A story from the NY Times from yesterday told of the disadvantage minorities, which include blacks and latinos, go through with foreclosures. While the figures reported month to month seem to be getting better, what is not getting enough attention is the fact that behind those figures are the stark reality that there is no same amount of pain for everyone. Some studies conducted spoke of the growing effects foreclosure has on specific groups of people.
[T]he storm has fallen with a special ferocity on black and Latino homeowners, the analysis shows. Defaults occur three times as often in mostly minority census tracts as in mostly white ones. Eighty-five percent of the worst-hit neighborhoods — where the default rate is at least double the regional average — have a majority of black and Latino homeowners.
And the hardest blows rain down on the backbone of minority neighborhoods: the black middle class.