Minorities in New York Most Devastated By Foreclosures
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Minorities in New York are being dealt the heaviest blow by home foreclosures, reported The New York Times.
African-American and Latino homeowners are three times as likely to default on their mortgages in mostly minority areas than whites are in mostly white areas. 85 percent of the most affected neighborhoods, where the default rate doubles the regional average, are made up of mostly minority homeowners.
Subprime lenders have recently targeted black middle class households that make over $68,000 a year. Years ago banks refused to lend to black neighborhoods, but have recently began to seek out those very neighborhoods to advertise subprime loans, according to The NY Times.
Several years ago black homeownership was on the rise, following decades of discrimination that turned blacks away from buying. Black families that have fell victim to high-risk subprime loans lost their savings and credit due to foreclosures, causing a ripple effect of home values declining throughout their neighborhoods, and renters being evicted from their homes.
“My district [in Queens] feels like ground zero],” City Councilman James Sanders told The NY Times.
The national foreclosure crisis, sparked by high-interest subprime mortgages, has drastically hit the New York region in the past two years. Counties across the nation with black and Latino majorities bear the heaviest burden of foreclosures, revealed a recent Pew Research Center study. The crisis has obliterated billions of dollars of real estate value since 2005, according to a New York Times analysis of foreclosures and federal mortgage data.
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