Housing: The Rich and the Rest

Art SitthiphapSociology, period 7, 2012

"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)

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)

Also, the "country club (in Birmingham) has ended its discounts on new memberships"(Source: Jill Krasny, 2011. businessinsider.com)

This illustrates the fact that right now in the US, the rich are getting richer. But there is another side to this.

"The middle class and the working classes are getting closer to poverty "

For example “One in 10 New Jersey homes sold last year was in the foreclosure process”. (source: Kathleen Lynn, 2012. northjersey.com)

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)

But sadly, foreclosures are mostly affecting African-Americans and Latina(o)s.