Home Ownership

   Home ownership for Black Americans had never come easy, and that's putting it mildly. Not only were Blacks denied access to land and homes, when those government sanctions were changed they still faced an uphill climb trying to acquire this assets. If you want more insight look no further than William J. Levitt. Rest assured he was not solely responsible for these injustices. All across America exclusionary zoning, restrictive covenants by white neighborhoods placed in deeds, real estate agents steering blacks into pooer neighborhoods, and not to mention redlining, introduced by the FHA in 1934 and lasting until 1968, all played apart in denying access homes. 

   Even when the FHA had to end redlining after the Civil Rights Act of 1968, over two decades later Bill Dedman exposed how redlining was still being used at private banks, in his Pulitzer prize winning article "The Color Of Money." Bottom line with all the hidden agendas, predatory lending in the early 2000's, the damage has been done, this not only prevented Blacks from accumulating wealth it also prevents intergenerational transfers from happing. Economists have found that these types of transfers account for at least half of an American families wealth. Will still suffer with establishing generational wealth today because some of these practices are still prevalent. 

    Homeownership is vital to our building generational wealth in many ways. It lays the foundation for wealth accumulation, it provides financial options, and it provides safety and community in some aspects. Owing real estate and land is also important when it comes to wealth. While these goals are lofty than can be realized with the right financial education, practices, and discipline which we at Reversal of Fortune will seek to provide access to all avenues that will help the community achieve just that.

If you are looking for more financial literacy tips, Contact Us for a one-on-one consultation. Our goal is to empower you with information. And knowledge is the key to power.