A recent report by the National Association of Real Estate Brokers (NAREB) has highlighted concerning trends in Black homeownership in the United States. The report identified two key metrics that are indicating a decline in the prospect of expanding Black homeownership:
• Homeownership rates: The report showed a decrease in the rate of Black homeownership, indicating that fewer Black Americans are able to purchase homes compared to other demographic groups. This trend suggests that barriers to homeownership may be increasing for Black individuals.
• Mortgage denial rates: Another troubling finding from the report was the increase in mortgage denial rates for Black applicants. This statistic implies that Black individuals are facing greater challenges in obtaining mortgage approval, possibly due to discriminatory lending practices or economic disparities.
Overall, the NAREB report paints a concerning picture for the future of Black homeownership in the U.S., highlighting the need for action to address the systemic barriers that are preventing Black Americans from achieving the dream of homeownership.
You can read this full article at: https://www.housingwire.com/articles/black-homeownership-growth-trouble-nareb/(subscription required)
Note Servicing Center provides professional, fully compliant loan servicing for private mortgage investors so they can avoid the aggravation of servicing their own loans and just relax and get paid. Contact us today for more information.
