These systematic barriers hindered the accumulation of wealth for African Americans for decades; this hindrance deprived many black families of the opportunity to pass down property and assets to future generations, thereby perpetuating economic disparities.
The Pending Home Sales Index—a forward-looking indicator of home sales based on contract signings—decreased to 70.8 in May. Year-over-year, pending transactions were down 6.6%.
The program offered the latest home sales data and trends for Rockland County, updates on the NAR Commission settlement, and perspectives on topical business and political issues.
These systematic barriers hindered the accumulation of wealth for African Americans for decades; this hindrance deprived many black families of the opportunity to pass down property and assets to future generations, thereby perpetuating economic disparities.
“Juneteenth has never been a celebration of victory, or an acceptance of the way things are. Instead, it is a celebration of progress. It is an affirmation that despite the most painful parts of our history, things do get better. America can change.”
Barack Obama, 44th President of the United States, Civil Rights Attorney
As Realtors, we all know that the ability to own property has long been recognized as a pathway or even the cornerstone to building generational wealth. Earlier this month, we celebrated Juneteenth: a day commemorating the emancipation of enslaved African Americans in the United States. Beyond its profound cultural and social implications, I believe Juneteenth holds a special significance in the realm of real estate and homeownership. Indeed, Juneteenth serves as a poignant reminder of the struggle for property rights among African Americans (and other groups).
Following emancipation, many sought to own land as a symbol of their freedom, their independence as well as their economic empowerment. We professionals in the real estate industry are all too familiar with the daunting process of purchasing a property for the first time; let alone having to face challenges such as discriminatory practices like redlining and racial covenants, which systematically excluded these newly-freed individuals from accessing desirable neighborhoods and mortgage financing. These systematic barriers hindered the accumulation of wealth for African Americans for decades; this hindrance deprived many black families of the opportunity to pass down property and assets to future generations, thereby perpetuating economic disparities.
While Juneteenth is a day of remembrance, let it also be a reminder for a call to action for addressing ongoing disparities in the real estate sector. Efforts to promote fair housing practices, combat housing discrimination, and increase access to homeownership opportunities for marginalized communities are critical steps toward achieving economic justice and equality. By acknowledging and learning from history, we can build a more just and prosperous society for everyone. So, let’s do just that.
The program offered the latest home sales data and trends for Rockland County, updates on the NAR Commission settlement, and perspectives on topical business and political issues.
Research by Pattern for Progress indicates that taxes alone in Connecticut and Pennsylvania are 20% to 40% lower than in New York, and 50% to 80% lower in the Carolinas and Florida.
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