Home ownership declines for most minorities, particularly black households.
Black households, as well as the poorest households and those headed by high school dropouts, did not benefit much from the housing boom, but got hit hard by the subsequent bust, a new analysis of Census data by Fordham University Professor Emily Rosenbaum has found.
During the 1990s, blacks and Hispanics made gains that narrowed the home ownership gap. This rise was partly a result of the Clinton administration pushing for increased ownership rates among the traditionally underserved.
That effort, however, largely stalled for blacks and lower-income folks in the first half of the next decade. Meanwhile, Latinos and Asians, made significant gains during the bubble.
Then came the housing bust. The collapse hit blacks the hardest, pushing them well below their home ownership rate at the start of the decade, Rosenbaum found. Some 48.3% of…
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