Reducing the Racial Wealth Gap in the Wake of Foreclosures: What is the Role of Affordable         Homeownership Programs?...
Home equity and the wealth gap                      (pre-foreclosure crisis)        For every $1 in assets held by Africa...
Source: Barry Zigas, CFA Comments “Public Input on Reform of the Housing Finance System” July 20, 2010.
Adapted from “Changes in U.S. Family Finances from 2004 to 2007: Evidence from the Survey ofConsumer Finances.” Federal Re...
EXPLOITINGUNDERSERVEDMARKETS(Reverse Redlining)
Did you know…? CRL estimates that from 1998 – 2006, only 9% of all  subprime loans went to first time homebuyers   Major...
Foreclosure rates by race
Wealth loss in communities of color Property depreciation in communities of color related to  foreclosures between 2009 a...
Reducing the Racial Wealth Gap in the Wake of Foreclosures: What is the Role of Affordable Homeownership Programs?
Upcoming SlideShare
Loading in …5
×

Reducing the Racial Wealth Gap in the Wake of Foreclosures: What is the Role of Affordable Homeownership Programs?

447 views

Published on

Published in: Economy & Finance, Technology
0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total views
447
On SlideShare
0
From Embeds
0
Number of Embeds
35
Actions
Shares
0
Downloads
4
Comments
0
Likes
0
Embeds 0
No embeds

No notes for slide

Reducing the Racial Wealth Gap in the Wake of Foreclosures: What is the Role of Affordable Homeownership Programs?

  1. 1. Reducing the Racial Wealth Gap in the Wake of Foreclosures: What is the Role of Affordable Homeownership Programs? Pre-Conference Workshop with Community Leaders Christy Rogers The Kirwan Institute for the Study of Race and Ethnicity September 23, 2010 Chicago IL
  2. 2. Home equity and the wealth gap (pre-foreclosure crisis)  For every $1 in assets held by African Americans, Whites hold $9  This disparity is primarily due to differences in home equitySource: “Net Worth and Asset Ownership 1998-2000”. Household Economic Studies. U.S. Census Bureau (2003)
  3. 3. Source: Barry Zigas, CFA Comments “Public Input on Reform of the Housing Finance System” July 20, 2010.
  4. 4. Adapted from “Changes in U.S. Family Finances from 2004 to 2007: Evidence from the Survey ofConsumer Finances.” Federal Reserve Board, Survey of Consumer Finances, February 2009. Page A37.
  5. 5. EXPLOITINGUNDERSERVEDMARKETS(Reverse Redlining)
  6. 6. Did you know…? CRL estimates that from 1998 – 2006, only 9% of all subprime loans went to first time homebuyers  Majority were refinance loans  Refinance loans disproportionately marketed to African American neighborhoods Photo and story credit: Baltimore Finds Subprime Crisis Snags Women --New York Times 1/15/08
  7. 7. Foreclosure rates by race
  8. 8. Wealth loss in communities of color Property depreciation in communities of color related to foreclosures between 2009 and 2012:  African American neighborhoods: $194 Billion  Latino neighborhoods: $177 Billion  …and foreclosures continue…

×