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

Objective. 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. Method. Focus groups and individual interviews with households who had con...

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Bibliographic Details
Published in:Social science quarterly 2015-06, Vol.96 (2), p.297-312
Main Authors: Saegert, Susan, Greer, Andrew, Thaden, Emily P., Anthony, Donald L.
Format: Article
Language:English
Subjects:
Alternative Approaches
Alternatives
Counseling
Criminality
Economic stability
Equity
Ethos, Polis, and Modern Living
Foreclosure
Foreclosures
Group Research
Home Ownership
Homeowners
Households
Housing
Loans
Mortgages
Ontology
Perception
Security
Stability
Tenure
U.S.A
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Summary:Objective. 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. Method. 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. Findings. 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. Conclusions. 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.
ISSN:0038-4941
1540-6237
DOI:10.1111/ssqu.12147