Posted on 06/22/2016 8:31:18 PM PDT by Lorianne
When the U.S. housing bubble peaked a decade ago, soon to burst with far-reaching consequences, the pain was particularly severe for black and Hispanic Americans.
A disproportionate number of minorities succumbed to subprime mortgages and foreclosures and lost their homes. Their collective loss of home equity and shift toward rental housing could widen America's racial and ethnic divides well into the future, according to researchers and housing advocates.
The drop in home ownership has grown so severe that it could impede wealth creation for generations of minority families, said Antoine Thompson, executive director of the National Association of Real Estate Brokers, the nation's oldest minority trade association.
The decline dovetails with a broader shift toward renting in the aftermath of the housing bust. An analysis by The Associated Press has found that rising rental costs and stagnant pay are making it harder to save to buy a home. Longtime homeowners, by contrast, have enjoyed rising home equity and lighter mortgage bills resulting from lower mortgage rates.
Many minority homeowners who bought or refinanced during the bubble eventually became trapped by predatory mortgages, some requiring no money down and monthly payments that eventually ballooned.
Just 41.5 percent of black households own their homes, down from nearly 50 percent in late 2004, according to the Census Bureau. The share of Hispanic homeowners dropped to 45.3 percent from roughly 50 percent. Both drops were sharper than the decline in white home ownership - to 72.1 percent from roughly 75 percent.
(Excerpt) Read more at hosted.ap.org ...
Please inform all your friendly minorities it’s about to happen again.
It is mean to make women and minorities do stuff like pay mortgages
yeah if you don’t make your payments, they take their stuff back. Yep.
Dogooder liberals invited minorities to the bottom of the pyramid, i.e. the absolute worst place to be when it collapsed.
Do you think the minority community will ever 'thank' their liberal handlers for the privilege of being squashed?
Hmmmm....Breathing into a mirror for a loan didn’t seem to help them in the long run...Maybe that was too harsh of test for owning a home.....id give free homes to all those that cant fog a mirror...../s
Well, I just don’t understand. Obama has had 7 1/2 years to fix all this; do you mean to tell me that he has left a minority person sucking hind tit? I’m sure he’ll be out next week to punish white people for this oversight!
Breaking news: Sun rises and water is wet. Minorities and women hardest hit.
The Clinton admin set out to help more minorities get houses, and this was the result.
Particularly hard hit was the $14,000 a year strawberry picker who purchased a $720,000 home in Bakersfield. Obama buddy, Franklin Raines, left Fannie Mae with a $19 million severance package. To quote Jeff Neely, former Head of GSA, “I know I’m bad, but as Deb and I often say, why not enjoy it while we have it and while we can. Ain’t gonna last forever.”
Another minorities and women hit the hardest piece.
Bonk controls are there for a reason. Take them away and you see why they are needed.
The left continues to USE minorities as pawns.
First, giving them something for nothing.
Next, blame evil conservatives when reality hits.
“”The left continues to USE minorities as pawns””.
You got it Larry. Here is audio of Bush in a speech a few years prior to the housing implosion, demanding homes loans for totally unqualified minorities.
https://www.youtube.com/watch?v=GkAtUq0OJ68
Don’t forget the chilruns, they be gettin hardest hit too.
The Clinton administration literally forced banks to make loans to risky minority buyers. It was a lot more than just *help*.
More along the lines of extortion.
But on the positive side, they were able to bundle those mortgages and sell them as top rated. Ca-ching!
The Clinton admin set out to help more minorities get houses, and this was the result.”
Yeah, the banks were required to make 20 percent of their loans to people who could count as their income their welfare checks.
The congressional black caucus ordained that so shall it be.
Unfortunately, not everyone should own a home and many would do better without owning.
If only there was a massive government program that forced banks to lend to these poor minorities...
That’s exactly right; look at the situation with Detroit’s unpaid water bills. Certain segments of our society have made it abundantly clear that they have no intention of ever paying for anything (or contributing anything but bastard children to be sacrificed in our urban “Hunger Games”).
As more and more whites fall out of the workforce, they are increasingly doing the same; now our political landscape is morphing from race-driven issues to battles between those paying taxes and those breeding without income. The latter demand the former pay for everything for their children, while many of the former rightfully see no point in that.
Damn you whitey!
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