Owning a home is the basic foundation of achieving The American Dream. For minority cultures in America, homeownership has historically been a milestone revealing that they have made it here in this country. As a result, many cultural communities are concerned about the fact that the recent home foreclosures sweeping the nation have created a setback for the minority homeowner.
Minority populations were impacted by the subprime mortgage bust at a much higher rate than their counterparts in the United States. This has created serious concern that we will see a decrease in the number of ethnic minorities who own homes in this country. A decreased ability to invest in real estate is a setback to the entire cultural community affected by this situation.
In order to counter the impact of this setback, several diverse organizations have joined together to call for a five point plan designed to minimize the loss of homes by minority homeowners. The five points touched on in this plan are:
- Preserve minority homeownership
- Reverse declining markets policies
- Educate and reach out to the minority community
- Generate confidence in the housing market to encourage new minority real estate investment
- Create liquidity in the market
The goal is to involve lawmakers, the housing industry and regulators in achieving the goal of keeping as many minority individuals as possible from losing their homes.