WASHINGTON - According to U.S. Census data, homeownership rates have dropped to their lowest level since 1998. Homeownership rates for Blacks, Hispanics, and Native Americans have dropped more severely than for whites.
“We’re seeing a dangerous trend that’s neatly summarized by these two reports,” said Preeti Vissa, Community Reinvestment Director at The Greenlining Institute.
“Millions are in near-term danger of losing their homes, and relatively few are getting relief. This represents a massive drain of wealth from Latino and African American communities, who were starting with homeownership rates some 25 points lower than whites.
“While we don’t yet have 2010 data for Asian Americans, their trend through 2009 showed a drop in homeownership similar to Latinos and African Americans,” Vissa added.
“If we don’t move swiftly to provide effective relief and principal reduction, mass foreclosures will continue to decimate neighborhoods and suck the life out of our economic recovery.”
The Greenlining Institute is a national policy, organizing, and leadership institute working for racial and economic justice.