The State of the Housing for Black America, 2013
James H. Carr, Katrin B. Anacker, Ines Hernandes
National Association of Real Estate Brokers (NAREB) August 2013
Overview • Introduction • The Current Housing Market and the U.S. Economy • The Foreclosure Crisis and Collapse of the U.S. Economy • Overview of Select Policies in Response to the Foreclosure Crisis • The Rebound of the U.S. Economy and the Housing Market
• A Comprehensive Response to Rebuild the Housing Market and the U.S. Economy • Redesign the Housing Finance System • Ensure Adequate Credit for Rental Housing • Establish a Housing and Community Infrastructure Bank
• The Market Power of the African American Community • Conclusion
The Current Housing Market and the U.S. Economy Estimated 2007 to 2009 Foreclosures of Recent First-Lien Owner-Occupied Mortgage Originations (2005 to 2008), by Borrower Race and Ethnicity Borrower Group Non-Hispanic Whites African Americans Latinos Total
Share of Originations
Completed Foreclosure Rate
Share of Completed Foreclosures
Disparity Ratio
65.9%
4.5%
56.1%
1.00
7.8%
7.9%
11.6%
1.76
11.2%
7.7%
16.2%
1.71
100.00%
5.3%
100.00%
1.18
Source: Bocian et al. (2010)
The Current Housing Market and the U.S. Economy (cont’d)
Source: U.S. Bureau of the Census (2013)
The Current Housing Market and the U.S. Economy (cont’d)
Source: Wolff (2012), modified by authors
The Current Housing Market and the U.S. Economy (cont’d)
Source: Bureau of Labor Statistics (2008, 2009, 2010, 2011, 2012, 2013)
The Current Housing Market and the U.S. Economy (cont’d)
Source: Economic Policy Institute (2010)
The Current Housing Market and the U.S. Economy (cont’d)
Source: Bureau of Labor Statistics (2013)
The Current Housing Market and the U.S. Economy (cont’d)
Source: Federal Housing Finance Agency (2013)
The Current Housing Market and the U.S. Economy (cont’d)
Source: National Association of Realtors (2013)
The Current Housing Market and the U.S. Economy (cont’d)
Source: U.S. Bureau of the Census (2013)
The Current Housing Market and the U.S. Economy (cont’d)
Source: U.S. Bureau of the Census (2013)
The Current Housing Market and the U.S. Economy (cont’d)
Source: Mortgage Bankers Association (2013)
The Current Housing Market and the U.S. Economy (cont’d)
Source: Mortgage Bankers Association (2013)
The Market Power of the African American Community
Source: U.S. Bureau of the Census (2012)
A Comprehensive Response to Rebuild the Housing Market and the U.S. Economy • Redesign the Housing Finance System • Ensure Adequate Credit for Rental Housing • Establish a Housing and Community Infrastructure Bank