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Discrimination Seeps Into Every Aspect of Home Buying for Black Americans
And Black female prospective home buyers are applying for home loans — and being approved — at higher rates than previous years. In 2021, the number of applications from Black women, which has been climbing since 2010, jumped 14 percent. Applications from Black male prospective home buyers, in contrast, have been declining since 2017. The report did not speculate as to why. In 2021, among Black mortgage applicants, the largest segment — 42 percent — were women applying with no co-applicant. Black males applying alone made up 34 percent, and Black male-female co-applicants comprised 20 percent. Among white applicants, gender composition of the applicant pool was flipped: The largest group…
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The Jeff Bezos-Backed Real Estate Company Is On A Buying Spree For Single-Family Homes
The real estate investment platform backed by Amazon.com Inc (NASDAQ: AMZN) founder Jeff Bezos has continued ramping up its acquisitions of single-family rental homes in several U.S. markets. Arrived Homes acquires single-family homes to use as rental properties, then sells shares of these properties to investors through its online platform. The demand for rental property shares has grown exponentially so far in 2022, with more homes funded in July than the entire first quarter. The company has investment properties in 19 of the top 100 cities for population growth in the U.S. and estimates that it will expand to 40 of the top 100 cities by the end of the…
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The real estate buying frenzy is over
Source: FactSet; Chart: Axios Visuals Looks like America’s home buying binge is winding down. There’s a vibe shift visible in both the official data and in the anecdata from sellers, buyers and brokers. Why it matters: This is just what Jerome Powell ordered. The slowdown means the Fed’s rate hikes are working — cooling demand in an overheated market. “The buyers just stopped buying,” said Shauna Pendleton, an agent with Redfin in Boise, Idaho, until recently one of the hottest markets in the country. “Californication,” as she called it, drove an influx of buyers from the West coast, flush with cash courtesy of the also formerly booming stock market. Some listings…