Ben Henry, Jill Reese and Angel Torres: "Wasted Wealth"

Curious what the foreclosure crisis cost the US population as a whole, when broken down by race?  

Amongst those who still think the US is a "postracial" nation - one where the color of one's skin amounts to little or nothing, in material terms? 

Then think again: communities of color lost nearly twice the amount that white communities lost since the foreclosure crisis began. 

View the full "Wasted Wealth Report".

A brief excerpt of the findings: 

"$192.6 billion in lost wealth for everyday people. If nothing is done to deal with the foreclosure crisis, another $221 billion will be gone. But with the correct policies in place, we could put $101.7 billion back in our pockets...

  • In 2012 the foreclosure crisis continued to destroy wealth on a large scale with $192.6 billion in wealth lost across the U.S. 
  • The most devastating impacts of the ongoing foreclosure crisis were in majority communities of color and racially diverse communities 
  • More than 13 million homes are still underwater and at risk of foreclosure and Americans stand to lose nearly $221 billion in additional wealth from these mortgages alone. 
  • A strategy of principal reduction would save money for homeowners, boost the economy to the tune of $101.7 billion, and create 1.5 million jobs
Big banks’ unscrupulous lending practices caused a mass loss of homeownership and wealth in communities across the country. Communities of color, who were specifically targeted with sub-prime and high-risk loans have fared the worst. The report shows how ZIP codes with majority people of color populations saw 16 foreclosures per thousand households with an average of $2,200 in lost wealth per household."

(Reblogged from Alliance for a Just Society)


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© 2013 Economic & Social Justice Reality Report | Views expressed by contributors do not necessarily reflect the views of the Editor, Editorial Board, ESJRR, or WPRR.