Tami Luhby
Posted on 10/19/2010 1:03:22 PM PDT by Abathar
The foreclosure crisis has hit blacks harder than any other group in America and it will be tough for them to regain their footing in the housing market.
Blacks' homeownership rate has plummeted nearly 6 percent to 46.2 percent since its peak in 2004. That's more than twice that of any other racial or ethnic group, as well as the nation's rate as a whole, which fell only 2.3 percent, according to U.S. Census data.
Also, among recent borrowers, nearly 8 percent of blacks have lost their homes to foreclosure, compared to 4.5 percent of whites, according to the Center for Responsible Lending. Latinos, who have also been pummeled by the mortgage meltdown, came in a close second behind blacks in foreclosure losses.
The consequences are devastating. Fewer blacks own their home now than any other racial or ethnic group and that makes it even more difficult for them to achieve financial security and attain wealth.
"We built the middle class on homeownership," said Marc Morial, head of the National Urban League, which works to empower the black community. "How many people have built their business with the equity in their home? How many people have sent their kids to college with the equity in their home?"
The loss of homeownership is more than the difference between a mortgage payment and a rent check, experts say. Purchasing property is the key to building wealth, which not only allows people to improve their quality of life and provide more for their children, but also gives them a cushion during tough economic times.
(Excerpt) Read more at cnn.com ...
Now the interest only mortgages have turned into real ones and everyone acts shocked that people can't afford them, and yet Barney Franks and Chris Dodd get standing ovations for allowing this to happen.
Not everyone deserves or can handle the responsibility of owning a home, there was a reason we had The Projects built in the first place.
The didn’t mentions women or children. Must be getting soft over at CNN
Those evil bankers again. Not only are they evil, thieving capitalists, they’re RACIST, evil, thieving capitalists.
Whitey’s fault.
bush’s fault/s
They can thank Cuomo.
White, male, conservative, Christian gun-owners to blame.
Marc Morial
Yeah, real expert on giving it away. Look how well he did in New Orleans.
His Katrina people.
The numbers tell you who was receiving mortgages that should never have been approved as a result of the CRA and Clinton/Bush era policies.
“White cracker babies” faul.
Barack Hussein Obama, Mmmm mmmm mmmm...
Where’s Barney?
Amazing that 91% of blacks still think Big-O is there man...
They now want “home give me ship.”
Blacks who drive SUVs were especially hard hit.
Blacks who drive SUVs were especially hard hit. Many lost their homes when their vehicles turned on them and drive into trees, off cliffs, and into groups of pedestrians.
Just the fact that the defender is saying it was a good because they used the equity for new business start-ups and college educations tells you that these moronic progressivists, black and other, don’t “get” what the point of having a house is. It’s not a piggy bank. It’s a place to come home to.
Much more important than owning a home to building wealth is an intact family unit. The family is the foundation of stability that permits the savings that leads to the ability to own a home.
The welfare state has destroyed the family unit of the black minority. The loss of homeownership is a mere symptom of the disease.
There must be a way to blame Bush in all this...
Tami Luhby
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.