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Study reveals few Fresno blacks and Latinos getting home mortgage loans
http://www.fresnobee.com/news/business/biz-columns-blogs/real-estate-blog/article62218157.htmlFew blacks and Latinos are getting home mortgage loans in Fresno and across the state, a new study says.
Only 10.6 percent of blacks and Latinos, who make up 44 percent of the state population, received mortgage loans statewide in 2013, according to a report released Wednesday from The Greenlining Institute, a national policy and leadership organization that promotes racial and economic justice. The study is called “Locked Out of the Market: Poor Access to Home Loans for Californians of Color.”
The organization analyzed statewide federal home mortgage data and examined three cities – Fresno, Long Beach and Oakland – to find out the barriers to homeownership among the nation’s fastest growing demographic.
“Unfortunately, the federal data can’t tell us why black and Latino borrowers are so underrepresented, but the fact that these families are effectively shut out of the home mortgage market should set off alarms,” said Zach Murray, the Institute’s Economic Equity program manager and lead author of the report.
Only 10.6 percent of blacks and Latinos, who make up 44 percent of the state population, received mortgage loans statewide in 2013, according to a report released Wednesday from The Greenlining Institute, a national policy and leadership organization that promotes racial and economic justice. The study is called “Locked Out of the Market: Poor Access to Home Loans for Californians of Color.”
The organization analyzed statewide federal home mortgage data and examined three cities – Fresno, Long Beach and Oakland – to find out the barriers to homeownership among the nation’s fastest growing demographic.
“Unfortunately, the federal data can’t tell us why black and Latino borrowers are so underrepresented, but the fact that these families are effectively shut out of the home mortgage market should set off alarms,” said Zach Murray, the Institute’s Economic Equity program manager and lead author of the report.
