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REALTORS® playing vital role in community efforts to acknowledge, repair damage of past
Homeownership is the largest single contributor to intergenerational wealth for American families. But it has not been accessible to all Americans on equal terms. More than a half-century after passage of the federal Fair Housing Act, there remains a 30-percentage-point homeownership gap between white and Black Americans-the same as in 1968, the year the act was adopted. Black Americans own one-tenth the wealth of white Americans, despite earning, on average, about 60% of white Americans' income.
There is a clear line from the overtly racist policies of the past to today's inequities. While the 1968 Fair Housing Act outlawed discrimination, it provided little remedy for the decades of harm that preceded it. Industry efforts are curtailing present-day discrimination, but they don't reverse the effects of historic practices that denied Blacks homeownership, destroyed Black wealth, and prevented the transfer of wealth through generations. Click here to view the full REALTOR® Magazine article.
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