Some Blacks See Big Gains in House Price Appreciation

Construction on a housing development in Detroit.
Construction on a housing development in Detroit. Rebecca Cook/Reuters

In some cities black homebuyers did better than whites, Latinos, and Asians in recent years. The problem is that there aren’t enough of them.

Black homeownership rates are in free-fall. All homeownership rates have declined steadily since 2004, and they’re now hovering at their lowest levels since the mid-1990s. But black homeowners, targeted disproportionately by subprime lenders during the housing bubble, suffered tremendous losses in the subsequent foreclosure crisis. Today, African-American homeownership rates are at their lowest levels in 50 years—since before the passage of the Fair Housing Act in 1968.

This crisis is so significant that many African-American households may no longer aspire to buy homes,…

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