Skip to main content

Report: Minorities worst hit by foreclosures

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.

http://mortgage.ocregister.com/

.

Posted via email from Newport Beach Blog

Post a Comment

Popular posts from this blog

Chernobyl’s rolling tomb, built to last for 100 years

A €1.7bn sarcophagus has been designed to contain killer toxic nuclear fuel and dust Stephen StarrChernobyl 0 A memorial in still-abandoned Pripyat to the “suicide squad” of firefighters who initially fought the Chernobyl disaster.  Previous ImageNext Im