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In response to the present ongoing economic crisis brought on by the corrupt banking and political systems NAREB has set its sites on addressing the tremendous economic collapse especially affecting African Americans. The loss of home ownership, the bastion of Black wealth investment, has and continues to be devastating - A reported 53% loss of wealth from African Americans. A Nielsen Company study place African American's current spending power at one-trillion dollars. Taking this report into account, one can surmise that African Americans suffered a loss of more than one-trillion dollars during the financial and housing crash. Therefore African Americans current spending power is less than half of what it should or could have been- two-trillion dollars. Read Full Story
The Networking Mixer sponsored by the National Association of Real Estate Brokers (NAREB) was an exceptional event.
The evening began with an introduction of the National president Donnell Spivey, who preceded to recognize those in partnership with NAREB and of those individuals who have made outstanding contributions to the profession. Following the recognition ceremony a business-card drawing was held rewarding three winners with a portfolio, one of which was awarded to yours truly.
The setting was really suitable for networking and from my observations all was a success. The evening was complimented with a light buffet and open-bar.
In attendance was Donnell Spivey, president of NAREB; Nancy Ware and Carrie Hines of Certified Home Specialists Realty; Gwen Wynn of NAREB Woman's Council, Baltimore Chapter Inc.; Darryl Kemp of Kemp & Associates; and many others.
I'm now looking forward to the Convention that will take place beginning Monday July 27 thru Wednesday July 29.... See NAREB's website for more details: www.nareb.com
The issuance of NAREB’s research-based State of Housing in Black America (SHIBA) report, illustrates for the first time in one place, how government policies, manipulation of mortgage lending practices, and extended high unemployment, now reported to be more than 13 percent for African Americans continue to retard economic recovery in communities of color. “It’s unconscionable to think that African American homeownership gains from a 20-year high in 2004 of 49 percent have eroded to just above 43 percent today,” Spivey stated. • Some highlights from the SHIBA report:
We see for sale signs everyday and they are everywhere.
We see signs that read for sale by owner, for sale by realtor
corporations and we are seeing more for sale by auction.
This is a growing trend in Baltimore city. The city is second
In the state behind Prince George county with over 6,000
homes for foreclosure and the number is increasing fast.
Foreclosure is the legal process by which a bank or other secured creditor sells or repossesses a parcel of real property (immovable property) after the owner has failed to comply with an agreement between the lender and borrower called a "mortgage" or "deed of trust". Commonly, the violation of the mortgage is a default in payment of a promissory note, secured by a lien on the property. When the process is complete, the lender can sell the property and keep the proceeds to pay off its mortgage and any legal costs, and it is typically said that "the lender has foreclosed its mortgage or lien". Foreclosure is on the rise.
All of us who own property are affected by the trend. Home values are determined by the homes in a certain area. So if you own a home and paid $200,000 for it last year and your neighbor decides to sell his home for $100,000 and the neighbor next to him is in bank foreclosure. The bank is selling his home at $80,000. The new value of your home would be between $80,000 and $100,000. You would have just lost $100,000 and there is nothing you could do to change this fact. This is why it is crucial for you to protect your equity today while you still have time.
Equity is defined as the difference between what your home market value is today minus what you owe the bank. For example : your home is valued at $200,000 and you owe the bank $100,000, That means for the moment you have $100,000 available to use at your discretion. This number is subject to change on a daily based upon market value. It is better to have and never want than to want and have no availability to have. If you harvest your equity before you lose any of it you will win. Even if you take the money and placed it into a simple savings, CD, or decide to do some modest investments -You could improve the quality of your life!
We all have choices to make. It is up to you to chose which path to follow: To have or to have not! To learn more about how to protect your home investment call me - Deishel Setzer, Mortgage Planner / Wealth Builder - today at 1-866-905-1550
The BmoreRealty Blog covers topics that we might not write about or that should be mentioned, or just to share thoughts on some subjects.
Herb Strather - "Redeveloping Detroit"
I just became aware of an amazing story and feat of a Developer in Detroit making a purchase of six-thousand properties for just over three million dollars. My initial reaction at hearing of this was to think no good would come of this, that it would result in a negative outcome for the people; however I'm feeling a bit different after hearing from the Developer himself Click Here
Furthermore, Herb Strather has a website outlining his goal and objects related to redeveloping Detroit - The Detroit Bundle it is called: Click Here
Black Housing Crisis Continues
This story: "Nation's Housing Recovery Eludes Black America" offers some insight on what's happening: See Story
How will the Black Community address this?
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If you believe that you have been discriminated against in connection with the sale, rental or financing of housing call the Maryland Commission on Human Relations at 1-800-637-6247, the U.S. Department of Housing and Urban Development at 1-800-669-9777 or your fair housing agency.
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