This document discusses the disparities between housing trends for the rich and rest in the US. It notes that sales of multimillion dollar homes are up 25% while overall housing prices have declined 30% since 2007. However, middle and working class families are facing increasing poverty, as evidenced by high foreclosure rates disproportionately affecting African Americans and Latinos. While foreclosure numbers are dropping slightly year-over-year, the housing crisis continues to negatively impact the non-wealthy.

1. Housing: The Rich and
the Rest
Art Sitthiphap
Sociology, period 7, 2012

2. "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)

3. 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)

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

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

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

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

8. 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)

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