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What’s Holding Black Homeownership Back?

first_img Seth Welborn is a Reporter for DS News and MReport. A graduate of Harding University, he has covered numerous topics across the real estate and default servicing industries. Additionally, he has written B2B marketing copy for Dallas-based companies such as AT&T. An East Texas Native, he also works part-time as a photographer. Black Homeownership Sales 2019-05-21 Seth Welborn Share Save Tagged with: Black Homeownership Sales in Daily Dose, Featured, Market Studies, News Sign up for DS News Daily Demand Propels Home Prices Upward 2 days ago What’s Holding Black Homeownership Back? Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days agocenter_img  Print This Post Home / Daily Dose / What’s Holding Black Homeownership Back? About Author: Seth Welborn The Best Markets For Residential Property Investors 2 days ago Related Articles May 21, 2019 1,978 Views The black homeownership rate is not vastly different now than what it was when the 1968 Fair Housing Act became law, according to an article by economist John Wake in Forbes. Wake notes that black homeownership increased by 20% from 1950 to 1970, before housing discrimination was outlawed. Since the Act, however, the rate has remained flat. Wake offers some possible explanations. Wake notes that, as a form of compromise, the Fair Housing Act did not include strong enforcement powers. “Just four months after the Fair Housing Act was signed into law, the Housing and Urban Development Act of 1968 was signed into law,” Wake said. “It included the soon to be infamous Section 235 program from FHA that let lower-income people who couldn’t qualify for other mortgages get these new subsidized mortgages with down payments as low as $200 and subsidized, below-market interest rates as low as 1%.”On top of a lower homeownership rate, black and hispanic neighborhoods have also experienced a higher rate of foreclosure, on average, especially in the years following the financial crisis. A recent report from Zillow stated that, based on the gap in housing between communities of color and white communities, homes in black and Hispanic neighborhoods are 2 and 2.5-times more likely to experience foreclosures than those in white communities, respectively.What has led to the flat black homeownership rate, even in recent times? According to Wake, the answer is an “inelastic supply,” over-stretched homeowners, high foreclosure neighborhoods, and what Wake calls a “Super Slo-Mo Feedback Loop.” “Sometimes things happen so fast they’re hard to see. With real estate, sometimes things happen so slow they’re hard to see,” Wake says.Bridging the Black Homeownership GapA recent report by the Urban Institute suggested five possible solutions to help increase homeownership rates among African-Americans. According to the report, bridging this gap will require several approaches:Advancing policy solutions at a local levelTackling housing supply constraints and affordabilityPromoting an equitable and accessible housing finance systemOutreach and counseling for renters and mortgage-ready millennialsA focus on sustainable homeownership and preservationEarlier this year, the American Mortgage Diversity Council (AMDC) also presented a webinar delving into the topic, entitled “The State of Housing in Black America.” During that webinar, Charmaine Brown, Director, External Outreach and Engagement, Office of Minority and Women Inclusion at Fannie Mae, pointed out that “African-American homeownership rates are the same as it 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.”Click here to view that webinar. Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Previous: FHFA Director Mark Calabria’s Plan for Conservatorship Next: Measuring Mortgage Debt Subscribelast_img read more

Daunte Wright’s parents speak out after shooting in ABC News exclusive: ‘He’s never coming back’

