U.S. minorities disproportionately clobbered by economic slowdown
The CNN Money website has some troubling data about the impact of the Great Recession on U.S. minorities.
Tami Luhby writes that the wealth gap between whites and blacks nearly doubled between 2005 and 2010, according to the Census Bureau.
White household net worth fell 23 percent to $110,729.
Black, Asian, and Hispanic Americans saw their household net worth plummet 60 percent over the same period.
The average black household income stood at $4,955 in 2010, whereas for Hispanics it was $7,424 and for Asians, it was $69,590.
Black and Hispanic communities were disproportionately affected, according to Luhby, because they were more dependent on subprime mortgages.
Asians, on the other hand, lost wealth mainly because they're more likely to live on the West Coast, which saw sharper reductions in real-estate values.
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