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Urban Institute Asks "What Happened to Black Homeownership?"

Posted To: MND NewsWire

The Urban Institute (UI) is asking “What has happened to black homeownership?” It has “declined to levels not seen since the 1960s when private race-based discrimination was legal.” Like most demographic groups, black Americans saw homeownership gains evaporate during the housing crisis, but that community was hit harder than other groups and have not benefitted as fully from the recovery. The authors* of a new UI blog research piece say that, in the three decades following passage of the Fair Housing Act, black homeownership rose by almost 6 percentage points, reaching 47.3 percent, but from 2000 to 2015 the rate dropped to 41.2 percent. This happened through forces both within and beyond the housing market. Black homebuyers bought homes at the peak of the bubble at higher rates than whites…(read more)

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Source: Mortgage News Daily

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