The National Association of Realtors says it wants to assist more African Americans in purchasing a home.
“Homeownership is part of the American dream,” said NAR President-elect Charles McMillan.
According to data from the U.S. Census Bureau, African Americans own homes at a rate much lower than Caucasians. In the fourth quarter of 2007, 47.7 percent of black households owned their own home compared with 74.9 percent of non-Hispanic white households.
According to McMillan, the NAR supports policies and initiatives that further minority homeownership and has successfully partnered with organizations like the Congressional Black Caucus Foundation to help raise awareness and identify and promote solutions that address minority needs, such as foreclosure prevention, housing counseling, and homeownership preservation.