Reply to D.C. has the highest ‘intensity’ of gentrification of any U.S. city, study says

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Reply to "D.C. has the highest ‘intensity’ of gentrification of any U.S. city, study says"

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]A lot of AAs haven’t made out like a bandit, their opportunity for generational wealth via real estate was actually ripped from them. Plenty of forclosures and developer low balls are responsible for the houses transferring ownership. I know of a few cases some years back of elderly people losing their home for not being able to pay their rising property taxes on time because of a limited income. The paper actually did a story on a widow who lost his house due to a tax balance less than $2 in a hot neighborhood. [/quote]

why is people not knowing how to manage something somebody somebody else fault [/quote]

+1 Getting really sick and tired of these types of excuses being used as examples of gentrification. Many of these people don't know how to manage finances and that is not anybody else's fault. Those with higher incomes shouldn't be tasked with figuring out how to help grown adults that never learned how to budget.[/quote]

I would normally agree with this, but the problem for me is that these are mostly elderly people.  We should be protecting them more.  We aren't talking about younger people making bad decisions.  The elderly get scammed all the time and most jurisdictions do try to watch for this.[/quote]

I think that the proliferation of reverse mortgages in the mid 2000's has a lot to do with the lack of intergenerational wealth transfer via real estate in the district. When we were looking for a house, we focused on estate sale / fixer upper type houses as we knew that we'd want to customize our home and did not want to pay a premium for renovations that we would ultimately rip out. What we found is that many, if not most of these homes had a reverse mortgage on them, some of which were at such a high value that the house was listed as a short sale. I don't know if I'd put this in the category of a scam per se, as the owners did receive a cash payout that was likely a much needed benefit in their golden years (and in the instance of our house probably paid for the newer roof, HVAC upgrades, plumbing work, etc...) but the result was that after satisfying the second mortgage, closing costs and real estate commission, the sole heir who inherited our house who was hoping to stay in the property walked away with only $30k. Not surprising considering that this was back in the wild west period of mortgage regulation that tanked the economy back in '09. Does anyone know if this practice is still as widespread?[/quote]

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