Homeownership wk 1

Front

What is foreclosure?

Back

Foreclosure is the action of taking possession of a mortgaged property when the mortgagor fails to keep up their mortgage payments.

Front

Define ethnicity in the context of homeownership.

Back

Ethnicity is the quality or fact of belonging to a population group or subgroup made up of people who share a common cultural background or descent.

Front

What does the term 'metropolitan' refer to?

Back

Metropolitan relates to or denotes a metropolis, often inclusive of its surrounding areas.

Front

What is redlining?

Back

Redlining is a discriminatory practice that prevented people of color from accessing financial services and homeownership in the United States.

Front

Explain gentrification.

Back

Gentrification is the process of change in the character of a neighborhood through the influx of more affluent residents (the 'gentry') and investment.

Front

What are mortgage payments?

Back

Mortgage payments are the regular payments made by a borrower to a lender to repay a loan used to purchase real estate.

Front

What is the significance of homeownership in society?

Back

Homeownership is often associated with financial stability, community involvement, and personal investment in one's living environment.

Front

How does ethnicity impact homeownership opportunities?

Back

Ethnicity can impact homeownership opportunities due to systemic discrimination, economic disparities, and access to financial resources.

Front

What are the effects of gentrification on existing residents?

Back

Gentrification can lead to displacement of existing residents, increased property values, and changes in the cultural landscape of neighborhoods.

Front

What role does investment play in gentrification?

Back

Investment in a neighborhood can lead to improvements in infrastructure, housing, and services, attracting more affluent residents and changing the neighborhood's character.