Study: Foreclosures by Race and Ethnicity

Click on image to read article

The ongoing foreclosure crisis has slashed hundreds of billions of dollars in wealth from communities of color, a new CRL research report shows, as an estimated 17% of Latino homeowners and 11% of African-American homeowners have already lost their home to foreclosure or are now at imminent risk.  The wealth drain is the result of direct losses from foreclosures and also the decline in neighboring property values each foreclosure brings.

The report—”Foreclosures by Race and Ethnicity: The Demographics of a Crisis,” http://www.responsiblelending.org/mortgage-lending/research-analysis/foreclosures-by-race-and-ethnicity.html—shows that foreclosures will continue to climb and losses will continue to mount. From 2009 to 2012, those living near a foreclosed property in African-American and Latino communities will have seen their home values drop by more than $350 billion—possibly exceeding the damage the Gulf States suffered from Hurricane Katrina. And high levels of unemployment that were caused by reckless lending and the collapse of the housing and financial markets continue to exacerbate the foreclosure crisis.

Related posts:

1. CDFI Small Business Lending Program Finally a Go With new terms, community banks are ready to start lending....
2. Closing the Racial Wealth Gap A smart approach to finances can narrow the economic disparities...
3. African Americans less likely to appeal their property tax Now may be the best time to appeal!  In 2004,...
4. Race, ethnicity may affect how women experience menopause White, African American, Hispanic and Asian women all report different...
5. The New Face of Housing Discrimination African-American and Latino homeowners have a disproportionate share of foreclosures...