Housing Bust: Minorities Hardest Hit

Unfortunately there’s a lot of truth in the old joke about the final news item from the mainstream media: “World Ends, Minorities and Women Hardest Hit.” 

Because when disaster strikes it is the least experienced, the most vulnerable, those least able to adapt who suffer the most.

So you’d expect that minorities would be having a hard time in the current housing bust.

And you’d look to The New York Times to tell you all about it.

From the vantage point of 34th Street, things don’t look good, at least not across the Hudson in Jersey.  Report Kareem Fahim and Ron Nixon:

Broad swaths of Newark are groaning under the weight of mortgage debt, much of it accumulated in the building boom of recent years that has transformed some parts of the city with gleaming redevelopment.

You have to feel sorry for these folks:

[A] heavy mortgage debt has led thousands of residents — many of them first-time homebuyers — close to financial ruin, experts and local officials say.

And here we go: sub-prime loans rear their ugly heads.

Federal lending data show that a high percentage of mortgages for homes on the north, south and west sides of Newark — as much as 50 percent in some neighborhoods — are subprime loans.

Expect the question of sub-prime loans to surface in the campaigns of the Democratic presidential contenders.  These are Democratic voters that are hurting, and it’s time the government “does something.”