Homeownership among American black families has contracted to its lowest point in 18 years, according to a Tuesday report by Bloomberg. The new information comes at a time when the decline in homeownership for the general population has stabilized and, in some demographics, is on a slight rebound.
According to the report, “18 years of economic progress” for blacks in the U.S. “has vanished, with a rebound in housing slipping further out of reach and the unemployment rate almost twice that of whites.”
Bloomberg doesn’t blame the Obama Administration for that recent reversal, but Breitbart’s John Nolte does.
“Had Obama enacted proven economic policies after becoming president, the economy and housing market would have already rebounded and beyond. But Obama chose big government policies, and now we find ourselves in the middle of a so-called recovery that only our pathetic and subservient media could spin as ‘good enough,’” writes Nolte.
“[A]fter a half-century of a War on Poverty and five years of a black man as president, the gap between white and black in every important economic area is still just as wide as it was trillions and trillions of taxpayer dollars ago.”
From the Bloomberg report:
The homeownership rate for blacks fell from 50 percent during the housing bubble to 43 percent in the second quarter, the lowest since 1995. The rate for whites stopped falling two years ago, settling at about 73 percent, only 3 percentage points below the 2004 peak, according to the Census Bureau.
In late August, the Pew Research Center released a report that showed poverty among black Americans, which had fallen steadily since the Civil Rights era, had begun inching higher again over the past decade.
The poverty rate among black Americans now stands at 28 percent, compared with 10 percent among whites, while black unemployment rate stands at 12.6% — nearly double the 6.6 percent unemployment rate among whites.