Black and Latino Wealth Plummets as Home Ownership Rate Drops to Record Lows

September 19, 2013
Business & Heritage Clarksville 
mortgage lending news
A new report from the National Association of Real Estate Brokers (NAREB) describes how the financial crisis has caused significant harm to African-American and Hispanic families, which now face major roadblocks in trying to obtain home financing. The "State of Housing in Black America" report reveals that the homeownership rate for African Americans has fallen from a high of just under 50 percent in 2004 to just above 43 percent today. The report also notes that the private market is effectively closed to people of color as credit score and down payment requirements have toughened. "This study highlights that the economic losses experienced by African Americans as a result of the foreclosure crisis and downturn in the economy were substantial and that neither the current economic rebound nor housing recovery are benefiting substantially the black community," says Jim Carr, who helped pen the report.

Abstract News © Copyright 2008-2013 INFORMATION, INC.
Powered by Information, Inc.

Stay Updated

Join the fight against predatory lending. Enter your e-mail to sign up for breaking news, action alerts, and CRL's original research.

   Please leave this field empty

Help Us End Predatory Lending

Predatory lending destroys family wealth, and preys on our most vulnerable communities. You can help us end abusive lending practices by donating to CRL, or by sharing our work with others.