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Pew study confirms housing crisis has hit minorities, immigrants hardest

Yesterday the Pew Hispanic Center released a study tracing the impact of the housing market implosion on U.S. minority and immigrant populations. “Through Boom and Bust” [summary] [full report PDF] demonstrates what we’ve heard before about racial disparities in subprime lending (i.e., non-whites of comparable income were about twice as likely to get pulled into subprime mortgages, and to pay interest rates 2.5 to 3 percent higher, than their white cohorts). 

The report summary goes on to note:

“One surprise to emerge from this analysis is that the recent decline in the homeownership rate has hit native-born heads of households harder than immigrant householders. Immigrant householders are less likely than native-born householders to be homeowners (52.9% versus 70.0% in 2008) but their losses in recent years have been smaller than those of the native born.”

The NYT’s John Leland summarizes the Pew report.

More housing news: The end of self-imposed foreclosure moratoria by lenders during the first days of the Obama administration helped push foreclosures to record levels in April, according to RealtyTrac via Calculated Risk. And, apropos of the new National Association of Realtors report that median house prices fell 14 percent on average in the first quarter (locally, the figure was slightly better at 12.9 percent),  the Wall Street Journal’s Real-Time Economics blog has published a sortable table that puts local housing price declines side by side with local unemployment rates.

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