Foreclosures Are Posing a Challenge for the Black Community
April 24th, 2009
Foreclosures are posing a great challenge to the Black community. A recent study has shown that Afro-Americans have lost the most jobs since the crisis was officially declared open in November 2007.
Andrew Sum is a professor of economics attached to Center for Labor Market Studies at Northeastern University in Boston. He said, “What’s missing from national media coverage of this recession is plainly a great deal of dishonesty about who’s losing their jobs. This is overwhelmingly a blue collar, retail sales, low level recession.” The centre has recently released its findings in the study – ‘The Impacts of the 2007-2009 National Recession on Male Employment in the U.S. through January 2009; The Massive Concentration of Job Losses Among Males Especially Black Men and Blue Collar Workers.’
The findings of the study showed that 80% of all those who have lost jobs are males. The employment of Afro-Americans fell by 6.4%. Overall employment of the Blacks fell by 3%. The gap in employment between men and women in this community favours the women. This is because of the type of jobs. Women are mostly in health care, education, social work etc. These are paying jobs mostly comprising of women. The Black men working as truckers or in construction and warehousing are bearing the brunt of the attack.
In February those Afro-Americans who were employed a month prior to the onset of the recession, have started losing jobs at a rate that is five times more than those in other ethnic groups.
Sum bemoaned, “Here we are as a country that was priding itself on the fact that it elected a black American president of the United States and rightfully so. At the same time this is the greatest recession loss of jobs by black men since the end of World War II. This has never happened before, yet nobody on national TV has stood up and said this recession has been catastrophic for black men.”
Lavar Young of Neward Comprehensive Center for Fathers said that this meant trouble. The centre helps men who are floating around without jobs or homes or trying to get a place in society after a jail term. It offers advice, legal help, teaching of life skills and education. Young argues that the Blacks have to help themselves and be enterprising. He said that investment is low and the rewards are high. “In Newark, we have a thriving market when it comes to folks selling things, especially when stores are going up on their prices.”
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May 21st, 2009 at 6:59 am
[...] second most important after Miami. It has won many laurels but the latest notoriety is because of foreclosures and Tampa repossessed [...]
May 21st, 2009 at 9:02 am
[...] as well as motels. In comparison to last year the increase has been by 34%. 8% put the blame on foreclosures. Last year 3% had held foreclosures responsible for their predicament. This is from a survey [...]
June 11th, 2009 at 10:15 am
[...] from this scourge. Three economic indicators are taken into account to calculate the index – foreclosures, bankruptcy and unemployment. It is being used to measure how much foreclosures have affected over [...]
June 30th, 2009 at 12:32 pm
[...] Foreclosures are leading Americans into a state of financial limbo. They are lagging behind in mortgage payments but strangely the dreaded foreclosure notice has not come as yet.The pile up of serious delinquency cases has now touched 1 million. It is a shadow hovering over all hopes of recovery. It hides and masks the intensity of the housing crisis. There is the latent threat that housing prices will be further depressed just at a hopeful point of time when some pockets in the country are beginning to recover. For lenders it spells greater danger and possibility of losses. [...]
July 9th, 2009 at 9:05 am
[...] Obama’s efforts to stem foreclosures by setting up a new regulatory agency are rattling the banks. They are going all out to prevent it. [...]