All’s Fair? The Foreclosure Crisis and Middle-Class Black (In)Stability

Abstract

Is the protracted foreclosure crisis eroding the Black middle class? Foreclosure rates in the United States have reached an all-time high. Blacks have been hit especially hard by this crisis. I focus here on intraclass distinctions within the Black middle class precisely because scholars and journalists so often fail to distinguish between the experiences of the Black lower middle class and those of middle and upper-class Blacks, leaving the unintended impression that middle-class Blacks all have the same odds of losing their home. I argue that conventional explanations of the foreclosure crisis as a racialized event should be amended to account for the differential impact of the crisis on three distinct groups of middle-class Blacks: the lower middle class, the core middle class, and the upper or elite middle class.