Minority Groups Left Out of Housing Recovery

The same minority groups hit hardest by the housing bust are benefiting least during recovery.

African American and Hispanic households make up a smaller share of new home purchase loans than they did before the recession, write Laurie Goodman, Jun Zhu, and Taz George. This is despite steady growth in both groups between 2001 and 2005.

What happened? Many non-white households signed on to the predatory mortgages that helped lead to the housing collapse. They thus defaulted in higher numbers, and are now being kept out of the housing market by stringent lending practices. “Today’s credit inaccessibility is locking out African American and Hispanic borrowers disproportionately—at exactly the point in the economic cycle that favors new homeownership,” write Goodman, Zhu, and George.

Full Story: http://blog.metrotrends.org/2014/03/housing-bust-disproportionately-hurt-minorit...

Comments

building block set

NEW! Build the world you want to see

Irresistible block set for adults when placed on a coffee table or desk, and great fun for kids.
$25

Prepare for the AICP* Exam

Join the thousands of students who have utilized the Planetizen AICP* Exam Preparation Class to prepare for the American Planning Association's AICP* exam.
Starting at $245
Book cover of Insider's Guide to Careers in Urban Planning

So you want to be a planner...

Check out our behind the scenes look at 25 careers in the Urban Planning field
Starting at $14.95

Essential Readings in Urban Planning

Planning on taking the AICP* Exam? Register for Planetizen's AICP * Exam Preparation Course to save $25.
Currently on backorder