Blacks Are Hit Hardest by US Housing Crisis

[Renew Deal]

The 6% decline in the homeownership rate among black Americans since 2004 is greater than that of any other racial or ethnic group and more than twice the national average (2.3%), according to the Census. Moreover, nearly 8% of blacks who were recent borrowers have lost their homes to foreclosure, compared with 4.5% of whites, CNN reports. Experts say owning property is the key to building wealth.

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