- August 26, 2010
- Posted by: Christopher Hanson
- Category: Foreclosures
The Center for Responsible Lending, a nonprofit research center and borrower advocacy group, reports that Latinos account for almost half of the foreclosures in California.
The CRL says that Latino borrowers make up 48.2 percent of the over 700,000 California homes currently in the foreclosure process, based on their analysis of data from ForeclosureRadar and Catalist. According to the U.S. Census Bureau, Latinos make up 37 percent of California’s total population.
White/Non-Hispanic homeowners accounted for 34.6 percent of foreclosures in California, and African-Americans were 7.6 percent. Asians accounted for only 6.4 percent of California foreclosures.
According to a REO Insider article, lenders and servicers have taken notice of this trend, and some are targeting minority-owned brokerages for their REO listings. In addition, a Fannie Mae executive said that hiring real estate agents and brokerages that serve minority communities is one of its key strategies.