Blacks, Latinos lag on homes: Helping economic situation called key
Despite political and business support to help minorities buy homes, a report released Wednesday found African-Americans and Hispanics still lag significantly behind whites in ownership rates. More than three-quarters of whites own homes nationwide, according to the data released by the University of Southern California Lusk Center for Real Estate, while only half of African-Americans and 47 percent of Hispanics own their homes. The study, which examines data for a 20-year period ending in 2001 and compares it with similar census data from 2004, said minority households are saving for homes but are still unable to purchase. Stuart Gabriel, director of the Lusk Center and co-author of the report, suggested that public policy should instead focus on improving minorities' economic situations, rather than coming up with new mortgage arrangements. "We're not going to get that market closure in the gap until we see strong economic gains among minority populations," Gabriel said. "The best housing policy may not be housing policy at all. It may be job training or education for minority communities. If you address that, bring up their socioeconomic status, the gap may disappear altogether." [more]