In Fairwood, dreams of black wealth foundered amid the mortgage meltdown | The Washington Post
Fairwood is a sprawling 1,800-home subdivision in Prince George’s County built on a former slave plantation that was once owned by the state’s 34th governor, Oden Bowie. It should have been a success story for black Americans.
▻http://www.washingtonpost.com/sf/investigative/2015/01/25/in-fairwood-dreams-of-black-wealth-foundered-amid-the-mortgage-meltdown/?tid=sm_fb
The decade-old neighborhood is 73 percent black and its residents have a median household income of more than $170,000, according to the census. Some houses there once sold for more than $1 million.
ABOVE: An aerial view of the Fairwood subdivision.
But half the loans on newly constructed homes in Fairwood during the housing boom in 2006 and 2007 wound up in foreclosure — 723 of 1,441 so far, according to a Washington Post analysis of private and public mortgage data.
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