By Josh Boak, AP Economics Writer
When the U.S. housing bubble peaked a decade ago, soon to burst with far-reaching consequences, the pain was particularly severe for Black and Hispanic Americans.
A disproportionate number of minorities succumbed to subprime mortgages and foreclosures and lost their homes. Their collective loss of home equity and shift toward rental housing could widen America’s racial and ethnic divides well into the future, according to researchers and housing advocates.
The drop in home ownership has grown so severe that it could impede wealth creation for generations of minority families, said Antoine Thompson, Executive Director of the National Association of Real Estate Brokers, the nation’s oldest minority trade association.
“We lost a lot of wealth,” Thompson said. “We are reaching epidemic and crisis levels in black America.”
The National Association of Real Estate Brokers (NAREB) was formed in 1947 out of a need to secure the right to equal housing opportunities regardless of race, creed, or color. NAREB has 90 chapters located nationwide and publishes annually The State of Housing in Black America (SHIBA) Report. NAREB headquarters is located at 9831 Greenbelt Rd., Lanham, MD 20706. Visit www.nareb.com for more information.