Family Properties: Race, Real Estate, and the Exploitation of Black Urban America

Title

Family Properties: Race, Real Estate, and the Exploitation of Black Urban America

Description

In this book, Beryl Satter, daughter of Albert and Sallie Bolton, describes her parents' struggle to purchase a home in Chicago. Since FHA policies made it practically impossible for African Americans to secure mortgage insurance , many families purchased homes on contract. The Boltons decided to purchase a home from a contract seller named Jay Goran in Chicago's Hyde Park neighborhood. The Boltons paid $13,900 for a modest house, which was probably worth about a third of that. Much of the book deals with contract sellers dealing with African American families in Chicago. Contract sellers would often charge enormously inflated prices for their homes, as Goran did the Boltons, and have contractual stipulations allowing for the repossession of the house after a single missed payment. The effect of this was that black families often purchased homes in highly concentrated black areas. Once they were there, the high payments required by the terms of the contract sale left them little money for home improvement (or anything else, for that matter). Thus much property in densely black areas fell into states of disrepair, lowering property values and signifying the emergence of conditions that would become modern ghettos.

Creator

Beryl Satter

Rights

Satter, Beryl. 2009. Family properties: race, real estate, and the exploitation of Black urban America. New York, N.Y.: Metropolitan Books.

Files

78352214.JPG

Collection

Citation

Beryl Satter, “Family Properties: Race, Real Estate, and the Exploitation of Black Urban America,” Inbetween Peoples, accessed June 24, 2018, http://as205.omeka.net/items/show/89.

Geolocation