A new report by the National Association of Real Estate Brokers (NAREB), the State of Black Housing in America, details the economic losses suffered by African-American households between 2005 and 2009. Higher rates of subprime lending and foreclosure led to a 53% decline in their median net worth between 2005 and 2009, falling to $5,677 in 2009. The median net worth of Latino households fell by 66% during those years (to $6,325), while the median net worth of non-Hispanic white households fell 16% (to about $113,000). Homeownership rates for African Americans have also fallen sharply, reaching 43.1% in the first quarter of 2013, compared to 73.4% for non-Hispanic whites and 45.3% for Latinos. The report concludes with public policy recommendations.
