Showing posts with label NAREB. Show all posts
Showing posts with label NAREB. Show all posts

Wednesday, November 13, 2024

NAREB RELEASING 2024 STATE OF HOUSING IN BLACK AMERICA REPORT AT BLACK WEALTH SUMMIT IN ATLANTA

NAREB is set to unveil its 2024 State of Housing in Black America (SHIBA) report, a comprehensive study that uncovers concerning trends in Black homeownership. The report reveals that the two promising demographics for African American homebuying - Black female-headed households and millennials - experienced a decline in home sales in 2023. The meticulously researched report, packed with facts, statistics, and analysis, cites persistent barriers to Black homeownership. Only 45.7% of Black households were homeowners in 2023, a stark contrast to the 74.3% among Whites and a significant drop from a peak of 49% in 2004.

A panel of industry stakeholders will discuss programs and initiatives that can bolster Black home ownership, and local mayors will discuss ways in which the public sector can help increase Black home ownership. There will also be a fireside chat on Black homeownership and wealth with CNN's Barkari Sellers, NAREB President Courtney Johnson Rose, and Jim Carr, the author of SHIBA and Appraisal Bias reports. Dr. Rose and Carr preside over a session with stakeholders on moving Black homeownership forward.

STAKEHOLDERS:

  • Acting HUD Secretary Adrianne Todman
  • Atlanta Mayor Andre Dickens
  • State Rep. Billy Mitchell, District 88, Minority Caucus Chairman
  • State Senator Gail DavenportGeorgia State Senate, 44th district
  • Dr. Courtney Johnson Rose, National President of NAREB
  • Barkari Sellers, CNN Correspondent and Civil Rights Attorney
  • Sam Noel, Freddie Mac Affordable Lending Manager
  • Camilo Escalante, Executive Director of Diverse Segments at Rate
  • Marcus Brown, NAREB Director and Black Summit Chair, Birmingham
  • James Carr, author SHIBA report
  • Terri P. Copeland, NAREB Black Summit Chair, Atlanta
  • Ashley Thomas, III, NAREB 1st Vice President
  • Danny Felton, NAREB 2nd Vice President
  • Ewunike N. Brady, Wells Fargo Head of Home Lending African American Segment
  • Dr. Evelyn Wynn-Dixon, Mayor of Riverdale, GA
  • Jazzmin Cobble, Mayor of Stonecrest, GA
  • Edward Johnson, Mayor of Fayetteville, GA
  • Anthony Ford, Mayor of Stockbridge, GA
  • Michael Owens, Mayor of Mableton, GA

WHERE:
Clark Atlanta University
Student Center – Corner of Atlanta Student Movement Street and Fair St., 30314
2nd Floor – Junita P Baranco Multipurpose Room

WHEN:
8 AM – 5 PM 

Media, please contact Michael K. Frisby at mike@frisbyassociates.com or 202-625-4328 for a copy of the 2024 SHIBA report.

Sunday, August 18, 2024

NAREB Applauds Vice President Harris's Plan to Revive Housing Industry and Make Homes More Affordable

The National Association of Real Estate Brokers (NAREB) applauded Vice President Kamala Harris’ plan to lower housing costs by providing incentives to builders to construct three million new units, offering $25,000 in downpayment support for first-time homebuyers and creating a $40 billion fund for local governments to build housing.

“NAREB enthusiastically supports the Vice President’s housing plan,” said Dr. Courtney Johnson Rose, NAREB’s President. “NAREB recognizes that the lack of sufficient housing inventory is a major reason for the high prices preventing Black families and other consumers from purchasing a home. This is a tremendous plan that will help families across America.”

Harris, the presumed Democratic presidential nominee, announced the plan today. It would provide tax incentives to homebuilders for constructing “starter houses” geared to first-time buyers and affordable rental housing. If she is elected, Congress will need to approve many of the provisions. Harris is also calling for legislation to crack down on companies contributing to surging rent prices and to remove tax benefits for major investors who acquire large numbers of single-family homes.

Dr. Rose asserted that Vice President Harris is on target with her plan, noting that housing demand outpaces new home construction by roughly 100,000 units annually, creating the largest housing shortfall in nearly half a century. The inadequate supply of new homes contributes to the growing housing affordability crisis.

“This proposal demonstrates that Vice President Harris understands the plight of middle-class families in America, and she has innovative answers to their housing challenges,” Dr. Rose said, recalling that NAREB researchers previously identified the lack of inventory and investor home purchases as making it more difficult for families to purchase homes.

NAREB’s 2023 State of Housing in Black America (SHIBA) report declared an enormous need to increase the affordable housing stock and called on the government to reform the nation’s housing finance system by requiring a restructured Fannie Mae and Freddie Mac to form partnerships with large financial institutions via special purpose credit programs. SHIBA estimated that an efficient housing rehabilitation program financed by the Housing Government Sponsored Enterprises (GSEs) could save 107,000 homes annually.

Dr. Rose also welcomed a crackdown on investor-purchased single-family homes.

The SHIBA report said investor home purchases accelerated during the 2020-2021 pandemic. By the first quarter of 2022, investor purchases of single-family homes peaked at 28% of market share. As of the first quarter of 2023, investors accounted for about 27% of single-family home purchases.
“Investor home purchases negatively impact the affordability and supply of homes for sale, particularly for lower-income households,” Dr. Rose said. “Investors outbid typical homebuyers and pay cash for houses and not perform inspections or appraisals. Many investor-owned single-family homes are transformed into rental housing, removing it from the owner-occupied stock.”

Dr. Rose said the Harris plan can spur a new era in homeownership for all Americans.

“This plan is the kind of jolt that the housing industry has needed,” said Dr. Rose. “This is how we create a more equitable America.”
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For print or broadcast interviews with NAREB President Courtney Johnson Rose, contact Michael Frisby at Mike@frisbyassociates.com or 202-625-4328.)

ABOUT THE NATIONAL ASSOCIATION OF REAL ESTATE BROKERS


NAREB was formed in 1947 to secure equal housing opportunities regardless of race, creed, or color. NAREB has advocated for legislation and supported or instigated legal challenges that ensure fair housing, sustainable homeownership, and access to credit for Black Americans. Simultaneously, NAREB advocates for and promotes access to business opportunities for Black real estate professionals in each real estate discipline. From the past to the present, NAREB remains an association that is proud of its history, dedicated to its chosen struggle, and unrelenting in its pursuit of the REALTIST®’s mission/vision embedded goal, “Democracy in Housing.”