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Truth is in favor of you and me; for the truth of our enemies whom we have been serving here in the U.S.A. for over 400 years (whom we did not know to be our enemies by nature) is the truth that the Black Man must have knowledge of to be able to keep from falling into the deceiving traps that are being laid by our enemies to catch us in their way which is opposed to the way of righteous of whom we are members. ~ The Honorable Elijah Muhammad

Saturday, May 18, 2013

New Report Looks at How Foreclosure Undermined Black and Brown Wealth: Whites Record Wealth Six Times Greater Than Blacks

The document, entitled “Wasted Wealth,” is a sobering reminder of the gap between top-line economic cheerleading and the reality of what’s happening on the ground.

As “Wasted Wealth” lays out, close to 2.5 million families lost homes in just three years. Communities that were majority people of color saw foreclosures take place at almost twice the rate as white communities, with an average loss of wealth 30 percent higher per household.

This foreclosure tidal wave is why wealth for blacks and Latinos is at the lowest level ever recorded. Housing is the leading wealth asset for these two communities.  - COLORLINES

Also read:

Whites Record Wealth Six Times Greater Than Blacks - New America Media
Whites had an average wealth of $632,000 in 2010 while Blacks had about $98,000 and Hispanics had $110,000, according to a recent study by the Urban Institute.

“Such great wealth disparities help explain why many middle-income Blacks and Hispanics haven’t seen much improvement in their relative economic status and, in fact, are at greater risk of sliding backwards,” the report says.

Blacks start out at a disadvantage.

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