Profile Of Homebuyers And Sellers 2012 Pdf


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31.03.2021 at 15:37
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In Florida, a peninsula surrounded by water with the second-lowest mean elevation in the country, there will be floods. Petersburg is listed as 16th globally. In contrast, while varying in scope, 29 states require flood-risk disclosures in real estate transactions. This article provides an overview of the state of flood risk disclosures in real property transactions in Florida, what an ideal disclosure for both rental agreements and sales of residential property [5] would look like, and potential pathways for Florida to mandate flood risk disclosures.

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A woman stands on her front porch in the Rosedale neighborhood of Washington, D. Segregation and racial disparities in home appreciation put African Americans at a disadvantage in their ability to build equity and accumulate wealth. They profoundly influence the allocation of rewards in the United States. Last year marked the 50th anniversary of the release of the Kerner Report 2 and the passage of the Fair Housing Act. Spurred by race-related unrest that broke out in more than U.

Despite the economic and political gains that African Americans have achieved since the passage of the Civil Rights Act, significant disparities still exist between African Americans and non-Hispanic whites in terms of access to homeownership, quality education, and employment, among other assets. Segregation, disparate access to credit and homeownership, and the consistent devaluation of homes in black neighborhoods 6 combine to constrict the ability of African Americans to build equity and accumulate wealth through homeownership.

This report focuses on the residential patterns of black and non-Hispanic white home mortgage borrowers and the racial disparities in home appreciation in neighborhoods where these borrowers purchase their homes. Before presenting original analysis of home mortgage lending to black and white homebuyers prior to and after the financial crisis, this report discusses the government policies and other factors that have led to and continue to contribute to persisting African American segregation.

The report also provides an overview of the Fair Housing Act in addressing housing discrimination and segregation. Despite some progress in achieving integration, weaknesses in fair housing enforcement have undermined the ability of the Fair Housing Act to dismantle segregation and combat discrimination.

African American home mortgage borrowers remain concentrated in residentially segregated areas where homes have failed to appreciate at the same pace as those in neighborhoods where white borrowers more predominantly buy their homes.

The report concludes with recommendations on how to strengthen fair housing enforcement, even as the Trump administration is rolling back fair housing policies and integration remedies. The recommendations include:. Despite a steady decline since the peak levels of the s and s, residential segregation still persists in U. That is not any better than what was common in , when the average black resident lived in a census tract where non-Hispanic white residents represented 40 percent of the total population.

The patterns of residential segregation observed today have not emerged by chance. The introduction of publicly backed, low down payment, fully amortizing, long-term, fixed-rate home mortgage loans promoted the demand for housing and boosted the construction and lending industries. On the other side, the establishment of the Public Works Administration PWA Housing Division programs sponsored public housing construction and slum clearance to improve the housing conditions of low-income families and boost employment in the building trades.

But this two-tier approach to housing policy promoted residential segregation in important ways. The HOLC, in particular, institutionalized redlining as a way to evaluate the quality of neighborhoods based on their racial and ethnic makeup. Neighborhoods with a large population of African Americans and other people of color typically received the lowest ratings and were deemed too risky to secure government-backed mortgages.

In particular, the Neighborhood Composition Rule required housing projects not to alter the racial character of their surrounding neighborhoods.

The segregative patterns thus institutionalized were reinforced by the Housing Act of , which introduced the enactment of the first major public housing program.

Local housing authorities had discretionary control over where they would develop public housing projects and who those projects would target. This early public housing effort received intense public opposition, especially from the National Association of Real Estate Boards. As a concession to opponents of public housing, the so-called equivalent elimination rule contained in the Housing Act required housing authorities to eliminate a substandard dwelling unit for each new unit of public housing built.

In order to not interfere with the private housing market, public housing was not to increase the overall supply of housing. As a result, public housing projects were built predominantly in inner-city locations to replace preexisting slums and thus helped contain African American and other minority neighborhoods. The two-tier approach to housing policy was consolidated in the postwar years, when the demand for new housing prompted the federal government to buttress existing programs and design new ones.

