Foreclosure Crisis Report by the Center for Responsible Lending:
The ongoing Real Estate foreclosure crisis has slashed hundreds of billions of dollars in wealth from communities of color, a new CRL research report shows, as an estimated 17% of Latino homeowners and 11% of African-American homeowners have already lost their home to foreclosure or are now at imminent risk. The wealth drain is the result of direct losses from Real Estate foreclosures and also the decline in neighboring property values each foreclosure brings.
The report–”Foreclosures by Race and Ethnicity: The Demographics of a Crisis,” (responsiblelending.org) shows that Real Estate foreclosures will continue to climb and losses will continue to mount. From 2009 to 2012, those living near a foreclosed property in African-American and Latino communities will have seen their home values drop by more than $350 billion. Sub prime lending has really hurt Real Estate in the minority community.
