An honest conversation about minority homeownership
today HousingWire Daily presents the first episode of Honest conversations, a mini-series on minority homeownership hosted by HousingWire Digital Media Manager Alcyna Lloyd. The podcast aims to examine the state of minority property in America.
In this episode, Lloyd interviews Michael neal, Senior Associate Researcher at the Housing Finance Policy Center of the Urban Institute, on the history and data behind minority homeownership.
Neal, whose experience includes working at Fannie Mae as director of economics in the economic and strategic research division, as well as deputy vice-president at NAHBHousing and Economic Policy, explains how housing inequality came to be and what it means for borrowers today.
Here’s a little preview of the interview, which has been edited slightly for length and clarity:
Alcyna Lloyd: History shows that when we examine the relationships between federal organizations such as the HOLC, FHA, and private banks, lenders and real estate agents, there is a history of standardized policies that have fostered segregation in the housing market. . How has this impacted the legacy of housing for people of color in America today?
Michael neal: I think this is a critical question because of where we are today. Overall, this is why we saw a slight improvement in the homeownership rate of African Americans in the few years leading up to the current pandemic. The gap between African Americans and White Americans when it comes to homeownership has remained as wide as it was during the time we were talking about, despite many political steps that have been taken to try to make it happen. eradicate. I think this is very important, because firstly, homeownership has very important implications for family outcomes, and not just for wealth, not just in terms of home equity, but also in terms of home equity. household stability, development of the community in which you live, as well as political weight. We know that landlords in a given community tend to have more voice and tend to be much more involved in local politics than, say, tenants. So all of this, I think, is combined and really puts minority home ownership in a very important light.
Honest Conversations is a mini-series that examines the state of minority homeownership and the factors that have contributed to inequality in American housing. Every Wednesday, listen to HousingWire Daily, as we aim to provide listeners with a better perspective on how race, housing and wealth intersect and what the experts are doing to close the gap. Sponsored by Caliber home loans and hosted and produced by Alcynna Lloyd.