Briefing: Struggling to Stay Afloat: Negative Equity in Communities of Color in the Chicago Six County Region
Tuesday, March 27, 2012 at 10:00 AM (CDT)
Negative equity is disproportionately concentrated in the Chicago region’s communities of color, Woodstock Institute report shows
Homeowners with mortgages in African American communities more than twice as likely to be underwater as homeowners in white communities
Negative equity is disproportionately concentrated in the Chicago region’s African American, Latino, and majority minority neighborhoods, a new report from Woodstock Institute found. The report also found that borrowers in communities of color have much less equity on average than do borrowers in predominantly white communities.
“Underwater homes limit opportunities for families and sap neighborhood wealth,” said Spencer Cowan, Vice President at Woodstock Institute. “When highly concentrated, underwater homes can contribute to community destabilization and the proliferation of foreclosures. The clustering of negative equity in communities of color poses hurdles to economic recovery in these areas.”
During the call, Woodstock Institute's Spencer Cowan and Illinois Asset Building Group's Lucy Mullany will discuss the implications of concentrated negative equity in communities of color on the racial wealth gap.
You can tweet questions to @WoodstockInst before or during the call.