Some of the rapid gains in homeownership made by minority Americans during the last housing boom have been wiped out by the latest bust, according to a report released Tuesday.
An analysis by the Pew Hispanic Center, an arm of the Pew Research Center, which is an independent, public opinion research group, revealed that homeownership rates grew faster for minority groups than for native born whites for about 10 years starting in 1995.
But the housing bust, which really began to pick up steam about three years ago, has set things back. The foundering economy is responsible for most of the homeownership decline, especially for native-born Latinos, according to Rakesh Kochhar, Pew Hispanic Center’s Associate Director for Research.
“It’s definitely the economic circumstances,” Kochhar said. “Officially, the recession began the fourth quarter of 2007, but Hispanic unemployment started rising sharply a year before that.”