first_imgABC News(NEW YORK) — The parents of Daunte Wright, a 20-year-old Black man who was shot and killed by a white police officer in a Minneapolis suburb on Sunday, said they “can’t accept” the notion that their son’s killing was “a mistake.”“I lost my son, he’s never coming back,” Daunte Wright’s father, Aubrey Wright, told ABC News’ Robin Roberts in an exclusive interview Tuesday on Good Morning America.“I can’t accept that — a mistake, that doesn’t even sound right,” he added. “This officer has been on the force for 26 years. I can’t accept that.”Daunte Wright was driving in Brooklyn Center, about 10 miles northwest of Minneapolis, when he was stopped by police on Sunday afternoon. The officers initially pulled him over for an expired registration tag on his car but determined during the traffic stop that he had an outstanding gross misdemeanor warrant, according to Brooklyn Center Police Chief Tim Gannon.As police attempted to take him into custody, Daunte Wright reentered the vehicle and one of the officers fired their weapon, striking him. The officer — identified by authorities as Kim Potter, a 26-year veteran of the Brooklyn Center Police Department — intended to deploy her Taser instead of her gun when she “accidentally” shot Daunte Wright, Gannon said.The car sped off, traveling several blocks before crashing into another vehicle. A female passenger in Daunte Wright’s car sustained non-life-threatening injuries during the crash and was transported to a nearby hospital. The passengers in the other vehicle were not injured, according to Gannon.Officers and medical personnel “attempted life-saving measures” on Daunte Wright but he died at the scene, Gannon said.Daunte Wright’s mother, Katie Wright, told ABC News that her son had called her during the traffic stop. She said he told her that police had pulled him over due to air fresheners hanging in his rear view mirror. She told him to take them down and to let her speak with police over the phone if they ask for his car insurance so she could give them the information. That’s when she heard police ask her son to step out of the vehicle.“Daunte said, ‘For what, am I in trouble?’ I heard the phone getting put down pretty hard,” Katie Wright said on GMA during Tuesday’s exclusive interview. “And then I heard scuffling and the girl that was with him screaming, and I heard an officer ask for them to hang up the phone and then I didn’t hear anything else.”“I tried to call back three, four times and the girl that was with him answered the phone and she said that they shot him and he was lying in the driver’s seat unresponsive,” the mother recalled, with tears streaming down her face. “And then I heard an officer ask her to hang up the phone again and then after that, that’s the last time I’ve seen my son. I haven’t seen him since.”She said she’s unsure why the situation escalated.“I know my son was scared. He’s afraid of the police, and I just seen and heard the fear in his voice,” she added. “But I don’t know why and it should have never escalated the way it did.”The mother described her son as “an amazing, loving kid” who “had a big heart,” “bright” smile and “loved basketball.”“He had a 2-year-old son that’s not going to be able to play basketball with him. He had sisters and brothers that he loved so much,” Katie Wright said. “He just had his whole life taken away from him. We had our hearts pulled out of our chests. He was my baby.”The parents said they want to see “justice served” and the officer who shot their son “held accountable for everything that she’s taken from us.” Brooklyn Center Mayor Mike Elliott has said he “fully support[s] releasing the officer of her duties.”“My position is that we cannot afford to make mistakes that lead to the loss of life of other people in our profession,” Elliott told reporters Monday.A preliminary report released Monday evening by the Hennepin County Medical Examiner said Daunte Wright died from a gunshot wound to the chest and that his death was a homicide.Earlier Monday at a press conference, the Brooklyn Center Police Department released body camera footage of the fatal encounter. The police chief said Potter can be heard in the video warning Daunte Wright and her fellow officers that she will be deploying her Taser.“However, the officer drew their handgun instead of their Taser,” Gannon told reporters. “It is my belief that the officer had the intention to deploy their Taser, but instead shot Mr. Wright with a single bullet. This appears to me, from what I viewed and the officer’s reaction and distress immediately after, that this was an accidental discharge that resulted in the tragic death of Mr. Wright.”Potter can be heard in the video yelling, “Holy s—, I just shot him!”The Minnesota Department of Public Safety’s Bureau of Criminal Apprehension is investigating the incident.A source with knowledge of the investigation told ABC News that Potter was field training another officer at the time of the deadly shooting.Civil rights attorney Benjamin Crump — who has represented the families of Trayvon Martin, Breonna Taylor, George Floyd and more — is one of the lawyers representing the Wright family and said that fatal encounters between police and people of color will only stop “when we start treating each other all the same.”“She was a training officer and so it’s not about training, it’s about implicit bias,” Crump said on GMA during Tuesday’s exclusive interview. “It’s about giving the same respect and consideration to people of color that we give to white American citizens. We don’t see these sort of things happening to white young people that we see happening over and over and over again to young, marginalized minorities.”“They could have given him a ticket, given him a notice to show up. But just like in George Floyd — they could have given him a ticket — they used the most force when it comes to dealing with marginalized minorities,” he added. “And we can’t have these two Americas — one where we treat Black Americans different from white Americans in policing.”Daunte Wright’s killing has sparked demonstrations — some violent — in Brooklyn Center, Minneapolis, Portland, New York and other U.S. cities. A curfew was imposed in Brooklyn Center, Minneapolis and other parts of Minnesota on Monday evening, and dozens of people were arrested amid riots overnight, according to Col. Matt Langer of the Minnesota State Patrol.Minnesota has mobilized its National Guard to Brooklyn Center at the request of local authorities. National Guard troops were already deployed in Minneapolis for the ongoing murder trial of Derek Chauvin, the former Minneapolis police officer charged in the May 2020 death of Floyd, which ignited protests nationwide and abroad.Daunte Wright’s family has called for peaceful protests.“I want to say thank you so much for the support and standing by us,” Katie Wright said, “and making sure that my son’s name doesn’t get swept under the rug.”President Joe Biden on Monday also called for “peace” and “calm.”“Peaceful protests, understandable, and the fact is that ,you know, we do know that the anger pain and trauma that exists in the Back community, and that environment is real, it’s serious, and it’s consequential,” Biden said. “But it doesn’t — will not justify violence and/or looting. And so, the question is, how we, in an orderly way, make clear that they get down to a full-blown investigation to determine what the facts are, and what is likely to have happened?”“The question is: was it an accident? Was it intentional? That remains to be determined by a full blown investigation,” Biden said.Former President Barack Obama and former first lady Michelle Obama said in a statement Tuesday, “The fact that this could happen even as the city of Minneapolis is going through the trial of Derek Chauvin and reliving the heart-wrenching murder of George Floyd indicates not just how important it is to conduct a full and transparent investigation, but also just how badly we need to reimagine policing and public safety in this country.”“We empathize with the pain that Black mothers, fathers, and children are feeling after yet another senseless tragedy,” the Obamas said. “And we will continue to work with all fair-minded Americans to confront historical inequities and bring about nationwide changes that are so long overdue.”Copyright © 2021, ABC Audio. All rights reserved.last_img read more

