The study discovered that the most significant determinant of the rate of foreclosure was the "immigrant share of the population" and the "native-born Hispanic homeownership rate." An analysis by the New York Times (one of the few media outlets who have picked up this story) echoed those findings. The paper discovered that in areas where default rates are at least double the national average, 85% of the neighborhoods are majority black and Latino. Minority mortgage holders had a foreclosure rate three and a half times higher than the national average.
Wednesday, October 21, 2009
Whence the housing bust
Who caused it? Peter Schweizer's new book has the story:
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