The Destruction of wealth of African Americans and Latinos

Credit Crises, Mortgage Crises, Bank Crises, Bail out, Wipe Out...Whatever you call what is happening the hurt really has a human face. The impact on the Hispanics/Latinos is enormous.
Specially, the crises is eliminating the wealth and savings of African Americans and Latinos to greater degree as stated: "The housing and subprime-mortgage crisis stands to cost minority homeowners 40 percent more of their wealth than white homeowners in similar circumstances, an advocacy group says. Some estimates put the loss for African-American homeowners who lose homes to foreclosure at $122 billion, while Latino homeowners stand to lose up to $129 billion, according to a study by the nonprofit group United for a Fair Economy.
A national conference on subprime lending, foreclosures and race is being held today and Friday, hosted by Ohio State University's Kirwan Institute for Race and Ethnicity.
National experts on race, law, finance and real estate will examine the subprime crisis' disproportionate effects on African-Americans and Latinos, and try to develop solutions for the growing problem, said Jason Reece, a senior researcher at the Kirwan Institute."
(Thursday, October 2, 2008 3:06 AM , By Tracy Turner
THE COLUMBUS DISPATCH , http://www.columbusdispatch.com/live/content/business/stories/2008/10/02/racial_foreclose.ART_ART_10-02-08_C8_VABG18N.html?sid=101)

The real estate meltdown and life changes -a private note.

Hi everyone. I want to share parts of an article I wrote recently for LatinoWebWatch on online marketing for Latinos. I was reflecting on the current state of real estate and my career as a Broker and an Online Real Estate Marketing:

I work as a real estate broker in San Francisco, but I am hoping that I can make Online Marketing my full time profession(ie. money making job). Online Marketing is my passion and my hobby but until recently I have been so busy with real estate and mortgages. I am still quite busy, however, I see the writing on the wall--the home buying and home financing industry has dramatically changed. And I think that these industry/consumer changes are economical and STRUCTURAL. You see, with the high number of foreclosures, the short sales epidemic, the credit crunch and election year politics the real estate and mortgage industry has changed. New laws are being created that may over regulate, that may eliminate hard working and willing to pay home buyers from buying, and home owners from refinancing.

Oh, I forgot to add that although I am still quite busy, a lot of my work seems more like non-profit counseling trying to help customers either to refinance, renegotiate with their lenders or just try to comfort them and help them move out.

Although I like helping people, and this is one of the reasons I got in real estate [being a member of the communities I serve] I see that it will be very hard to make a living. I think that what has helped me "survive" this long is that all throughout my real estate career I have been very proactive in real estate online marketing.

Coming from an eCommerce background before getting into real estate I knew and still believe that the Internet/eCommerce will completely change the Real Estate & Mortgage business...and it has, see move.com, zillow.com, realtor.com, ziprealty.com, trulia.com, etc.

And this is all happening real time and now.. So I hope to focus more on my passion of Real Estate Online Marketing and Latino-Hispanic Online Marketing, and I hope to make a living out of my dream.