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Az

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Published in: Business, Economy & Finance

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  • 1. "Housing: The Rich and the Rest"By:Asael ZendonSociology, period 7, 2012
  • 2. "Multimillion dollar mansion sales are up 25 % compared to the rest of the market. Which has suffereda 30% decline in price since its peak in 2007"
  • 3. For example, in "Birmingham [Alabama]...multimillion-dollar mansions are selling quickly. Sales thisAugust were up 21 percent from the previous year."
  • 4. Also "the country club [ in Birmingham] has ended its discounts on new membership"
  • 5. This illustrates the fact that right now in the US, the rich are getting richer. but there is another side tothis.
  • 6. The middle and lower classes are getting closer to or deeper in poverty.
  • 7. For example " One in 10 New Jersey homes sold last year was in the foreclosure process".
  • 8. And 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 little better.
  • 9. But sadly, foreclosure are mostly affecting african-american and latina(o)s.

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