Earlier this week, we wrote about the frightening statistics compiled by Zillow that detailed how many homeowners in Chicagoland owe more on their mortgage than their home is presently worth. One reason that so many local homeowners are under water is that refinancing a mortgage has been tricky for those with a shaky balance sheet. "Many homeowners can't refinance," NPR reported yesterday, "because they don't have enough equity, their incomes are too low, their debt is too high, or their credit scores aren't good enough."

To be sure, interest rates are very low and refinancing activity is picking up steam, even for those whose credit score has taken a dive. But the NPR piece illustrates the vicious cycle in which many folks in foreclosure, particularly those in communities of color, find themselves. To get an affordable mortgage, one needs steady income and a solid credit score. But individuals living in communities of color are far more likely to have "non-prime" credit scores and far less likely to have job opportunities available. With so few options, walking away from the home often makes the most economic sense.