Homeownership is often tied to cultural conceptions of model citizenship, yet African Americans have long faced structural barriers to owning a home. Credit discrimination has often constrained black homeownership. However, missing from accounts of race, credit, and homeownership is how people purchase homes without mortgages. Through an analysis of public deed and mortgage records in Baltimore, I show that informal housing transactions – unregulated transfers outside of the mortgage market – are primarily located within majority-black neighborhoods. Using data from interviews with 336 homeowners, renters, and real estate investors, I show that informal markets put buyers in a uniquely vulnerable position. The exchange process in informal markets often consists of buyer and seller, with no third-party actor providing oversight to the transaction. Consequently, homebuyers face uncertainty over legal title and the value of the home, making it impossible to make informed decisions about the costs and benefits of homeownership at the time of purchase. Those who purchased from out-of-network real estate investors faced the harshest consequences, with sellers often structuring contracts to disadvantage consumers. Recent reports show that millions have purchased homes without institutional credit. It is worth examining how unregulated housing markets in neighborhoods of concentrated disadvantage contribute to racial inequalities.

中文翻译：

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纸牌屋：巴尔的摩的非正式住房市场和不稳定的房屋所有权途径

房屋所有权通常与模范公民的文化观念联系在一起，但非洲裔美国人长期以来一直面临拥有房屋的结构性障碍。信用歧视往往限制了黑人的房屋所有权。然而，种族、信用和房屋所有权的账户中缺少的是人们如何在没有抵押贷款的情况下购买房屋。通过对巴尔的摩的公共契约和抵押贷款记录的分析，我发现非正规住房交易——抵押贷款市场之外的不受监管的转移——主要位于黑人居多的社区。通过对 336 名房主、租房者和房地产投资者的采访数据，我表明非正规市场将买家置于独特的弱势地位。非正规市场的交易过程通常由买卖双方组成，没有第三方行为者对交易进行监督。因此，购房者面临法律所有权和房屋价值的不确定性，因此无法在购买时就房屋所有权的成本和收益做出明智的决定。那些从网络外房地产投资者那里购买的人面临着最严重的后果，卖家经常制定合同以使消费者处于不利地位。最近的报告显示，数百万人在没有机构信贷的情况下购买了房屋。值得研究的是，弱势集中社区中不受监管的住房市场如何导致种族不平等。那些从网络外房地产投资者那里购买的人面临着最严重的后果，卖家经常制定合同以使消费者处于不利地位。最近的报告显示，数百万人在没有机构信贷的情况下购买了房屋。值得研究的是，弱势集中社区中不受监管的住房市场如何导致种族不平等。那些从网络外房地产投资者那里购买的人面临着最严重的后果，卖家经常制定合同以使消费者处于不利地位。最近的报告显示，数百万人在没有机构信贷的情况下购买了房屋。值得研究的是，弱势集中社区中不受监管的住房市场如何导致种族不平等。