Studies Say Minorities Hurt More By ForeclosuresCategory: Real Estate News | Permalink Published: Monday, July 05, 2010 According to a new study, recent African American and Latino home borrowers were highly more likely to lose their homes to foreclosure than those who are non-Hispanic whites throughout the continuing housing crisis, regardless of their income. As their income increased, in fact, minority borrowers foresaw the probability of foreclosure growing even larger in contrast to non-Hispanic white borrowers in the same identical income bracket. The study found out that non-Hispanic whites made up 56% of home forclosures during this two year period in comparison to only 16% for latinos and an estimated 12% for African American homeowners. However, nearly 8% of African Americans and Latinos who did recieve home loans or refinanced between 2005 and 2008 eventually lost their homes to foreclosure between 2007 and 2009, compared with just 4.5% of non-Hispanic whites. Overall, Latino and African American homeowners were 71% and 76% more likely to go into foreclosure than those who are non-hispanic whites. Even African Americans and Latinos with the uppermost earnings were 81% and 94% more likely to face foreclosure than non-Hispanic whites with similar incomes Similar disparties were also found amoung other ethnic minorites. With a record of 4.6% of all mortgages in the foreclosure process, the study estimates that "among those who were homeowners in 2006, 17% of Latino and 11% of African American homeowners have lost or are at imminent risk of losing their home, compared with 7% of non-Hispanic white homeowners. Other Recent ArticlesCall Us Today!
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About This Page: According to a new study, recent African-American and Latino home borrowers were highly more likely to lose their homes to forclosure than those who are non-Hispanic whites throughout the continuing housing crisis, regardless of their income. As their income increased, in fact, minority horrowers foresaw the probability of foreclosure growing even larger in contrast to non-Hispanic white borrowers in the identical income group.
