad comments. And now this. Ugh. Allyson Felix competes in the 200-meter race today.
-USA Today offers tips to avoid purchasing a used car that’s been in a wreck.
-Resources for small businesses, and particularly black-owned businesses, are hard to come by. But TIME‘s Gary Belsky makes the argument that it’s a worthy investment.
More on Madame Noire Business!
- The Number of Black-Owned Businesses, and the Need for Resources, Is Growing
- Are You Pinning? Pintrest for Individuals, Small Businesses, and Big Brands
- Sticker Shock! Five Tips to Help You Pay for College
- Are Black Businesses Suffering From an Undeserved Rep for Bad Customer Service?
- How to Tackle Office Enemies
- Small Business Spotlight: Sweet Treats You Don’t Have to Feel Guilty About
Foreclosure Assistance
Michelle Thornhill is the Senior Vice President and African American Segment Manager at Wells Fargo/Wachovia. Michelle has over 15 years of experience developing consumer initiatives for diverse audiences in the financial services and non-profit sector. Michelle earned a Bachelor of Science from Virgina Polytechnic Institute and State University, a Master of Science in Administration from Central Michigan University and a Master of Public Administration from Harvard University, the John F. Kennedy School of Government. Michelle resides in Charlotte, N.C. with her husband and two sons.
This financial tip is sponsored by Wells Fargo. Here’s Michelle Thornhill.
If you are facing foreclosure, communicate with your lender right away. There may be options available to assist you with your mortgage challenges. Many mortgage lenders offer loan modification programs, where monthly payments can be adjusted.
If you cannot or don’t want to stay in your home there are still options for you. If there is equity in your home, you may be able to sell the property. Or, if you you owe more than the home is worth, consider a short sale. Another option is to offer your deed in lieu of foreclosure, this may help with your primary mortgage and avoid a foreclosure sale. For more information on how Wells Fargo is helping customers who are facing financial challenges, visit www.wellsfargo.com/homeassist.
For more financial tips and information, visit wellsfargo.com/mortgage
How Do You Prepare for Homeownership
Michelle Thornhill is the Senior Vice President and African American Segment Manager at Wells Fargo/Wachovia. Michelle has over 15 years of experience developing consumer initiatives for diverse audiences in the financial services and non-profit sector. Michelle earned a Bachelor of Science from Virgina Polytechnic Institute and State University, a Master of Science in Administration from Central Michigan University and a Master of Public Administration from Harvard University, the John F. Kennedy School of Government. Michelle resides in Charlotte, N.C. with her husband and two sons.
This financial tip is sponsored by Wells Fargo. Here’s Michelle Thornhill.
Buying a home is the largest investment that most people make. June was National Homeownership Month, and Wells Fargo wants to share some helpful tips for first-time homebuyers. First, start saving for your down payment. Second, be mindful that there will be other home-related costs in addition to the mortgage payment. You will need to be financially prepared for home upkeep costs, property taxes, homeowners insurance and necessary expenses. Third, get pre-approved for your home loan before you start shopping. It will help you to know how much you can afford and will ease the closing process. Fourth, avoid taking on new debt, lenders consider how much money you owe compared to how much money you earn when determining loan approvals and amounts. Join us next week as we cover how to select the right home loan.
For more financial tips and information, visit wellsfargo.com/mortgage
How Do You Prepare For Home Ownership?
Michelle Thornhill is the Senior Vice President and African American Segment Manager at Wells Fargo/Wachovia. Michelle has over 15 years of experience developing consumer initiatives for diverse audiences in the financial services and non-profit sector. Michelle earned a Bachelor of Science from Virgina Polytechnic Institute and State University, a Master of Science in Administration from Central Michigan University and a Master of Public Administration from Harvard University, the John F. Kennedy School of Government. Michelle resides in Charlotte, N.C. with her husband and two sons.
Buying a home is the largest investment that most people make. June was National Homeownership Month, and Wells Fargo wants to share some helpful tips for first-time homebuyers. First, start saving for your down payment. Second, be mindful that there will be other home-related costs in addition to the mortgage payment. You will need to be financially prepared for home upkeep costs, property taxes, homeowners insurance and necessary expenses. Third, get pre-approved for your home loan before you start shopping. It will help you to know how much you can afford and will ease the closing process. Fourth, avoid taking on new debt, lenders consider how much money you owe compared to how much money you earn when determining loan approvals and amounts. Join us next week as we cover how to select the right home loan.
For more financial tips and information, visit wellsfargo.com/mortgage.
African-Americans Hit Hard by Housing Crisis
(Marketplace) — BOB MOON: As the nation honors Martin Luther King Jr. with celebrations, forums and speeches, we’re taking a look at one aspect of African-American economic well-being: home ownership. A lot more black families were able to get into starter homes in the last decade as subprime lending helped push African-American home ownership to record highs. But now, foreclosures are rampant,and African-Americans are losing ground fast.
Don’t Blame the Dream of Home Ownership
(Huffington Post) – Here is a fable that is making the rounds. It is a collection of half-truths and outright lies: The financial meltdown was the result of too many people pursuing the American Dream of home ownership. People who couldn’t really afford to be homeowners became speculators. Government added to the damage with cheap mortgages, misguided laws such as the Community Reinvestment Act, and overgrown government-sponsored agencies like Fannie Mae and Freddie Mac.
