Property Values Quotes
There was concern that there might be a housing bubble developing with consequent overpricing of houses. The bubble broke and when it did, it was sudden and dramatic with the Meltdown of 2008
Note that although the industrial revolution was beginning, the value of factories, inventory, machines, and raw materials were not yet recognized by some of the leading intellectuals of America. The perspective was totally agricultural.
A restrictive covenant was a condition that was written into the deed on a piece of property. Even if the owner of the home did not want to discriminate, the previous owners who wrote the restrictive covenant into the deed (or his relatives and heirs) could sue and invalidate the sale. In many cases, insurance would not sell title insurance or banks would not give mortgages for a Black or a Jew where there was a covenant in the deed, even if the covenant was more than 100 years old. Homeowner associations would also enforce the covenants which were originally written into all the deeds of the development. 5 years after this was written, President Harry S Truman ordered that protective covenants be challenged as unconstitutional before the Supreme Court. Once the supreme court ruled that restrictive covenants were unconstitutional, no court would enforce any of these lawsuits.
