Recent data has shown that African-Americans and Hispanics in the United States are much more likely to lose their home to foreclosure during our current economic crisis, regardless of their income.
The data has actually shown that the higher the minority family's income, the higher their chance of foreclosure is when compared to whites with relative income levels. Information gathered by the Center for Responsible Lending has shown as recent as 6/19/2010 that in higher income brackets, Hispanics have a 94% higher probability and African-Americans have an 81% higher probability of foreclosure than Whites. The same source shows that in middle income brackets, Hispanics are 67% more likely and African-Americans are 71% more likely to have their homes foreclosed than Whites. The gap for likelihood of foreclosure for Hispanics of lower income brackets closed significantly to 20% more likely to have their homes foreclosed than Whites of low income. African-Americans Still have a 56% higher likelihood of foreclosure than Whites when both are in the low income bracket.
The Center for Responsible Lending analyzed data on foreclosures between 2007 and 2009 on mortgages originated between 2005 and 2008 and found that every major minority group in the United States has a higher likelihood of facing foreclosure on their property than White Americans. White Americans averaged 452 foreclosures per every 10,000 home mortgages. African-Americans had the highest average of foreclosures with 790 per every 10,000 home mortgages. Hispanics were a close second for the highest average with 769 foreclosures per every 10,000 home mortgages. The other major minorities had significantly lower chances of foreclosure than African-Americans and Hispanics. Hawaiian or Pacific Islanders has an average of 628 foreclosures per every 10,000 home mortgages, American Indians had an average of 587 foreclosures per every 10,000 home mortgages, and Asians averaged only 8 per every 10,000 home mortgages more than White Americans with 460.
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