Minority Loans, Once Prevalent, Now Scarce

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National (FortMyersPress)– The poorest minority homebuyers were hit harder by Lee County’s real estate crash than their white counterparts as they were pushed into ill-advised loans to fuel the boom’s building frenzy.

When the bottom fell out at the end of 2005, their acceptance rates fell more than that of whites at all income levels, but most deeply for those making half or less of the county’s median income.By 2009, black and Hispanic borrowers still hadn’t recovered what they’d lost, according to Federal Financial Institutions Examination Council statistics.

Money is tighter, and those same people are finding it harder to buy a home than are whites of the same income levels. The figures are the latest available.

Read more at Fort Myers Press

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