The Power Is Now Magazine | August, 2021

Page 116

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Redfin Report: African Americans still face massive barriers to homeownership!

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wning a home is one of the greatest achievements on American soil! Owning a home has been linked to building intergenerational wealth but the American homeownership story is one marked by a legacy of discrimination where minorities are completely left out of the picture in the country of the free! Over the last decade, homeownership for African Americans has shown dramatic declines than it is for any other racial or ethnic group in the country. In fact, data shows that in 2020, the rate of Black homeownership was just 1.5% higher than it was in the 70s when the race was partly legal. Discrimination, especially in housing is a deeprooted legacy and what makes it worse is the fact that the government legalized it through its policies that were largely created to perpetuate private attitudes that date back to the days of slavery. The Federal government started to push for the expansion of homeownership in the New Deal Era 116

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through the innovations like the 30-year mortgage. While there is a lot of documentation regarding discrimination against Blacks and other minorities, I feel like we are not talking enough about redlining which was legal and done by a federal institution. Redlining labeled certain areas as high risk and therefore, applicants from those areas could not be given a loan. Did I mention that these were also the areas where most African Americans lived? It was even worse because the mortgage was denied to even the white folks who lived near the area. In fact, speaking at an interview about the 1968 Fair Housing Act with Eric Lawrence Frazier, The CEO and Founder of the Power Is Now Media, Craig Fergusson, the Vice President of the National Homebuyers Fund had this to say;

“...first of all the act was great but it was too late and I’m not sure enough was done and I’ll say this because everyone knows that the greatest form of creating wealth is homeownership… I mean if you go back to even the 1930s FHA wouldn’t insure homes for African-Americans they wouldn’t! They just refused FHA out of federal homeownership they just wouldn’t and they also wouldn’t insure homes to white neighborhoods that were close to black neighborhoods.” THE POWER IS NOW MAGAZINE | AUGUST 2021


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Articles inside

Women’s Equality Day

4min
pages 134-138

Let’s Talk About Foot Health

2min
pages 130-131

Special Feature: Focusing on growing Mental Health Issues in America.

3min
pages 128-129

CFPB: Lenders engaged in discrimination, redlining, and reported bad data!

5min
pages 120-121

Fannie Mae Economic Group Shines a Spotlight on what’s causing the housing market inflation problem in the country.

5min
pages 124-127

Forbearance loans continue to decline steadily.

3min
pages 122-123

Redfin Report: African Americans still face massive barriers to homeownership!

9min
pages 116-119

Housing Market Analysis. Is this the right time to invest in Richmond Market? , by Joe Fisher.

3min
pages 113-115

Los Angeles Housing Market

2min
pages 109-112

Whittier & La Habra on spotlight: Just how safe are the two cities for investors? , by Briana Frazier.

3min
pages 101-104

Expert Advice: should I invest in LA Housing Market, by Adrian Bates.

3min
pages 105-108

Expert Opinion: Sacramento Housing market is Red Hot Right Now!, by Robert Langston.

2min
pages 97-100

Is Oakland real estate market a good investment market right now? , by Kenneth Session.

3min
pages 93-96

Five facts no one is telling you about the San Diego Real Estate market, by Denise Matthis.

3min
pages 89-92

San Bernardino Real Estate Market Update: Housing market trends, Prices and looking Beyond, by Danon Burnside.

2min
pages 86-88

Real Estate Market update with Jenny Gonzalez: Corona CA Edition, by Jenny Gonzalez.

5min
pages 81-85

Looking at Irvine Housing Market Future opportunities for homebuyers, by Cornelius Jackson.

3min
pages 77-80

Meet Marc Morial, President of The National Urban League.

9min
pages 72-76

Just how safe is Fontana Housing Market? , by Ameer Elahee.

3min
pages 66-68

Appreciation rate, Trends, and Arizona Housing Market data, by Yvonne McFadden.

3min
pages 53-56

Top 5 hottest markets in the Inland Empire in 2021, by Kamesha Keesee.

5min
pages 61-65

5 housing market predictions for Arizona Housing Market in 2021, by Peggie Simons.

3min
pages 57-60

Making a good return on Property investment in Maryland, by Emerick Peace.

4min
pages 43-46

Texas Real Estate agents are Overwhelmed. The Future is in the South and Here’s Why! by Sharon Bartlett.

3min
pages 37-42

Opinion: Could Tech be the end for the Real estate Brokerage Firms?

5min
pages 20-24

Why North Texas Housing is Blazing Hot!, by Johnnie Morine.

3min
pages 33-36

The Housing Market Inventory is just about to get better. Here’s why!

5min
pages 14-15

Opinion: ways a buyer mess up when getting a mortgage, by Norman Green.

4min
pages 29-32

5 mobile apps in 2021 that will revolutionize your house hunting experience.

4min
pages 18-19

An economic Rebound for California What does this mean for the state’s high rising real estate market?

3min
pages 8-9

Mortgage Predictions: Just how low can mortgage rates go and for How Long?

5min
pages 16-17

The Great South Migration: An Era shaping Exodus for the Northerners real estate markets

8min
pages 10-13
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