SUBPRIME BLUES SWEEP THROUGH AFRICAN AMERICAN COMMUNITY

By Lawrence C. Ross Jr., Sr. Director, Consumer Strategist, African American Markets found at  Iconoculture AUG. 28, 2007

If you thought Wall Street caught a cold when the subprime loan fiasco reared its ugly head, you ain't seen nothing yet. From the swanky mansions of Prince George's County in Maryland to the ranches in the Baldwin Hills neighborhood of Los Angeles foreclosures are spreading through the African American community like the Spanish flu. Black consumers who wanted membership in President Bush's Ownership Society found themselves three times more likely to be steered toward higher-cost, higher-interest subprime loans. And now, exploding ARMs are blowing up in their faces.

What happens next? For many black consumers, it'll mean going into even more debt to keep up with an ever-growing mortgage payment, while being stuck in a tight credit market with no homebuyers in sight. For others, the only realistic solution will be to take the advice of CNBC's Jim Cramer, which is to walk away from their property.

So where will those new free agents go? Think massive migrations of
African American consumers to markets with more affordable housing, like the New South cities of Atlanta and Memphis. Western and Northeastern urban areas, like Los Angeles and New York, will suddenly find that their "fo' shizzle" and "dems and does"-speaking residents adapt quite well in the Land of Y'all, especially when the cost of living is more reasonable.

Sure, this might not be the days of the Great Depression, but buying stock in your favorite moving company might not be a bad option these days.

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To read more about subprime:
 http://www.business-foreclosure.com/subprime.htm  

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