Foreclosures by Race and Ethnicity: The Demographics of a Man-Made Disaster

WASHINGTON, D.C. – June 18, 2010 – (RealEstateRama) — The ongoing foreclosure crisis has slashed hundreds of billions of dollars in wealth from communities of color, a new CRL research report shows, as an estimated 17% of Latino homeowners and 11% of African-American homeowners have already lost their home to foreclosure or are now at imminent risk. The wealth drain is the result of direct losses from foreclosures and also the decline in neighboring property values each foreclosure brings.