As part of the 43rd annual Congressional Black Caucus Foundation Conference, the National Association of Real Estate Brokers (NAREB) unveiled new and disturbing research on how communities of color are suffering a worsening racial economic disparity. The State of Housing in Black America reveals that while the private sector and financially secure consumers recover financial ground from the Great Recession, much of Black America is being economically left behind.
Longtime civil rights activist Dr. Benjamin Chavis Jr. wrote the report’s foreword, advising:
"African-Americans have a large buying power nowadays, yet we continue to be the most foreclosed and wealth-depleted community in America. We cannot and will not just be bystanders as the American economy continues to rebound."
Julius L. Cartwright, NAREB president added, “Not only has our homeownership rate plummeted, but also accessing mortgage credit has become nearly impossible outside of government insured programs such as the FHA and VA.”
The report examines how African-Americans and Latinos have been cut off from the housing market and home finance in addition to employment opportunities. Further according to the report, until economic equity and recovery are added to the long-standing issue of equal access to housing, the ability for communities of color — Black and brown — to build wealth will remain an elusive and distant dream.