Black wealth not protected by homeownership


“”Part of the reason why blacks lost wealth is because their homes did not appreciate in value as much as those owned by whites, particularly if those homes are in majority black communities that experienced high rates of foreclosure and declining rates of homeownership. In fact, the loss in net worth was so significant for blacks, some families may have been better served had they not bought homes at all. “If they were renting they would not have lost all this equity in the home,” Newman said. “They could have invested that money or put it under the mattress.””


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