These programs played a key role in the solidification of racially segregated neighborhoods. These programs denied credit to inner-city communities of color, served predominantly white buyers, and spurred white flight and suburbanization. As a result of the program, however, entire black neighborhoods in close proximity to key white neighborhoods and institutions—such as newly planned universities and hospital complexes—were bulldozed, and massive public housing projects were built in order to contain displaced black residents.

The Fair Housing Act of was the first open-house legislation designed to right the wrongs of the racially biased laws and policies that had purposefully created segregated communities across the United States.

Specifically, the law prohibited housing discrimination in public and private housing transactions. The law also required the federal government to administer all federal housing and community development programs in a manner that would affirmatively further the fair housing purposes of the act. In addition, the law provided for enforcement actions brought by the U. Department of Justice DOJ and for private causes of actions in federal court to individual victims of housing discrimination.

The law was passed at a time of significant turmoil, as cities around the nation were experiencing a wave of race-related unrest due to longstanding discrimination against African Americans.

President Lyndon Johnson had already attempted to introduce fair housing legislation in Martin Luther King Jr. Rushed negotiations and significant compromise largely shaped the final statute. It also included an exemption according to which a dwelling was not covered by the statute if it had fewer than five rental units and its owner lived in one of them.

Most importantly, the legislation lacked critical enforcement provisions. Civil penalties were missing, and HUD did not have any cease and desist powers to temporarily hold a housing unit off the market during a conciliation process. The amendments added two new protected classes—disability and familial status—created a new administrative complaint process, and enhanced the penalties that came with violating the Fair Housing Act.

In , the U. Inclusive Communities Project Inc. The AFFH rule provided HUD program participants with a tool for analyzing local and regional fair housing issues and identifying patterns of segregation and access to opportunity.

Some progress in achieving integration and combating discrimination has been made since the passage of the Federal Housing Act. For example, there is greater black-white integration today compared with in Douglas S.

Massey and Jonathan Tannen indicate that in , immediately following the passage of the Fair Housing Act, nearly half of the black population in the United States resided in 1 of 40 hypersegregated metropolitan areas.

Denton 38 —occurs when a racial or ethnic group is highly segregated on at least 4 of 5 dimensions of segregation, including unevenness, isolation, clustering, concentration, and centralization. These include Baltimore and Chicago, among other cities.

The root causes of residential segregation have been and continue to be widely explored and debated in scholarly studies. Some argue that residential segregation is the result of nonracial demographic and socioeconomic circumstances, whereas others attribute the separation of racial groups in the residential landscape to racist attitudes and practices such as prejudice and discrimination in the housing market.

As a series of national housing discrimination studies that the Urban Institute conducted for HUD indicate, the most overt forms of housing discrimination have declined over the course of the past few decades. New forms of racial bias in housing have thus emerged. Racial steering, for instance, has become more common. Under this practice, real estate agents deliberately steer African Americans away from desirable neighborhoods and toward areas featuring larger concentrations of people of color, higher poverty levels, and lower housing quality compared with neighborhoods to where whites relocate.

In addition, black homebuyers are 2. Furthermore, the neighborhoods where white homebuyers are recommended and shown homes tend to be characterized by a larger presence of white residents than the neighborhoods where black homebuyers are recommended and shown homes.

In particular, with the proliferation of social media and online housing advertising, discriminatory digital marketing has become more common. As a result of the litigation, in March , Facebook agreed to stop allowing landlords, creditors, and employers, among other advertisers, to discriminate against people of color and other protected classes. The forms of discrimination against home mortgage applicants that were prevalent before the Equal Credit Opportunity Act of and the Community Reinvestment Act of have similarly diminished but have not disappeared, shifting from the outright denial of mortgages to potential borrowers of color to predatory practices, subprime lending, and unfavorable loan terms.

