LOW BLACK HOMEOWNERSHIP RATES IN PHILADELPHIA BACKDROP FOR NAREB NATIONAL CONFERENCE

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Contactjlwilliams@barrington-associates.com 
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For Immediate Release

 

Third national Mid-Winter hub conference convened by the National Association of Real Estate Brokers to rebuild Black wealth through homeownership

 

Washington, DC (March 24, 2016) The National Association of Real Estate Brokers (NAREB) will convene the third of its four-part Mid-Winter Regional Conference series in Philadelphia with plans to launch a nationwide wealth building initiative focused on Black Americans and increased homeownership. Meeting under the banner, “Rebuilding Black Wealth Through Homeownership,” NAREB anticipates record levels of attendance by Black real estate practitioners, financial services executives, mortgage lending professionals, and housing counselors.

 

During the three-day event, NAREB will outline and address the documented disparities in mortgage lending practices along with government policies that have failed to support economic recovery in Black communities. The conference is scheduled for April 7-9, 2016, at the Wyndham Philadelphia Historic District Hotel, 400 Arch Street, Philadelphia, PA 19106.

 

“NAREB is taking the lead to re-build Black wealth through homeownership.  Our goal is to generate two million new Black homeowners in five years,” said Ron Cooper, 29th President of the National Association of Real Estate Brokers (NAREB), the minority real estate trade association established in 1947 to advocate for Democracy in Housing for Black Americans and opportunities for Black real estate professionals.

 

Latest available Home Mortgage Disclosure Act (HMDA) data for Philadelphia analyzed by LendingPatterns™, indicates that of the 16,174 loans made in 2014 where race was known, only 3,620, or 22.38 % of those loans were granted to Black Americans; even though they represented 43.2% of the city’s population. Moreover, Black Americans were denied mortgage loans at a rate of 47.32 % compared to a denial rate of 21.61% for whites. The report also noted that the average loan amount in Philadelphia in 2014 was just under $178,000. (LendingPatterns™ is an online HMDA data analysis software program developed by ComplianceTech.)

 

“First, we have to raise awareness about the challenges confronting our communities; then develop and implement workable strategies to reverse this stagnating Black homeownership rate that’s now hovering at 42 %, down from a high of 49% in 2006. In comparison, homeownership rates for non-Hispanic whites is approximately 74 percent,” Cooper added.

 

On Saturday, April 9, 2016, NAREB is hosting Community Wealth Building Day at Triumph Baptist Church, 1648 West Hunting Park Avenue, Philadelphia, PA 19106 from 9:00 a.m. to 3:00 p.m.  The free event is open to all Philadelphia area residents.  Sessions throughout the day will provide information about why owning a home can positively change financial futures, help residents better understand the home buying process and how to sustain a newly purchased home. The first 75 people at the door receive a free credit report and assessment.

 

The Community Wealth Building Day is the culminating event of NAREB’s three-day 2016 Mid-Winter Regional Conferences, this year being held in four hub cities; The four-city tour kicked off in Oakland, CA (February 18-20), continuing in Memphis (March 10-12), and (Philadelphia, PA (April 7-9), with the final hub conference in Chicago, IL (April 21-23).

 

For more information and to register for the professional real estate conference, visit www.nareb.com.

 

About NAREB: 

The National Association of Real Estate Brokers (NAREB) was formed in 1947 to secure the right to equal housing opportunities for all regardless of race, creed, or color.  NAREB has 90 chapters located nationwide and publishes annually The State of Housing in Black America (SHIBA) Report. Visit www.nareb.com for more information.