Minority Home Ownership Drops
Minority Home Ownership Drops
Minority Home Ownership Drops
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November 4 2010 (Jeff Alan)
minority homeowner picture
According to the Census Bureau the overall rate of home ownership in the United States remained the same in the third quarter of this year compared to the previous quarter. Overall, home ownership dropped just 0.7 percent compared to the same period in 2009.

However, the Bureau is reporting that there was a pronounced slide in minority home ownership.

The overall home ownership rate came in at 66.9 percent for the third quarter; but, for African Americans, it dropped to 45 percent from 46.4 percent during the same period of 2009.

Among Hispanics, meanwhile, the rate fell to 47 percent from 48.7 percent a year earlier. By comparison, the share of white Americans who owned their homes slid just 0.3 percent to 74.7 percent.

Home ownership peaked in 2004 and 2005 with Hispanic ownership peaking at 55.2 percent and African-American ownership peaking at 49.4 percent. Home ownership among whites peaked at 76.1 percent during that same period.

A Pew Research Center study found during the boom time, roughly 1995 to 2005, minority groups latched onto the American dream at a much faster pace than whites did. Homeownership among whites increased 5.6 percentage points, while rate increases among minority groups ranged from 6.8 percentage points to 11.7 percentage points

The statistics showed that the gap in homeownership between whites and minorities had narrowed but still remained significant, according to the study’s authors, Rakesh Kochhar, Ana Gonzalez-Barrera and Daniel Dockterman.

They also found that blacks and Hispanics were more likely than whites to take out subprime loans, which are designed for borrowers with low credit scores. Just 10.5 percent of loans to whites in 2007 fit that category, compared with the 27.6 percent of loans taken out by Hispanics and the 33.5 percent for blacks.

All of which may explain why minority groups are experiencing a faster drop in home ownership now.

Tags: census bureau, minority home ownership, sub-prime loans, low credit scores, loans, minority groups

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Mortgage
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Estimate your monthly mortgage payment
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Learn About
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15 Year vs 30 Year
Loan Comparison

Compare 15 year and 30 year mortgage loans
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November 4 2010 (Jeff Alan)
minority homeowner picture
According to the Census Bureau the overall rate of home ownership in the United States remained the same in the third quarter of this year compared to the previous quarter. Overall, home ownership dropped just 0.7 percent compared to the same period in 2009.

However, the Bureau is reporting that there was a pronounced slide in minority home ownership.

The overall home ownership rate came in at 66.9 percent for the third quarter; but, for African Americans, it dropped to 45 percent from 46.4 percent during the same period of 2009.

Among Hispanics, meanwhile, the rate fell to 47 percent from 48.7 percent a year earlier. By comparison, the share of white Americans who owned their homes slid just 0.3 percent to 74.7 percent.

Home ownership peaked in 2004 and 2005 with Hispanic ownership peaking at 55.2 percent and African-American ownership peaking at 49.4 percent. Home ownership among whites peaked at 76.1 percent during that same period.

A Pew Research Center study found during the boom time, roughly 1995 to 2005, minority groups latched onto the American dream at a much faster pace than whites did. Homeownership among whites increased 5.6 percentage points, while rate increases among minority groups ranged from 6.8 percentage points to 11.7 percentage points

The statistics showed that the gap in homeownership between whites and minorities had narrowed but still remained significant, according to the study’s authors, Rakesh Kochhar, Ana Gonzalez-Barrera and Daniel Dockterman.

They also found that blacks and Hispanics were more likely than whites to take out subprime loans, which are designed for borrowers with low credit scores. Just 10.5 percent of loans to whites in 2007 fit that category, compared with the 27.6 percent of loans taken out by Hispanics and the 33.5 percent for blacks.

All of which may explain why minority groups are experiencing a faster drop in home ownership now.

Tags: census bureau, minority home ownership, sub-prime loans, low credit scores, loans, minority groups

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateNetwork and the offers you have received, you've found the right product and the best rate.
HOW LOANRATENETWORK
LOAN CENTER WORKS
ADVANTAGES OF USING
LOANRATENETWORK
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.
Helpful Tools

November 4 2010 (Jeff Alan)
minority homeowner picture
According to the Census Bureau the overall rate of home ownership in the United States remained the same in the third quarter of this year compared to the previous quarter. Overall, home ownership dropped just 0.7 percent compared to the same period in 2009.

However, the Bureau is reporting that there was a pronounced slide in minority home ownership.

The overall home ownership rate came in at 66.9 percent for the third quarter; but, for African Americans, it dropped to 45 percent from 46.4 percent during the same period of 2009.

Among Hispanics, meanwhile, the rate fell to 47 percent from 48.7 percent a year earlier. By comparison, the share of white Americans who owned their homes slid just 0.3 percent to 74.7 percent.

Home ownership peaked in 2004 and 2005 with Hispanic ownership peaking at 55.2 percent and African-American ownership peaking at 49.4 percent. Home ownership among whites peaked at 76.1 percent during that same period.

A Pew Research Center study found during the boom time, roughly 1995 to 2005, minority groups latched onto the American dream at a much faster pace than whites did. Homeownership among whites increased 5.6 percentage points, while rate increases among minority groups ranged from 6.8 percentage points to 11.7 percentage points

The statistics showed that the gap in homeownership between whites and minorities had narrowed but still remained significant, according to the study’s authors, Rakesh Kochhar, Ana Gonzalez-Barrera and Daniel Dockterman.

They also found that blacks and Hispanics were more likely than whites to take out subprime loans, which are designed for borrowers with low credit scores. Just 10.5 percent of loans to whites in 2007 fit that category, compared with the 27.6 percent of loans taken out by Hispanics and the 33.5 percent for blacks.

All of which may explain why minority groups are experiencing a faster drop in home ownership now.

Tags: census bureau, minority home ownership, sub-prime loans, low credit scores, loans, minority groups

HOW LOANRATENETWORK
LOAN CENTER WORKS
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateNetwork and the offers you have received, you've found the right product and the best rate.
ADVANTAGES OF USING
LOANRATENETWORK
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT
CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.