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Longing for a Better American Dream: Homeowners in Trouble Evaluate Shared Equity Alternatives

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  • Susan Saegert
  • Andrew Greer
  • Emily P. Thaden
  • Donald L. Anthony

Abstract

type="main"> We investigated how households with histories of mortgage default, including foreclosure, view traditional homeownership and how shared equity homeownership (SEH), an alternative housing tenure, would be evaluated. Focus groups and individual interviews with households who had contacted foreclosure counseling organizations were analyzed for themes relating to perceptions of homeownership and renting. After explaining the SEH concept, interviewees compared this form of tenure to both traditional homeownership and renting. Interviewees associated homeownership with increased ontological security and financial stability, but the associations were reversed when mortgage delinquency and foreclosure were discussed. Nonetheless, they strongly preferred owning to renting. Participants were interested in SEH and found it a potentially valuable form of homeownership if practical details were properly addressed. SEH offers the benefits that interviewees associated with homeownership. Those with histories of mortgage default expressed strong interest in SEH as an alternative to traditional homeownership and renting. Policy implications are discussed.

Suggested Citation

  • Susan Saegert & Andrew Greer & Emily P. Thaden & Donald L. Anthony, 2015. "Longing for a Better American Dream: Homeowners in Trouble Evaluate Shared Equity Alternatives," Social Science Quarterly, Southwestern Social Science Association, vol. 96(2), pages 297-312, June.
    • Handle: RePEc:bla:socsci:v:96:y:2015:i:2:p:297-312
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    References listed on IDEAS

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    1. Michael A. Stegman & Roberto G. Quercia & Janneke Ratcliffe & Lei Ding & Walter R. Davis, 2007. "Preventive servicing is good for business and affordable homeownership policy," Housing Policy Debate, Taylor & Francis Journals, vol. 18(2), pages 243-278, January.
    2. Desiree Fields & Kimberly Libman & Susan Saegert, 2010. "Turning everywhere, getting nowhere: experiences of seeking help for mortgage delinquency and their implications for foreclosure prevention," Housing Policy Debate, Taylor & Francis Journals, vol. 20(4), pages 647-686, September.
    3. Emily Thaden & Andrew Greer & Susan Saegert, 2013. "Shared Equity Homeownership: A Welcomed Tenure Alternative Among Lower Income Households," Housing Studies, Taylor & Francis Journals, vol. 28(8), pages 1175-1196, November.
    4. Lauren M. Ross & Gregory D. Squires, 2011. "The Personal Costs of Subprime Lending and the Foreclosure Crisis: A Matter of Trust, Insecurity, and Institutional Deception," Social Science Quarterly, Southwestern Social Science Association, vol. 92(1), pages 140-163, March.
    5. Dan Immergluck, 2011. "The Local Wreckage of Global Capital: The Subprime Crisis, Federal Policy and High‐Foreclosure Neighborhoods in the US," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 35(1), pages 130-146, January.
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