The home ownership rate for black households was 44.1% in the fourth quarter after 46.4% in the third quarter of 2020 and practically unchanged from the previous year and the point in time when the 1968 Law on Fair Housing prohibited discrimination. For years it has consistently been more than 20 percentage points lower than the average home ownership rate and over 30 percentage points lower than the home ownership rate for whites.
Given historical barriers such as discrimination, wealth inequalities, and predatory lending, change may take time, but there are steps lenders can take now, industry leaders say.
“Since 2015 there have been about 1 million new black homeowners. Unfortunately, the number of black applicants hasn't reached pre-2008 levels, ”said Antoine Thompson, executive director of the National Association of Real Estate Brokers, the nation's oldest minority trading group. "Marketing and outreach, the diversity of loan officers and staff, and the criteria for drawing up mortgages can play a key role in increasing black home ownership."
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