National Association of Real Estate Brokers (NAREB) observes National Homeownership Month by encouraging Black Americans to start wealth building through homeownership
Washington, DC – June 25, 2021 – Showings at available residential properties, bus and virtual home tours, consumer education and learning what steps are necessary to become a homeowner all come together Saturday, June 26 and Sunday, June 27 under the auspices of the National Association of Real Estate Brokers (NAREB) and participating local chapters during the association’s annual Open House Weekend. Events, scheduled and customized by Realtists represent NAREB’s mission not only to increase Black homeownership, but also to promote home purchase as the most effective way to begin building wealth.
“Many Black Americans are still reluctant to enter the real estate market. NAREB is determined to reach, educate and inform Black Americans that homeownership is the best way to build wealth now, and for future generations,” said Lydia Pope, president-elect of the National Association of Real Estate Brokers (NAREB), the country’s oldest, minority real estate trade association.
The National Open House Weekend events help prospective Black American homebuyers make informed decisions. At some Open House events, home buying counselors, mortgage loan experts, along with the NAREB member Realtist will be present to answer consumer questions about the home buying process from beginning to end, and what to expect as a new homeowner.
The homeownership rate among Black Americans is down from a high of 49.1% in 2004 to 45.1% today compared to the current non-Hispanic White homeownership rate of 73.8%. The low rates are a result of misinformation or misunderstanding of the mortgage process, a lack of affordable inventory in a growing number of markets, along with credit scoring models that reward consumer credit borrowers and penalize borrowers with optimum other credit history that should be considered for a mortgage loan. In addition, the weight of school loans carried by recent graduates, GenX-ers and Millennials appears to be dampening interest in pursuing homeownership among younger prospective buyers.
“We are fiercely committed to letting Black Americans know that yes you can become a sustainable homeowner and make your housing costs work financially for you and not your landlord,” President-Elect Pope added.
For specific information about the Open Houses and consumer education sessions scheduled across the country, visit www.nareb.com. (Link needs to be added)
Media Contact:
Joanne Williams ● 202-364-0024 ● jlwilliams@barrington-associates.com
Jill Harrison ● 770-896-8723 ● jill.harrison@nareb.com
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