06/05/2023
DID YOU KNOW? According to a newly released study, home purchase loans to borrowers of color did not match their respective population shares. Black residents comprised 6.5 percent of the statewide population, yet only received 3.4 percent of conventional loans. Hispanic/Latinx residents comprised 12.6 percent of Massachusetts’ population, yet only received 6.6 percent of conventional loans.
Nationally and statewide, Black and Hispanic/Latinx households today are still far less likely than white households to own their own homes, in large part related to the historic disparities in wealth, supported by the practices of redlining, blockbusting, racial covenants, appraisal policies and exclusionary zoning, with effects to this day, potentially affecting financial institutions’ loans to people of color.
Shrewsbury data shown below. Read more here:https://financialequity.net/wp-content/uploads/2022/06/MCBC-Mortgage-Report-2022.pdf