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Statistics of the Month - January
Where has the Economic Crisis left African Americans?

By Molly Elfers

  1. United for Fair Economy estimates the total loss of wealth for people of color to be between $164 billion and $213 billion for subprime loans taken during the past eight years. They believe this represents the greatest loss of wealth for people of color in modern US history.
  2. From subprime loans, Black/African American borrowers will lose between $71 billion and $92 billion, while Latino borrowers will lose between $75 billion and $98 billion for the same period.
  3. According to federal data, people of color are more than three times more likely to have subprime loans: high-cost loans account for 55% of loans to Blacks, but only 17% of loans to Whites.
  4. If subprime loans had been distributed equitably, losses for white people would be 44.5% higher and losses for people of color would be about 24% lower. This is evidence of systemic prejudice and institutional racism.
  5. Based on improvements in Median Household Net Worth before the current crisis (from 1982 to 2004), it would take 594 more years for Blacks/African-Americans to achieve parity with Whites. The current crisis is likely to make it take much longer.
  6. Homeownership rates for Blacks/African-Americans compared to Whites are already starting to take back recent gains. At the current rate of improvement (from 1970 to 2006), parity will not be achieved for another 5,423 years.
  7. Based on improvements in Per Capita Income from 1968 to 2005, it would take 440 years for African-Americans to reach parity with Whites. This would mean inequality until the year 2445.

Source: United for a Fair Economy, "State of the Dream 2008: Foreclosed". January 15, 2008.

Disclaimer: Although we try to use the most credible sources, we are not responsible for any incorrect findings.

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