Homeowners in minority groups have been hit significantly worse than white borrowers in the foreclosure crisis, the Center for Responsible Lending reports.
The non-profit research group says:
- About 17% of Latino homeowners and 11% of African-American homeowners have already lost their home to foreclosure or are at imminent risk, compared to 7% of white homeowners.
- Whites made up the majority of the 2.5 million foreclosures completed between 2007 and 2009 – about 56% – but minority communities had higher foreclosure rates.
- While about 4.5% of white borrowers lost their homes to foreclosure during the 2 years analyzed, black and Latino borrowers had 7.9 and 7.7% foreclosure rates, respectively.
- Blacks and Latinos were more than 70% more likely than whites to lose their homes to foreclosure between 2007 and 2009.
- ”African American and Latino borrowers have borne and will continue to disproportionately bear the burden of foreclosures,” the report says.
See the full report HERE.