Since June is National Homeownership Month, there's no better time to examine the state of homeownership in the U.S.
Unfortunately, for many blacks, the American dream of homeownership is quickly fading.
After peaking at 50 percent in 2006, the African-American homeownership rate has now fallen to 44.8 percent, Census Bureau data show. By comparison, the homeownership rate for whites in the U.S. is 74.1 percent, and the nation's overall homeownership rate currently stands at 66.4 percent.
Near-term, the outlook for black homeownership isn't good. Over the long run, it's downright scary, according to consumer advocates, civic leaders and others.
The Center for Responsible Lending calculates that about 11 percent of African-American homeowners are in some stage of foreclosure, and that 1.1 million black families will lose their homes by 2012.
Sadly, the alarmingly low number of black homeowners is likely to dip further this decade due to a variety of factors.
8 comments:
I was unaware that owning a home had anything to do with race. I thought you bought them with money you earned at work during your life. Have I been wrong all these years?
If you work hard and can AFFORD a house, what does color have to do with it? Just because you are black are you entitled to own a home? Home ownership is not for everyone no matter what color you are. Home ownership is not an entitlement, that is what got our country into this mess in the first place! Get off your butt, get a good job, save your money and buy a home you can afford. If your salary warrants a $100,000 home, please don't try to buy a $300,000 home. Common sense!
I feel for what you commenters are saying. But there's still plenty of discrimination in jobs. Some of it is because things are so broken, blacks aren't getting the education to get decent jobs. But the prejudice is still there because I worked at a company where it happened. If you don't get a decent job, you can't afford much house and if you got a house and things go south, you lose it. Yeah, I can understand that blacks being more on the edge are going to lose their homes more.
Sure, there's still discrimination out there for jobs because of race. Age has the same problem as well as ugly. You were born with what you are and that can't be blamed on you or your peers. Live with it and work to overcome it which is better than complaining and suffering.
To 6:14 What do you mean Blacks aren't getting the eduation? There are so many minority scholarships out there. Sorry, not buying your comment.
the root of the problem is the "home". when i was young MOST people (all colors) had a strong family life (not necessarily a lot of money); strong values taught at school; and of course a good strong church (with regular attendance). all 3 of these institutions worked together.
this was like a 3 legged stool. if one of those legs broke, the stool fell. well as you can see our lives today won't work as they did then because there is NO strong foundation.
bring this up to where we are now... if a man works he eats. if a man is true to his word his bills are paid; he will have a good name and good credit. the opportunity is out there for all. the unfortunate part of this again is the breakdown of the family.
owning a home is NOT a race issue; its a credit issue, plain and simple. if you are credit worthy and have a good work history, and a savings history and of course a good credit score you will probably qualify. note i said probably.
6:14 All I can say is your a fool if you think that.
I can point out several blacks at the Wicomico County BOE who have admin or supervisory positions just because they are black. If you are black and willing to help yourself, then there are many opportunities out there for you. It is the cycle of poverty and the welfare state that is keeping blacks and whites down. Also, I have a good job, I am white, but no one will give me a mortgage either right now since my credit is not good. Banks are very afraid to loan anyone money right now unless you have perfect credit.
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