Foreclosure Demographics – Who has Been Hit the Hardest? People of Color – Part 2
This is the second post in a three blog series. For details on the effects of foreclosure on affluent communities and Metro areas, visit Part 1 & Part 3.
Foreclosures have Affected People of Color the Most:
The foreclosure numbers are abysmal and it’s even more terrifying to see that 2010 will see over one million foreclosed homes by the end of the year.
But has the crisis affected everyone equally? Apparently not! A study done by the Center for Responsible Lending hinted that about 4.5 percent rate of foreclosed homes belonged to the Whites, whereas nearly double that rate was true for the African-Americans and the Latinos.
Foreclosures are not easy on anyone... but who are they really affecting?
In fact another report suggests that approximately 17% of Latino homeowners and 11% of African-American homeowners have lost their house to foreclosure, which adds up to hundreds of billions of dollars!
In a bad economy, high levels of unemployment have not just collapsed the financial markets but also sliced the housing sector. Besides, the economic drain has been increasing, thanks to foreclosures itself, but also because of the effects of neighboring property values that have declined due to foreclosures. Experts say that from 2009 to 2012, those owning properties near foreclosed homes in the Latino and African-American communities would have seen a cumulative drop of more than $350 billion on their property value.
Economic ups and downs are an inevitable cycle, but if you’re looking to invest in a house, you couldn’t find a time better than NOW! And Express Realty Services is here to help. Having sold over 800 homes in the past 5 years, we can comfortably assure you that you can find a house that’s just right for you and your family.
Just call us at 888-306-9450 or visit our website to chat with a representative about how to get started.
This series will be continued. For more insights on foreclosure trends, continue to read our blogs.
If you have any tips or suggestions that you’d like to share, please feel free to comment on this blog post.
Tags: 1 million foreclosures 2010, african-american, Center for Responsible Lending, communities affected by foreclosure, economic drain, foreclosure affects people of color, latino