About this episode
In today’s Daily Download episode, HousingWire Digital Producer Alcynna Lloyd interviews The Urban Institute's Alanna McCargo to discuss how the COVID-19 pandemic is likely to impact America’s black homeownership rate. For some background on the interview, here’s what has happened in the industry so far: Last year, the homeownership rate for black Americans fell to 40.6% in the three months through June, the lowest level in the Census Bureau ’s quarterly data going back to 1994, according to a government report. It was the smallest share recorded for black households since the 1950 decennial Census when it was 34.5%. After the 1968 Fair Housing Act banned discrimination in real estate practices, the homeownership rate for black Americans climbed steadily to a record high of 49.7% in 2004’s second quarter and stayed near that level for two years, according to Census data. The downward trajectory began in 2007 when predatory home loans started going into default, sparking a financial crisis that spread across the globe as trillions of dollars in mortgage securities lost value. While the overall U.S. homeownership rate fell from 68.4% at the beginning of 2007 to 64.1% in 2019’s second quarter – a drop of just over four percentage points – the decline for black Americans was much steeper. The rate went from 48% to 40.6%, dropping more than seven percentage points. And now data shows , that the Coronavirus pandemic is likely to worsen prospects for Black Americans, which will lead to a larger gap in the homeownership rate. The Daily Download examines the most captivating articles reported from the HousingWire newsroom. Each afternoon, HousingWire provides its readers with a deeper look into the stories that are not only chronicling the biggest announcements within the housing finance industry but are also helping Move Markets Forward . Hosted by the HW team and produced by Alcynna Lloyd. HousingWire articles covered in this episode: Biden urges support for black businesses and homeownership [PULSE] 3 ways to increase and empower black homeownership Homeownership rate for black Americans drops to record low