Industry News

Black, Latino homeowners face housing woes

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One in seven African Americans and one in eight Latinos living in the 25 largest cities across the nation spent at least half their incomes on housing during the 1990s, according to research released by the Fannie Mae Foundation. The research examines changes between 1990 and 2000 in homeownership rates and severe owner cost burdens – defined as spending at least half one's income on housing – among African Americans and Latinos living in the nation's largest cities. The research compares trends for urban minorities with changes for urban whites and national trends. The combined figures for the cities examined indicate that while the number of black homeowners expanded by 16 percent between 1990 and 2000, the ranks of black homeowners paying at least half their incomes for housing grew by 39 percent. Similarly, a 54 percent gain in the number of Latino homeowners was overshadowed by a 98 percent jump in Latino owners with severe affordability problems. Some of the other f...