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Our Lot
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Editorial Reviews
From Publishers Weekly
Starred Review. This richly detailed analysis of the recent (and ignominious) history of the American real estate market opens on a note of false optimism: in 1991, after 20 years of toil, urban housing activist Gale Cincotta successfully argued that Congress should require that 40% of the home loans issued by Fannie Mae and Freddie Mac go to low-income buyers. The Clinton administration extended this campaign for higher ownership rates among low-income populations throughout the 1990s. Katz, a journalism professor at New York University, draws on an impressive number of interviews and thorough secondary research to illuminate the disastrous consequences of pushing underqualified buyers into ownership. Many of the topics she addresses will be familiar to readers by now—predatory subprime loans, get-rich-quick house flipping schemes, scandalous mortgage frauds—but Katz writes with authority and empathy. The many people the author interviews, from the single mother in Cleveland who lost her house just two years after buying it to the family living near Sacramento whose new home is already falling apart, become the heroes, victims and sometimes culprits in this gripping account of collective irresponsibility. (June)
Copyright © Reed Business Information, a division of Reed Elsevier Inc. All rights reserved.
Copyright © Reed Business Information, a division of Reed Elsevier Inc. All rights reserved.
Review
“A trenchant chronicle of how ‘all that had been sacred about home lending’ was upended.” —New York Times
“Replete with informative background and vivid descriptions of the carnage that the housing crisis has wreaked on communities from Cleveland to Sacramento.”—Boston Globe
“The book's main strength lies in Katz's thoroughness and human touch. Her interviews with predators and victims are as engaging as they are troubling.”—Cleveland Plain Dealer
“To read Our Lot is to relive, in painful, anecdotal detail, the real estate bust that brought our economy low. Through Alyssa Katz…we remeet the exploited homeowners and the naive investors, and we cringe again at the blundering politicians and opportunistic lenders.”—Salon
“Our Lot is a sobering account of the origins of our current mortgage crisis. Katz methodically, and with great precision, traces the roots of homeownership in American society. Leaving few stones unturned, Our Lot provides an incisive analysis of the rational and speculative decisions that have made America so susceptible to the twists and turns of the housing industry. The book is a timely historical account, but its lessons are clear and penetrating for the contemporary era.”—Sudhir Venkatesh, author of Gang Leader for a Day
“Our Lot is a page-turning tale of how a real estate boom was conjured on a foundation of false hopes and Wall Street alchemy. Alyssa Katz digs deeply into the devastation that reckless lending and cynical speculation visited upon American places like Cleveland, Ohio, and Lee County, Florida. Her book is a must-read for anyone who wants to understand the roots of our nation’s housing crisis.”—Michael Hudson, coauthor of Merchants of Misery
“With the real estate crisis blighting thousands of neighborhoods and millions of lives, Alyssa Katz’s lucid, coolly outraged new book is an absolutely essential guide to how it all happened. Katz had the prescience to see what was coming, and her deeply researched, historically grounded book can help us all avoid similar catastrophes in the future.”—Michelle Goldberg, author of The Means of Reproduction: Sex, Power and the Future of the World
“Brilliantly researched and tightly argued, Our Lot reveals the untold story of the housing crisis through the eyes of the victims and villains that created it.”—Christopher Hayes, the Nation
"Richly detailed analysis of the recent (and ignominious) history of the American real estate market... Katz, a journalism professor at New York University, draws on an impressive number of interviews and thorough secondary research to illuminate the disastrous consequences of pushing underqualified buyers into ownership... Katz writes with authority and empathy. The many people the author interviews, from the single mother in Cleveland who lost her house just two years after buying it to the family living near Sacramento whose new home is aready falling apart, become the heroes, victims and sometimes culprits in this gripping account of collective irresponsibility.”—Publishers Weekly, starred review
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