PROPERTY IS POWER! Protecting Black homeownership from setbacks

by Dr. Anthony O. Kellum Black homeownership stands at a crossroads, with progress struggling to gain traction even in a housing market that continues to evolve. Experts now warn that proposed rollbacks of civil rights protections could threaten the already fragile gains in Black homeownership, deepening a legacy of inequality. A report from the National Association of Real Estate Brokers (NAREB) reveals that Black homeownership remains far below its pre-2004 high of nearly 50 percent. The 2024& State of Housing in Black America& report highlights the alarming decline in ownership rates over the past two decades, compounded by recent challenges like rising housing costs and systemic barriers. The current rate echoes that of 1968 the year the Fair Housing Act was signed into law marking an unsettling stagnation despite decades of supposed progress. Historical Hurdles and Present Day Threats The peak of Black homeownership in 2004, at 49.7 percent, was followed by a devastating decline fueled by predatory lending practices. Interest-only mortgages and subprime loans disproportionately targeted Black families, leading to foreclosures that eroded wealth and stability. This trend worsened under the George W. Bush administration, when banks exploited a surge in Black home sales. By 2019, the homeownership rate...