WASHINGTON, June 29, 2022 /PRNewswire/ — Lydia Pope, President of the National Association of Real Estate Broker (NAREB), will testify at a virtual hearing of the House Financial Services Committee today at noon. Pope will join other panelists at the hearing, entitled: “Boom and Bust: Inequality, Homeownership, and the Long-Term Impacts of the Hot Housing Market.”
Rep. Maxine Waters, Chair of the House Financial Services Committee, will preside over the hearing.
Joining Pope on the panel will be Michael Calhoun, President, Center for Responsible Lending;
Sam Chandan, Professor of Finance & Director of Stern School of Business, New York University; Jung Hyun Choi, Senior Research Associate for Housing Finance Policy Center, Urban Institute; and Norbert Michel, Vice President and Director of the Center for Monetary and Financial Alternatives, Cato Institute.
In her written testimony, Pope said, “As the country emerges from the 1st phase of the pandemic, rising interest rates along with rising home prices and a limited housing inventory make a perfect storm to suffocate Blacks out of the housing market. With a 1% increase in mortgage rates decreases buying power by 11%. Increasing interest rate and home price market, is widening the wealth gap, delaying more and more Blacks from participating in the American Dream.”
ABOUT THE NATIONAL ASSOCIATION OF REAL ESTATE BROKERS
NAREB was formed in 1947 to secure the right to equal housing opportunities regardless of race, creed or color. NAREB has advocated for legislation and supported or instigated legal challenges that ensure fair housing, sustainable homeownership, and access to credit for Black Americans. Simultaneously, NAREB advocates for and promotes access to business opportunities for Black real estate professionals in each of the real estate disciplines.