By: Marc H. Morial
President and CEO
National Urban League
Homeownership is part of the American dream and key to building wealth among all
Americans. Over the past decade, increasing homeownership has helped more African
Americans secure a larger sliver of the American pie paved the way for the building of
larger nest eggs for the future.
Just a few years ago, black homeownership hit historic highs: nearly half or 49.1
percent of African Americans in 2004 owned their own homes. Since then, rising
foreclosure rates have threatened that progress, with homeownership slipping down to
47.9 percent in 2006.
The slippage has set off alarms for us at the National Urban League that there is a
homeownership state of emergency afoot. If something isn't done soon, the problem
will only get worse, especially for the least experienced consumers in the market.
To get our nation's leaders to wake up and smell the impending disaster, we're offering
a Homebuyer's Bill of Rights
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