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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.


Posted via email from Newport Beach Blog

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