Housing Bust Hurt Minority Home Values Most

January 16, 2014
USA Today 
mortgage lending news
The housing bubble hit home values in Hispanic communities the hardest, according to a new report from market researcher Zillow. Residential values in predominantly Hispanic neighborhoods fell an average of 46 percent from mid-2007, when the housing market peaked, to the end of 2011, when it reached its low point. Declines of 32.3 percent, 24 percent, and 20 percent were found in largely black, white, and Asian communities, respectively, from the height of the housing bubble to the bottom.

The report also shows that Hispanic neighborhoods have been faster to rebound, with property values increasing more than 25 percent from the bottom of the market; while home values in black communities have rebounded only 13 percent.

Whites filed nearly 65 percent of mortgage purchase applications in 2012, followed by Hispanics at 9 percent and blacks at 6 percent. The analysis is based on Census statistics and Home Mortgage Disclosure Act data.

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