The mortgage industry has long been a sector plagued by disparities in access and opportunity, and a recent report appears to confirm this. According to RealtyHop, an analysis of Census Bureau data showed that nearly one-third of Hispanics and 32% of Blacks experienced discrimination when searching for a home, levels 6-8% higher than their White counterparts.
These high levels of discrimination is in stark contrast to ongoing progress being made in other areas of the housing industry. For example, a separate report from the National Association of Realtors showed record minority buyers in home sales activity for 2020, with Black and Hispanic homebuyers experiencing increases of 7.5% and 8.4% over the previous year.
In summary, while there has been some push towards equality in the housing industry, the continued discrimination experienced by minorities in their house search shows that there is still a significant gap to bridge.
Bullet Points:
-According to RealtyHop, 36% of Hispanics and 32% of Blacks reported facing discrimination when searching for a home compared to only 6-8% of their White counterparts.
-In contrast, the National Association of Realtors showed record minority buyers in home sales activity for 2020, with Black and Hispanic homebuyers experiencing increases of 7.5% and 8.4% respectively.
-Discrimination in home searches shows there is still a gap to bridge in the quest for equality in the housing industry.
You can read this full article at: https://www.housingwire.com/articles/non-white-homebuyers-feel-discrimination-despite-laws-against-it-redfin/(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.
Share This Story, Choose Your Platform!
Related Posts
Disclaimer
The information provided in this article is for general educational and informational purposes only and does not constitute legal, financial, investment, tax, or professional advice. Note Servicing Center, Inc. is a licensed loan servicer and does not provide legal counsel, investment recommendations, or financial planning services. Reading this content does not create an attorney-client, fiduciary, or advisory relationship of any kind.
Nothing in this article constitutes an offer to sell, a solicitation of an offer to buy, or a recommendation regarding any security, promissory note, mortgage note, fractional interest, or other investment product. Any references to notes, yields, returns, or investment structures are illustrative and educational only. Past performance is not indicative of future results, and all investments involve risk, including the potential loss of principal.
Note investing, real estate transactions, and lending activities are subject to federal, state, and local laws that vary by jurisdiction and change over time. Before making any decision based on the information in this article, you should consult with a qualified attorney, licensed financial advisor, certified public accountant, or other appropriate professional who can evaluate your specific circumstances.
While we make reasonable efforts to ensure the accuracy of the information presented, Note Servicing Center, Inc. makes no warranties or representations regarding the completeness, accuracy, or current applicability of any content. We disclaim all liability for actions taken or not taken in reliance on this article.