The number of homeowners that received foreclosure notices hit an all time high between April and June 2007.
Working-class homeowners—whose only hope to buy a home is sub-prime mortgage loans and adjustable rate mortgages (ARM)—are now f acing vast hikes in their monthly payments. Many can no longer pay and their houses are being taken from them. Over the next year, $1 trillion dollars in ARM’s are expected to reset to higher interest rates, which will force even more foreclosures.
Reflecting the institutionalized racism perpetuated by the U.S. ruling class, the foreclosure crisis disproportionately affects nationally oppressed communities, according to a Sept.5 report released by ACORN.
African American homebuyers were 2.7 times more likely to be issued a high-cost loan than white buyers. Latino buyers were 2.3 times more likely than white buyers.
These statistics show that oppressed communities will experience a higher rate of foreclosures in the coming year and possibly beyond.