Recent evidence shows that financial technology lenders typically charge borrowers of color eight basis points higher interest rates than they charge white borrowers. Discrimination in the housing market reinforces the patterns of residential segregation that have been largely shaped by decades of racially biased housing policies. Most importantly, housing discrimination and residential segregation hamper the ability of African American homebuyers to build equity. Homes in primarily African American neighborhoods typically feature more volatile demand and prices than those in predominantly white areas, where resources such as access to well-paying jobs and quality schools are concentrated and contribute to higher housing demand and prices.

Research shows that, even after taking housing characteristics into consideration, homes in neighborhoods where there is a large concentration of African Americans as well as neighborhoods that are racially transitioning typically are worth less and appreciate at a lower rate than those in predominantly white neighborhoods.

As homebuyers tend to look for housing options in communities where they anticipate greater capital gains, discrimination and low housing appreciation disproportionately harm largely black neighborhoods. This vicious cycle puts African Americans at a disadvantage in their ability to build equity and accumulate wealth. Mortgage data show that while lending to African American borrowers has continued to expand after the housing crash of , harmful segregation patterns persist.

Similar to prerecession years, African American borrowers still predominantly buy homes in neighborhoods with large populations of people of color. Across the United States, for example, 44 percent of the population in neighborhoods where high-income black borrowers concentrate consist of people of color, compared with 22 percent of the population in neighborhoods sought by high-income white homebuyers. Seventy-five percent of black borrowers and 88 percent of white borrowers, respectively, buy their homes in moderate- and high-income neighborhoods.

Forty-one percent of the population in moderate- and high-income neighborhoods where high-income black homebuyers purchase a home consists of people of color, compared with just 21 percent in moderate- and high-income neighborhoods where white high-income borrowers reside. Furthermore, 16 percent of the population in high-income census tracts where high-income black borrowers purchase their homes is black, compared with only 5 percent of the population in high-income census tracts attracting high-income white homebuyers.

African American home mortgage borrowers continue buying homes in neighborhoods where homes have depreciated or have appreciated at a slower pace compared with those in neighborhoods where white homebuyers live.

Table 1 shows that, on average, the neighborhoods where African American borrowers bought their homes during the housing boom from to feature prices that are still lower than those before the financial crisis. In , home prices in these neighborhoods were 7 percent lower than in In contrast, home prices in neighborhoods where average white homebuyers purchased their homes during the same period have recovered; they increased by 2 percent between and Most broadly, racial disparities in home appreciation have persisted nationally even in the aftermath of the Great Recession, despite a general increase in home prices.

Home prices in census tracts attracting white homeowners, in contrast, have increased by 3 percent. This section considers the six metropolitan areas with the largest volume of home mortgage loans to African American borrowers: Atlanta, Baltimore, Chicago, Dallas, Houston, and Washington, D.

These areas feature a larger black population compared with the national average of 13 percent. In Atlanta, Baltimore, and Washington, D. Only 15 percent of all home mortgage loans, however, have gone to black borrowers in the years after the Great Recession, in contrast to the 60 percent of total loans that have gone to white borrowers.

Despite a decrease in segregation levels during the past three decades, 79 African Americans in these metropolitan areas are still highly segregated from non-Hispanic whites.

Standard measures of residential segregation 80 show that well more than half of the African American population in these metropolitan areas—from 57 percent in Dallas to 75 percent in Chicago—would have to live in a different neighborhood in their metropolitan areas in order to achieve a more dispersed geographic distribution and less separation from white residents.

Racially segregative patterns are evident in the homebuying outcomes of African Americans and white homebuyers across the six metropolitan areas, particularly in Washington, D.

Here, African Americans of all income levels purchase homes in neighborhoods where black residents make up a very large share of the total population. In contrast, white borrowers purchase homes in neighborhoods where African Americans represent, on average, a very small share of the total population; in Chicago, this share is only 6 percent.

Figures 3 through 8 illustrate the distribution of black homebuyers in these six metropolitan areas in relation to the geographic distribution of the black population. As the maps indicate, the density of black homebuyers tends to be higher in census tracts where the black population is mostly concentrated compared with predominantly nonblack neighborhoods.

