Lanham, Maryland – June 12, 2015 – (RealEstateRama) — The National Association of Real Estate Brokers (NAREB) announced today its concerns regarding the racial disparities in homeownership rates in the United States. Throughout the month of June, politicians, policy makers, financial institutions and organizations throughout the country will be hosting and participating in events, rallies and ceremonies that highlight the importance of homeownership. NAREB is offering solutions to increase Black homeowner rates.
“It is easier for too many Black people to buy a luxury car than it is buy an affordable house and/or access an affordable mortgage. Black homeownership rates in the U.S. have declined from its peak of 49% in 2004 to today’s figure of approximately 42% in 2014. We need to change credit model, increase public and private sector funding for down payment and closing cost assistance programs, and to eliminate the discretionary FHA lending policy that requires new borrowers to pay mortgage insurance for 30 years or the entire life of the loan,” stated Donnell Spivey, President of the National Association of Real Estate Brokers.
“According to data released the U.S. Census in 2014, the white homeownership rate was 72% compared to a 42% rate of homeownership for Black Americans. Throughout the summer, NAREB will be hosting forums on the State of Housing In Black America various cities including Miami, Florida on June 24th, June 30th in Philadelphia, Pennsylvania and August 8th in Detroit, Michigan. We are working to ensure that everyone desires to should have an opportunity to purchase a piece of the American Dream known as homeownership,” stated Antoine M. Thompson, National Executive Director for NAREB.
NAREB collaborates with various not for profit, government and financial institutions throughout the United States. NAREB, was founded in 1947, and has over 90 chapters in more than 34 states. The oldest black trade association in the United States, NAREB takes on a community advocacy approach to supporting efforts that promote African-American homeownership and real estate professionals. Our organization is committed to ensuring sustainable homeownership and “Democracy in Housing.”
Contact: Antoine M. Thompson, National Executive Director
Phone: (301) 552-9340