Black homeownership rates remain the lowest of all racial groups in the country.
. Equally troubling is the fact that many lenders are not tracking the race and ethnicity related to home loans. According to the NCRC report data, a significant percentage of loan paperwork has lacked race and ethnicity data since 2018. This vital information, which ensures the loans process is fair and nondiscriminatory, has been lacking in about 15% of all applications since 2018—and is missing for 75% of all purchased loans reviewed by the NCRC.
This significant gap in homeownership is due in part to issues with the private mortgage lending industry, which struggles to serve the needs of many households of color, according to the NCRC. The report also indicates both the private mortgage market and the laws that were intended to expand access to credit have been unable to help achieve equitable homeownership rates in Black communities.
published in March 2021. These areas offer little access to mainstream credit, which results in low or absent credit scores for residents—making it incredibly difficult to enter into the homeownership arena.
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