Patch News, October 13, 2021, Nevada 5th In Home Price Increase Year-To-Year
The increase in prices is illustrated by the widening gap between white and Black homeowners, which was 30 points at the end of the second quarter of this year, according to the U.S. Census.
“Disparate rates of wealth and homeownership are symbiotic issues that persist and continuously leave Black households behind in building generational wealth,” says the National Community Reinvestment Coalition, which says homeownership rates among Black Americans peaked at 49% between 2004 and 2006.
“Once the housing bubble burst and the 2008 recession hit, more than 240,000 Black homeowners lost their homes due to a myriad of reasons, such as the housing crisis’s subsequent economic recession, widespread job loss, foreclosures and overall financial instability,” according to the NCRC. “Disproportionate effects from the recession were seen across income brackets. High-earning Black homeowners were 80% more likely to lose their homes than their white counterparts.”