The recent housing boom created new home-buying opportunities for minority households not seen since the Great Recession, a Post analysis of federal data shows. The growth for minority households was more pronounced than for White households.
Tiffany Harding, a government contractor who bought a $275,000 condominium in Upper Marlboro, Md., last year, lived with her parents for a year to save for a down payment. Even so, she says there’s no way she could afford the same home now. Borrowing costs have more than doubled from the 3 percent interest rate she secured last October, which would add about $600 to her monthly payments and make them unaffordable.
“There are some promising developments, but it isn’t enough to make up for the fact that Black and Latino families have historically been deprived of access to homeownership,” said Vanessa Perry, a public policy professor at George Washington University. “They have not had the opportunity to build equity and use that equity to fund things like college education and retirements.
Some of the country’s largest banks — which for years have been accused of racial profiling and discrimination — say they’re taking steps to help minorities
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