Black and Hispanic borrowers helped fuel a multiyear housing boom, accounting for 49% of the increase in homeowners from 1995 to 2005, according to this USA Today article. But Hispanics and African-Americans were far more likely to use subprime loans--higher-cost products for buyers with impaired credit--that are now going bad at an alarming rate. In fact, we just wrote about this (click here) because we're, well, awesome! Our expert Brian Brogan explores if now is a good time to take advantage of this sluggish market. The answer is yes in some areas, but we're going to make you read the article to find out where.
Wednesday, April 25, 2007
Subprime Rates Hurt Minorities
Black and Hispanic borrowers helped fuel a multiyear housing boom, accounting for 49% of the increase in homeowners from 1995 to 2005, according to this USA Today article. But Hispanics and African-Americans were far more likely to use subprime loans--higher-cost products for buyers with impaired credit--that are now going bad at an alarming rate. In fact, we just wrote about this (click here) because we're, well, awesome! Our expert Brian Brogan explores if now is a good time to take advantage of this sluggish market. The answer is yes in some areas, but we're going to make you read the article to find out where.
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