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ยป VISIT US ONLINE @ DSNEWS.COM 19 HOMEOWNERSHIP: THROUGH THE EYES OF BLACK AMERICA e American Mortgage Diversity Council (AMDC) recently presented a webinar titled "e State of Housing in Black America," that addressed the struggles faced by the African-American community in areas of homeownership. It also explored the level of progress made as well as the steps to ensure equal housing opportunity for all. Providing historical context and how it connects to the current issues at hand, Charmaine Brown, Director, External Outreach and Engagement, Office of Minority and Women Inclusion at Fannie Mae, referenced the first 250 years in America, where minorities had no property rights, and were locked out of the American Dream of homeownership, until the Fair Housing Act came in to being in April 1968. In her presentation, she also elucidated on what the data says about homeownership for this demographic. "As we kick off our celebration of 400 years of African-American history, I can think of no better topic to begin than to discuss the current state of homeownership and potential solutions for improvement. I'd like to thank Charmaine Brown for her thought-provoking presentation," said Derek Templeton, Executive Director of the AMDC. Brown pointed out that "African-American homeownership rates are the same as they used to be in 1968, whereas the number of incarcerations in the community as well as the wealth gap between black and white families tripled between 1968-2016." Currently, the homeownership rate among this population is the lowest of all racial groups at 41.8 percent, lagging consistently behind white homeownership rate. is demographic has been the slowest to recover from the housing crisis; with its homeownership rate at nearly 6 percentage points lower than in 2010. "While Hispanics and other ethnic groups experienced an increase in homeownership, African-American homeownership rate dropped by 4.8 percentage points between 2000-2017. So, while others are moving forward, African-Americans are moving in the other direction," Brown said. Interestingly, the younger demographic have seen a greater decline in homeownership in the community. Moreover, the net worth of of this group of homeowners significantly lags the net worth of other groups. Homeownership is seen as one of the primary means of wealth creation, however, homeownership has not recovered from the aftermath of the 2007 financial crisis for this demographic. Pointing out to generational implications, Brown addressed wealth and homeownership transfers from parents. She also touched on the effects of predatory lending during the housing boom, where minority communities were primary targets of highly exploitative practices, which further exacerbated the situation. ese communities were more likely to be given subprime products during this period, which led to a significantly higher foreclosure rate between 2007-2009. e webinar also explored ways to diversify the appraisal industry through homebuyer education, community partnerships, strategic alliances, and financial literacy. You can download the full webinar at MortgageDiversityCouncil.com.