Home Ownership Rate For Black Minnesotans Drops

ST. PAUL, Minn. (AP) — New census figures show the home ownership rate for black Minnesotans has dropped.

According to 2010 U.S. census data released this week, the rate fell to 25 percent last year compared to 32 percent a decade earlier.

The St. Paul Pioneer Press reports experts point to a wave of predatory lending, followed by a worsening economy resulting in job losses.

Census figures indicate the overall statewide home ownership rate is 73 percent.

Ed Nelson, a spokesman for the Minnesota Homeownership Center, says foreclosures are mostly caused from unemployment or underemployment and the black community has a disproportionate population of people in those categories.

Minnesota’s black homeownership rate trails that of other states for which 2010 data is available, including Alabama, Delaware, California, Kansas, Connecticut, Colorado and North Carolina.

(© Copyright 2011 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

Comments

One Comment

  1. Jason says:

    Going to go way out there on this one. {Home ownership down for everyone} We are still in recession folks.

    1. ted says:

      And the worst hit by recession are minorities. Sad.

      1. dan says:

        No Ted,

        The worst hit are the uneducated population in Minnesota. Lets compare the education levels of those that still have their homes vs those that lost their homes. This is a much better guage of whats going on, not a race issue.

        1. Jim says:

          Sure dan, I’d love to see the figures comparing education levels to foreclosure rates. Can you link me to that data? Or are you just making stuff up?

          1. Jean says:

            Jim,

            Ive been in the mortgage business over 20 years and I can attest to what dan is claiming. I have seen many homes go into foreclosure over the past 20 years and know the education level of the borrowers.

              1. Jean says:

                Please Ted,

                Enlighten us on your knowledge of the mortgage business and the trend of foreclosures……………..

  2. Tom Willard says:

    Maybe there should be a program to help just Black people buy a home?? Never mind that people in their mid 20s are struggling, no matter what COLOR their skin is. Notice how the media always keeps the Race issue in our face, no matter how we try to overcome it? Typical ‘CCO filler story…pure garbage.

  3. DFL LOSER says:

    It’s because of opression people!!!!

    We need to give them more free handouts… more welfare!

  4. Les says:

    Why is it always a black or white thing? Everybody is hurting. Even the people that work are hurting.

    1. not me says:

      I’m not hurting. I’m livin the dream baby!

      1. GOPSUX says:

        You must be part of the dirty republican filth.

        1. Sandy says:

          your comments are getting really old. Grow up

        2. Sarah in Outstate MN says:

          Oh, the irony.

  5. dan says:

    Why not use education levels to compare the drop in homeownership rates instead of race?

      1. The Architect says:

        I have a 2 year degree and a 115k yearly salary. I don’t think education level would put me in the correct demographic.

        1. dan says:

          You are not an Architect with a 2 year degree, but at least you have a 2 year degree vs a GED or nothing. Congrats on having a great job!

          1. The Architect says:

            Yes. I am. I’m not asking you. I’m telling you.

            1. The Truth says:

              It takes a 4 year degree and then you work under a licensed Arichitect for 2 years before becoming an Licensed Architect. There are lots of Draftmen out there that claim to be an Architect. I know my wife has been one for 20 years.

  6. JCFL says:

    This is a disappointing story WCCO, please take out the term black Minnesotans the next time you stubble across a statistic. Your reaching on this one!

  7. Milner says:

    One tornado in north Minneapolis and home ownership in the state for Black Minnesotans drops 7% ouch. WCCO how are hasidic jews doing in home ownership? I also heard home ownership by the unemployed is also down.

  8. Ellen says:

    They call it predatory lending, and a lot of it probably was for both black and white. The gist of it is that not EVERYONE is a good candidate to own a home and have the responsibility of maintenance etc. Many are better off renting, but the American dream of owning a home has brainwashed many people. It’s time to wake up!
    And like others who have commented here, I am sick and tired of everything
    being blamed on race.

  9. Alfred says:

    Thanks Chris Dodd and Barney Frank.

    By requiring lenders to make loans to bad risks you scrood everyone.

  10. Common Man says:

    By government mandate lenders had to lend money to more blacks to buy a house. Many people who could not make payments got a house, lost it and now have a forclosure on their record and can not buy a house for a long time. Please thank the current and past white house government for this mess that they created… bush warned about it but never followed up… so this not a DEM vs GOP post. Another government created problem…

  11. Richard in Minneapolis says:

    Who says this is a bad indicator? Maybe they were all smart enough to bail out of real estate before the bubble burst. I rent now, but owned a house ten years ago and I consider myself damned lucky I sold when I did!

Leave a Reply

Please log in using one of these methods to post your comment:

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

More From WCCO | CBS Minnesota

Trees Of Hope
Good Question

Listen Live