Annual Independence Day Bike Parade Coverage + Video

first_imgOcean City’s Fourth of July festivities began on both ends of the island with the annual bike parades. The pair of parades year after year have offered a fun and free way for families to begin their Independence Day celebration.The Southern parade, sponsored by the South OC Improvement Association, began on  40th & Asbury Ave. The Northern parade, sponsored by the Gardens Civic Association, began just off the Longport Bridge. Participants came decked out in Red, White and Blue attire; boasting patriotic decoration on their bikes.Return paraders, and new participants alike joined in the caravan riding through the streets of Ocean City in their national colors. We hope to see familiar faces and new ones showing off their Stars and Stripes next year for the latest edition of this Ocean City classic.The pictures and video attached came from the Northern parade.last_img read more

Magma rising in Taal Volcano; ‘Big eruption’ still possible

first_imgPhivolcs director Renato Solidum. GMA NEWS “The frequent volcanic earthquakes and the increasing levels of sulfur dioxide were indications of magma movement, which may lead to a possible eruption,” Solidum explained. “Definitely may papaakyat na magma. May nagsusupply pa doon,” Solidum said in a press conference on Monday morning. “The increasing (volcanic) gas is an indication that there is magma that can be a cause of possible explosion.” According to Phivolcs director Renato Solidum, there was a rising magma in volcano that indicates that an explosion cannot still be ruled out despite the volcano being calm the past few days. Phivolcs has maintained the Alert level 4 in Taal Volcano, which means hazardous explosive eruption can be expected within hours or days./PN Solidum also raised concerns that Taal Volcano is now an “open system” with no obstructions in the crater in case it has a major eruption but the high-risk areas should be closely observed. MANILA – The Philippine Institute of Volcanology and Seismology (Phivolcs) said that magma continues to deform the Taal Volcano island, a movement that can be an indication of possible explosive eruption. In case of eruption, a smaller plume at 3 to 5 kilometers in height can cause ash fall in Cavite but a major eruption creating ash columns higher than 5 kilometers will bring ash to Metro Manila, Laguna, and some parts of Rizal and northern Quezon, he said. Solidum added even if there’s only a steady steam emission and “infrequent weak explosions” that generated ash plumes as high at 500 to 100 meters, volcanic activities underground showed otherwise.last_img read more

Fairfield Causeway Road closure now in place

first_imgBrookville, In. — Fairfield Causeway Road is now closed for bridge construction until October of this year. Access to Mounds State Recreation Area is available from State Road 101 and the Quakertown State Recreation Area is available via State Road 101 from Dunlapsville Road. One pier of the bridge will remain open to accommodate boat traffic.last_img

Game official in Jerry Hughes dispute placed on administrative leave

first_imgJerry Hughes runs off field and straight to officials, getting in the face of one in particular. Clearly something said that set Hughes off. #Bills pic.twitter.com/4uuqHL9mLM— Jon Scott (@JonScottTV) December 2, 2018Hughes admitted after the game that he was frustrated by the Bills’ loss but deflected questions about the incident, though he said he “would love to see the video” of him yelling.Here’s the conversation with Jerry Hughes afterwards about confrontation.When asked specifically about it Hughes repeatedly says “I’d love to see the video.” #Bills pic.twitter.com/2IdNoKzy2W— Jon Scott (@JonScottTV) December 2, 2018NFLRA executive director Scott Green released a statement Wednesday, saying he expects Ellison to be cleared of any wrongdoing. Related News The NFL has placed umpire Roy Ellison on administrative leave after Bills defensive end Jerry Hughes accused him of directing a derogatory remark toward him during Buffalo’s loss Sunday at Miami, NFL Media reported.Hughes ran off the field after his team’s 21-17 loss and straight toward officiating crew to confront them. He got in the face of one and later appeared to shout that another called him a “b—h.” “We fully expect the NFL’s review to clear Roy Ellison,” Green said. “Video from last week’s game shows he was verbally threatened by a player who has a well-documented history of abusive language and inappropriate actions towards our officials. Bills DE Jerry Hughes confronts official in tunnel after loss to Dolphins “While we are disappointed that the NFL has yet to address that aspect of the incident, we look forward to working with the League during its review and will ensure that Roy’s rights are protected during this process.”Ellison, a 16-year officiating veteran, previously was suspended one game in 2013 for making a profane, derogatory comment toward Redskins offensive lineman Trent Williams.Sunday’s altercation remains under review by the league. Hughes will not be suspended, ESPN reported, citing an unidentified source.last_img read more