This is particularly clear in areas such as Washington, D. Consistent with existing research, 82 a geographic information systems GIS analysis of trends in the home price index across census tracts in the selected metropolitan areas pinpoints a general overlap between depreciating neighborhoods and neighborhoods that are characterized by a large concentration of African Americans.

In Atlanta, while home prices in neighborhoods attracting white homebuyers have experienced a 5 percent increase since , home prices in census tracts where black homebuyers are concentrated are still 6 percent below levels.

Racial Disparities in Home Appreciation

The principal business of the Company is residential housing development, concentrating particulary on single detached houses. The Company registered share capital as at Dec 31, is totally 12,,, Baht. Issued and paid up share capital is totally to 11,,, Baht. House Lumpini Building, Floor, No. Land and Houses Public Company Limited , founded in , operating property development business, was established to be a company limited on August 30, The company operates property development business selling detached house, townhome, and condominium in Bangkok, perimeters and major provinces such as Chiangmai, Chiangrai, Khonkaen, Nakhonratchasima, Udonthani, Hua Hin, Phuket, Mahasarakham and Ayuthaya. The company attaches importance to the whole processes starting from the beginning until the delivery of the project and the quality house to the consumer.

An analysis of factors affecting homeownership: a survey of Hong Kong households

This study aims at investigating factors affecting household homeownership in Hong Kong. Household economic and socio-demographic factors affecting household decisions to own a home have been long overlooked in the literature, especially in the Hong Kong context. Thus, against a backdrop of recent sky-rocketing housing prices in the Hong Kong property market, characterised with very high construction costs and lucrative spending by mainland immigrants, this study sets out to understand factors preventing homeownership. A total of people were surveyed, using a closed-ended questionnaire containing 14 items identified from the literature. It was found that homeownership cut across different age groups and demographic status.

Land, Energy, and Climate. Green Economics. Environmental and Natural Resource Economics.

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For most home buyers, the purchase of real estate is one of the largest financial transactions they will make. Buyers purchase a home not only for the desire to own a home of their own, but also because of changes in jobs, family situations, and the need for a smaller or larger living area. Skip to main content. Your resource for all things Real Estate.

Know Your Customers’ “Jobs to Be Done”

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Price inflation has outbalanced the income of residents and buyers in major post-industrial city-regions, and real estate has become an important driver of these inequalities. In a context of a resilient inflation of home values during the last two decades in the greater Paris Region, it is critical to examine housing price dynamics to get a better understanding of socioeconomic segregation. This paper aims at presenting spatial analysis of the dynamics of segregation pertaining to inflation, analyzing price and sellers and buyers data. Using interpolation techniques and multivariate analysis, the paper presents a spatial analysis of property-level data from the Paris Chamber of Notaries in a GIS , transactions in suburban areas, single family homes only. Multivariate analysis capture price change and local trajectories of occupational status, i.

Highlights From the Profile of Home Buyers and Sellers

The Law Office of Russell C. Petersen, LLC is a Georgia-based law firm, with offices in Gainesville and Duluth providing closing and settlement services for home buyers, sellers, investors, and lenders throughout the State of Georgia. The simple act of saying 'thank you for your purchase' is an incredibly powerful way to show a little customer love.

Firms have never known more about their customers, but their innovation processes remain hit-or-miss. According to Christensen and his coauthors, product developers focus too much on building customer profiles and looking for correlations in data. To create offerings that people truly want to buy, firms instead need to home in on the job the customer is trying to get done. Some jobs are little pass the time ; some are big find a more fulfilling career. Jobs are multifaceted.

Ввела личный код, и экран тотчас ожил, показав, что Следопыт работает, хотя и не дал пока никакой информации о Северной Дакоте. Черт возьми, - подумала Сьюзан.  - Почему же так долго. - Ты явно не в себе, - как ни в чем не бывало сказал Хейл.

Но в них была только смерть. Смерть ее веры в .

1 Comments

ClГ©mence F.
03.04.2021 at 21:50 - Reply

A woman stands on her front porch in the Rosedale neighborhood of Washington, D.

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