Indian housing mortgages saw big drop in 2007
Wednesday, December 3, 2008
Filed Under:
National
Mortgages to American Indian and Alaska Native homeowners dropped by nearly 30 percent in 2007, Indian Country Today reports.
Data released under the
Home Mortgage Disclosure Act, showed that 3,000 lenders extended $15.5 billion in mortgage credit to American Indians and Alaska Natives. That's down from the $22.1 billion in 2006.
Lending to Native Hawaiians and Pacific Islanders, however, grew, ICT reports. But when combined with the American Indian and Alaska Native data, the total loan volume of $31.6 billion was still lower than recent years.
American Indians, Alaska Natives and Native Hawaiians represent about 1 percent of the $3 trillion lending market, ICT reports.
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Large drop in 2007 Indian mortgage volume
(Indian Country Today 12/1)
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