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October 20, 2014

Hispanics Took Biggest Hit in Recession

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Hispanics Took Biggest Hit in Recession

Hispanics faced the biggest decrease in household wealth compared to any other demographic group during the recession and housing crash, surveys show. 

From 2005 to 2011, median household wealth among Latinos fell by 58 percent, more than any other ethnic group, according to data from the Pew Research Center. 

“For typical Hispanic households, most of their nest egg was sitting in their homes, and the value got wiped out in the recession,” Richard Fry, senior economist at the Pew Research Center's Hispanic Trends Project, told FOX News.

Hispanic households had $105,000 in equity in their homes in 2005. But by 2011, that number dropped by more than half to $50,000, according to Fry. 

Hispanics — the second fastest growing population group in the U.S. — have made progress with employment recently, but they continue to lag behind national averages. 

“This is a growing part of the labor force, of consumers, and of taxpayers,” says Adriana Kugler, professor at the McCourt school of Public Policy at Georgetown University. “If the Hispanic community doesn’t do well, the country as a whole will be dragged back, too.”

Source: “Economic Recovery a Slog for U.S. Hispanics, But There Are Signs of Progress,” FOX News Latino (Nov. 14, 2013)

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