Report: Minorities hit hard by home foreclosures

Posted on: February 22nd, 2006
Filed Under: [ Hispanic News ] [ Real Estate ] [ Your Money ]
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“The New York Times reports that the rate of black home ownership fell slightly in 2005, to 48.8 percent, from 49.7 percent in 2004, and that some studies suggest that an increase in home foreclosures for minority borrowers could be a reason.

It also reported that home foreclosures among minority homeowners could rise further in coming years due to rising interest rates and the greater use of so-called subprime loans, which charge a higher interest rate, by those borrowers.”

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