CHAIRMAN’S MESSAGE The State of Housing in Black America (SHIBA) Report will serve as a reference resource and vital piece of the puzzle in rebuilding wealth and increasing homeownership in Black America effectively. SHIBA’s objective is to obtain an accurate picture and assessment of where we are in the overall picture so we can ensure effective solutions. The SHIBA Issues Forums confirmed that the racial disparity gap has widened since the start of the financial crisis and that heightened awareness is needed in closing this gap. Results show that there is a critical need for educating both the consumer and industry professionals. NAREB’s members, also referred to as Boots on the Ground, not only see the disparity firsthand but are the first to be contacted for information and assistance by customers. NAREB will continue to fight for equality and the opportunity to pursue the dream of sustainable homeownership for any individual desiring to own a home responsibly. The number one vehicle for wealth accumulation for Black families is through homeownership, which provides caretaking for seniors, education for children, and personal investments, among other functions. However, NAREB is particularly concerned with the disproportionate share of subprime loans, mortgage fraud, and foreclosures where Blacks and other minorities reside. Thus, we must address the opportunity to restore and rebuild those communities and homeowners’ wealth. Effective programs designed for this purpose are essential to replenishing the staggering wealth stripping that occurred in these areas. Through SHIBA, NAREB will continue to be an advocate for underserved communities. This report and future reports will keep us apprised of the current market conditions and what the specific market needs are. In the Realtist Spirit,
Lawrence Batiste Chairman of the Board of Directors, NAREB
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The State of Housing in Black America 2013