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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 Articles1.) Before agreeing to handle a task from a client: Make sure that you're the most qualified person to deal with it. If a client wants to appoint you for a task beyond your field of knowledge, suggest someone else who could carry out the task better rather than putting your reputation at risk. Who knows, maybe later down the line that same client will call and seek help in your area of expertise. 10 Important Tips to Successful Real Estate InvestingCategory: Real Estate News Published: Monday, July 12, 2010 1. Compare property values and rents: The best way to determine the market vaulue of the property is to find out the selling prices of nearby properties in the community. The same applies to properties for rent. A low cost is regularly justified by a sensible rent; renters who can meet the expense of a higher rent can afford to buy as an alternative, so reasonably priced rent is a must. Tax Credit Closing and Flood Insurance ExtensionsCategory: Real Estate News Published: Thursday, July 01, 2010 Today the National Association of Realtors praised Congress for the passing of two bills to extend the home buyer tax credit closing deadline and reauthorize the National Flood Insurance Program. Both of the bills cleared the House beforehand and were accepted by the Senate last night. THe bills are now headed to the president for his signature. Credit scoring is very important to the mortgage process. Behind the situation, a battle is rampaging over who can place claim to that process. The Fair Isaac Corp (FICO) was rejected a new trail concerning what it claims to undoubtedly be it's trademark; the act of rating an individual's credit on a scale of 300 to 850. Should You Buy Or Rent A Home? Cost Gap NarrowsCategory: Real Estate News Published: Thursday, April 29, 2010 Housing costs and depleted interest rates have formed a perfect time for many buyers to purchase homes, and a recent week-long glance at homeownership validates it. The nationwide analysis illustrates that the variation between monthly rents and mortgage costs is at it's lowest point in just about 20 years. Call Us Today!
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