Policy Group Studies Homeownership Rates For Minorities

Posted by Orb Staff on May 13, 2009 No Comments
Categories : Residential Mortgage

ty groups have been subjected to greater gains and larger losses than whites when it comes to the housing market's boom and bust periods. Homeownership rates between 1995 and the middle of this decade rose more rapidly among all minorities than among whites, according to a [link=http://pewhispanic.org/files/reports/109.pdf ][u]recent report[/u][/link] published by authors from the Pew Hispanic Center. On the flip side, rates have fallen more steeply since the 2005 start of the housing bust for blacks and native-born Latinos than for the rest of the population. Although the up and down cycles have reduced the homeownership gap between whites and all racial and ethnic minority groups, a gap still exists, the Pew Hispanic Center says. As of 2008, 74.9% of whites owned homes, compared with 59.1% of Asians, 48.9% of Hispanics and 47.5% of blacks. The study, which includes data from the Census Bureau, RealtyTrac, the Home Mortgage Disclosure Act and the Federal Housing Finance Agency, among other sources, also found that blacks and Latinos remain far more likely than whites to borrow in the subprime market. Moreover, in 2007, blacks and Hispanics borrowed higher amounts than did whites with similar incomes, exposing themselves to greater debt relative to their incomes, the Pew Hispanic Center says. On both counts – the likelihood of higher-priced borrowing and higher debt relative to income – the gap between minorities and whites is greater among high-income households than among low-income households. SOURCE: Pew Hispanic C

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