Homeownership fell among blacks and Hispanics in Colorado from 2000 to 2005, while whites and Asians made gains, according to new statistics from the Census Bureau.
The rate of homeownership among Colorado’s African-Americans dropped to 42.3 percent from 45.8 percent during the five years; for Hispanics, the number declined to 51.4 percent from 52.9 percent.
Overall, homeownership in Colorado remained steady, increasing 0.5 percent to 67.8 percent. Nationally, the rate climbed 0.7 percent to 66.9 percent. Homeownership is measured by dividing the total number of occupied houses by owner-occupied houses.
The numbers surprised some economists and housing-industry experts because blacks and Latinos posted gains in home ownership during the 1990s when housing prices were soaring.
Housing prices have since cooled in Colorado. From 2000 to 2005, the state’s median home price grew 23 percent, adjusted for inflation, compared with 32 percent nationally, according to the census data being released today.
But Colorado remained No. 13 in the country for median home price at $223,300 in 2005, compared with $167,500 nationally.
Blacks and Latinos may have taken a harder hit during the state’s recent economic downturn, and they may now be losing their homes to foreclosure in greater numbers than whites.
“Minorities seem to be struggling more than others,” said Kathi Wil liams, director of the Colorado Division of Housing.
Unemployment among minorities is 2 to 4 percentage points higher than that of whites in Colorado, the state Department of Labor said.
Lower-income households have a more difficult time rebounding from financial difficulty, said Mike Rinner, vice president at the Genesis Group, an Arapahoe County housing-market research and consulting firm.
That could be putting more blacks and Latinos into foreclosure and out of their homes. Colorado’s foreclosure rate has been on the rise for several years and has led the nation for six straight months, according to industry researcher RealtyTrac.
The Colorado Housing and Finance Authority, which provides home loans to low- and moderate-income buyers, has seen similar trends.
Latinos accounted for 29.9 percent of the CHFA’s loan volume in 2001 but just 15.7 percent in 2005, spokeswoman Kris Zierk McLain said. For blacks, it fell from 3.7 percent in 2000 to 1.6 percent in 2002 but rose to 3.6 percent last year.
According to the Census Bureau numbers, part of its annual American Community Survey, homeownership among whites grew to 72.6 percent from 71.1 percent between 2000 and 2005. Asians saw the highest growth rate, 63.5 percent from 55.3 percent.
For rates of appreciation, Boulder led the state’s largest counties at 31.5 percent, with a 2005 median home price of $344,300.
The ACS is used to update information between 10-year census dates. Its sample is much smaller than the census, it only includes larger counties, and its margin of error is greater.
Staff writer Greg Griffin can be reached at 303-954-1241 or ggriffin@denverpost.com.
Homeownership rates in Colorado in 2005
42.3%
African-Americans, down from 45.8 percent in 2000
51.4%
Hispanics, down from 52.9 percent in 2000
72.6%
Whites, up from 71.1 percent in 2000
63.5%
Asians, up from 55.3 percent in 2000
This story has been corrected in this online archive. Originally, due to a reporting error, it misstated how home ownership is measured. It is calculated by dividing the total number of occupied houses by owner-occupied houses.
