Minority homeowners more affected by foreclosures than whites, report says: About 2.5 million homeowners have lost their homes to foreclosure in the housing crisis so far, and black and Latino borrowers have been disproportionately affected, according to a report released Friday by a nonprofit research group.
The study by the Center for Responsible Lending was based on an analysis of government and industry data on millions of loans issued between 2005 and 2008 -- the height of the housing boom. It found that whites made up the majority of foreclosures completed between 2007 and 2009, about 56 percent, but that minority communities were affected more.
While about 4.5 percent of white borrowers lost their homes to foreclosure during that period, black and Latino borrowers had a 7.9 percent and 7.7 percent foreclosure rate, respectively. That means that blacks and Latinos were more than 70 percent more likely to lose their homes to foreclosure during that period, the study found.
