A report shows that the racial mix of new homeowners in New York City changed dramatically in 2007, with fewer blacks and Latinos securing mortgages during the period studied.
The report was released Monday by the Furman Center for Real Estate and Urban Policy at New York University and is based on an analysis of federal mortgage data. The center says the report puts the credit crisis in context by illustrating how it affects homeownership by different ethnic groups.
The report says that new home loans to white borrowers remained steady, while new mortgages to blacks and Latinos dropped 44 and 34% respectively.
Furman Center co-director Ingrid Ellen says the data suggests "that it's going to be increasingly difficult for black and Hispanic borrowers to get mortgages."
