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
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.