ABSTRACT
In this chapter, it is argued that the fallout from the foreclosure crisis is particularly painful because it creates holes in two important aspects of the American Dream for African Americans: the dream of homeownership, and the dream of equality. The homeownership version of the American Dream is one arena where African Americans have recently been able to participate in much greater numbers. Through homeownership, many more African Americans have been able to participate in the American Dream, but not on equal terms. Homeownership is discussed as both a marker of adulthood, an achievement that proves someone has reached a certain status in life, and as an opportunity for personal growth through greater responsibility. The American Dream of homeownership derives from an ideal of personal freedom associated with the ownership of land. Generally, the American Dream gives a moral value to material success; for African Americans, personal material success can also be connected to the dream of equality.
