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WASHINGTON Recent African-American and Latino home borrowers – regardless of income – were much more likely to lose their homes to foreclosure than non-Hispanic whites during the ongoing housing crisis, according to a new study.
In fact, as their incomes climbed, minority borrowers saw their likelihood of foreclosure grow even larger in comparison to non-Hispanic white borrowers in the same income bracket.
That’s the conclusion of “Foreclosures by Race and Ethnicity: The Demographics of a Crisis,” a report by the Center for Responsible Lending, which analyzed racial and ethnic data on more than 80 percent of the estimated 2.5 million home foreclosures completed between 2007 and 2009.
The study found non-Hispanic whites accounted for 56 percent of home foreclosures during that two-year period, compared to 16 percent of foreclosures that were for Latino, and about 12 percent for African-American homeowners.
