The call for collaboration comes at a time when Black home ownership hovers nationally at 42.7% compared to 71.8% for Non-Hispanic Whites. Latest available Home Mortgage Disclosure Act (HMDA) data for New Orleans analyzed by Lending Patterns™, an online HMDA data analysis software program, indicates that of the 6,592 mortgage loans originated in 2015 where race was known, only 1,425, or 22% of those loans were granted to Black Americans; even though they represented 60% of the city’s population of 343,829. Moreover, Black Americans were denied mortgage loans at a rate of just over 36% compared to a denial rate of 13.5% for whites. In May 2017, Zillow reported, that the average loan amount in the New Orleans metro area was $293,000. “These concerning statistics are the reasons why NAREB has implemented its ‘2 Million New Black Homeowners in 5 Years‘ program and is reaching out to create a national community of concern and action to Building Black Wealth through Home ownership,” Cooper added.
Keynoting the convention’s opening session, scheduled for Sunday, July 30 at 11:00 a.m. is Marc Morial, current president of the National Urban League (NUL) and former mayor of New Orleans. Other prominent confirmed speakers presenting at different times throughout the convention include U.S. Congressman Cedric Richmond (D-LA), current chair of the Congressional Black Caucus (CBC), U.S. Congressman Emanuel Cleaver (D-MO), a member of the House Financial Services Committee, Mel Watt, Director, Federal Housing Finance Agency (FHFA), the independent agency charged with oversight and regulation of Fannie Mae and Freddie Mac, among other housing finance responsibilities. Reverend Dr. Jerry Young, president of the National Baptist Convention, USA is scheduled to keynote the Community, Civic and Faith-Based Leaders Luncheon as part of NAREB’s efforts to engender broader support to increase Black homeownership. All presenters are expected to give their unique perspectives on Black homeownership and the pathways forward to re-instill hope among Black Americans that homeownership is possible and desirable.
For Convention registration and Community Wealth Building Day information visit: www.nareb.com.
About NAREB:The National Association of Real Estate Brokers (NAREB) was formed in 1947 to secure the right to equal housing opportunities for all regardless of race, creed, or color. NAREB has 90 chapters located nationwide and publishes annually The State of Housing in Black America (SHIBA) Report. Visit www.nareb.com for more information. Or call 301-552-9340.