Foreclosure Weather Has Not Dampened the Optimism of Blacks

Posted on March 4, 2009
Filed Under Repo Homes | Leave a Comment

The foreclosure weather and the financial slump have not dampened the optimism of the blacks – in fact it is more upbeat than the hopes of others about 2009. This is despite the fact that their share of credit card debts and foreclosures are relatively higher according to a recent survey conducted by Tavs Smiley – radio and television commentator as well as author.

At an annual symposium – State of the Black Union, it was stated that in Los Angeles 58% of the Afro-Americans are hopeful that their financial situation would get better by 2010. Only 30% of the general population holds this view. A mere 16% of the Blacks think that their financial position will take a turn for the worse in the following year while 29% of the general public fear that the economy will become more cruel in 2010.

The results of the survey surprised many economic experts including Smiley. The Blacks are the most who are suffering job losses and home losses due to foreclosures. This has led to the countrywide recession. Many think that this hopeful outlook and optimism is because of their faith and pride in the new President – the first Black to occupy the chair.

Roderick Harrison of Howard University in Washington DC (a black college) specializes in labour markets. He said, “One would expect the statistics would be reversed if people were reflecting the actual statistics of their finances. Typically, African-American income has declined in comparison to that of other groups and is slower to recover.”

Although hopes for the future are high – it is low when it comes to the current situation. 38% of the Blacks said that they are overburdened with credit card dues. 32% of the general population has the same view.

The Afro-Americans are sandwiched between two pincers – rising foreclosures and unemployment. This has speedily depleted their wealth.

24% of the Blacks are current on their mortgage payments as compared to 32% of the general population. 35% of the Afro-Americans gives top priority to paying mortgage dues as against 32% of the others.

In January the unemployment rate of the Blacks was 12.6%. In December it had been 11.9%. Amongst the Whites unemployment rates in January 2009 and December 2008 were 6.9% and 6.6% respectively. The total unemployment rate in January was 7.6%.

Foreclosures of residential houses have not been categorized according to race or ethnic factor. But one survey conducted by National Community Reinvestment Coalition shows 55% of the foreclosures were from Black borrowers.

California Repo Homes – Top Cities

• Sacramento Repo Homes
• San Diego Repo Homes
• Chula Vista Repo Homes
• Elk Grove Repo Homes
• Stockton Repo Homes

Popularity: 5% [?]

Related Tags

Nobody landed on this page from a search engine, yet!

Comments