Nov02
Black homeowners lose an average of about $14,000 over the life of a mortgage and about $67,000 in retirement savings due to higher interest rates, according to the National Association of Real Estate Brokers eighth annual State of Housing in Black America report. The analysis of 2019 HMDA data found that Black borrowers locked in Continue Reading
Nov02
Why homeownership costs for Blacks are disproportionately high — and what can be done about it African-American homeowners pay hundreds of dollars more per year in mortgage interest and mortgage insurance premiums than White homeowners, a “Black tax” on homeownership that intensifies the nation’s wealth gap. That’s according to research by Ed Golding, executive director of the Continue Reading
Nov02
When Delmar Freeman began shopping for a home last year, he knew the biggest hurdle would be cobbling together enough money for a down payment. The D.C. native, who has been a firefighter in the District for 15 years, says he watched home prices in the city inch up over the years and worried he Continue Reading
Nov02
Out of darkish occasions like the widespread and tragic lack of life we’ve endured in the course of the coronavirus pandemic there has to return some good. In spring 2020, the real estate business, like so many others, was impacted by uncertainty and a nationwide shutdown that saved us from doing our jobs. However we collectively confronted this Continue Reading
Oct27
The Black Lives Matter movement is spurring the American auto-insurance industry to acknowledge its decades-long discrimination against Black drivers — a long overdue reckoning for an industry that also subsidizes road carnage. A new industry study reveals that auto insurers charge Black drivers with good records more than white drivers with bad records — among Continue Reading
Oct24
The considerable levels of segregation between white and black communities still exist in large American cities, and debate about the causes of this residential separation has been considerable. A keen analysis of the factors that might explicate residential separation in this country—such as discrimination, urban structure, social preferences, and economic status (affordability)—reveal that a variety Continue Reading
Oct23
Black homeownership rose to a 12-year high earlier this year, reaching 47% by the second quarter, according to the U.S. Census Bureau. Still, African American families own homes at much lower rates than whites, who were at 76% in the same quarter for a difference of 29 percentage points. The COVID-19 pandemic has the potential Continue Reading
Oct23
From high mortgage and loan denial rates to gentrification, a history of discriminatory practices has prevented Black Oregonians from buying a home. In a December 2019 report, a state task force revealed that Black Oregonians had the lowest rates of homeownership, with 32.2% of households owning a home. More than double that percentage of white households Continue Reading
Oct22
After Congress had rejected two earlier versions of the Civil Rights Act of 1968, commonly known as the Fair Housing Act, the third version appeared to be going nowhere prior to the April 4th 1968 assassination of Martin Luther King, Jr. It was that crystalizing moment and the resulting civil unrest that spread across the Continue Reading
Oct21
Black residents in majority-Black areas are both the least likely to apply for a home purchase loan and the most likely to be denied when they do apply. INDIANAPOLIS — Black people living in Indianapolis are facing inequities when trying to get home loans according to an IU study released Tuesday. It found that in Continue Reading
Oct21
Randal Wyatt was working as a student advocate for a Portland nonprofit, as well as performing as a hip-hop artist, when police killed George Floyd in Minneapolis. He’s long been outspoken on social justice issues through his work and on social media; soon he was flooded with direct messages from white people, both friends and Continue Reading
Oct15
Panel is on Increasing Homeownership in Underserved Communities This year has been a numbers game. How low are the rates this week? How long will borrowers be in forbearance? Will the next stimulus bill be enough? The pandemic has created a long list record-breaking figures, but behind all the headlines and statistics are real people Continue Reading
Sep01
Similar to a 529 Plan, the American Dream Down Payment Act would help homebuyers save 20% for a down payment in a state-managed savings account Just ahead of what some real estate experts are predicting will be a robust fall homebuying season, Senators Cory Gardner (R-CO) and Doug Jones (D-AL) are aiming to help aspiring Continue Reading
Aug26
MEMPHIS, Tenn. — It’s said that homeownership is a sign of wealth, but what do you do when that wealth is denied to certain people? Studies show nationally, homeownership among African-Americans is a lot lower than White Americans. Experts say the same goes for the city of Memphis. The question is why, and whether anything can Continue Reading
Aug18
Many homeownership trends have remained largely the same since 1960—with a few noteworthy shifts. Photo by Thomas Winz / Getty Images. America is, by and large, a nation of homeowners. Though more than 100 million Americans rent, they’re outnumbered two-to-one by Americans who own their own home, according to data from the U.S. Census. And Continue Reading
Aug04
More space and nearness to family were the main motivations behind Jamie and Alan Rhode’s decision to move from their apartment in Philadelphia’s Fairmount neighborhood to the Plymouth Meeting area. The Rhodes, who both work in finance, planned to rent outside the city for a year or two before buying a house. Then mortgage rates Continue Reading
Aug03
Affordable homes can be hard to buy because lenders don’t make much money on small loans. But programs to encourage homeownership can help buyers build wealth. The Shawnee neighborhood in Louisville, Ky., is a paradox: The houses are affordable, but they can be difficult to buy. The prices are so low that most banks and Continue Reading
Jul20
Over the past couple of decades, American cities replaced their abandoned downtowns with gleaming new residential developments, fancy restaurants, and office buildings with high-paying jobs. On average, the economies of the biggest metro areas in the US doubled in size between 2001 and 2018, according to data from the Bureau of Economic Analysis. But Black Americans were Continue Reading
Jul17
Also discussed racial disparity in forbearance offerings. The House Financial Services Subcommittee on oversight and investigations held a hearing on Thursday examining how servicers provided clarity and information on the CARES Act and forbearance options for borrowers. The discussion, titled “Protecting Homeowners During the Pandemic: Oversight of Mortgage Servicers Implementation of the CARES Act” also investigated disproportionately affected lower Continue Reading
Jun19
Following the U.S. Civil War, regiments of African American men known as buffalo soldiers served on the western frontier, battling Indians and protecting settlers. The buffalo soldiers included two regiments of all-black cavalry, the 9th and 10th cavalries, formed after Congress passed legislation in 1866 that allowed African Americans to enlist in the country’s regular peacetime military. The legislation also Continue Reading