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NAR supports economic inclusion for equal housing opportunities

(REAL ESTATE ASSOCIATIONS) The NAR is pushing to insure anyone who wants a home can get one through a combination of economic inclusion, and eliminating implicit bias.

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The National Association of Realtors® is working with the U.S. Chamber of Commerce’s Equality of Opportunity that addresses accessibility to housing based on economic inclusion. NAR CEO Bob Goldberg said,

“We believe that building a better future in America begins with equal access to housing and opportunity. With ongoing residential segregation contributing to many problems in our society, NAR recognizes that this nation cannot achieve true economic equality without first achieving true equality in housing. Our commitment to this cause and to Fair Housing has only strengthened in response to recent tragedies in America.”

What is economic inclusion?

According to the FDIC, economic inclusion describes the efforts to bring underserved communities into the financial mainstream. This could include things like making sure consumers have access to bank accounts and financial services; protections against discriminatory lending practices; and other types of consumer protections. Although the FDIC’s efforts seem to focus on unbanked and underbanked consumers, economic inclusion reaches around to all financial transactions, including housing.

Research from the Brookings Institution cites barriers to economic inclusion as slowing economic growth in local communities. Giving underserved communities access to financial products and opportunities actually spurs the local economy. The government bears the weight of services for the underserved. For example, childhood poverty costs the U.S. economy about 4% of the GDP annually. Nationwide, that is about $500 billion a year. Economic inclusion gives people a way out. It’s not a hand-out, but education and opportunities to change the future.

The NAR is making real change for the underserved

Last week, it was announced that the NAR introduced tools that would reduce implicit bias. Goldberg said, “NAR has spent recent years reexamining how our 1.4 million members can best lead the fight against discrimination, bigotry, and injustice.” The NAR isn’t just talking about it. They’re putting their money behind inclusion, and preventing unfair housing practices. These kind of changes matter for everyone.

Dawn Brotherton is a Staff Writer at The American Genius, and has an MFA in Creative Writing from the University of Central Oklahoma. Before earning her degree, she spent over 20 years homeschooling her two daughters, who are now out changing the world. She lives in Oklahoma and loves to golf. She hopes to publish a novel in the future.

Real Estate Associations

NAR introduces meaningful tools and training to stop implicit bias

(REAL ESTATE ASSOCIATIONS) The NAR has been taking steps forward to erase implicit bias, and recent events have made this that much more important. You should also take steps.

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The National Association of Realtors® is demonstrating its commitment to addressing housing discrimination and racial injustice through an Implicit Bias Training video that is being distributed to members. The online video proposes to “give (real estate agents) the tools to help override the effects of implicit bias. This means that the next time (they) work with clients from other cultures and backgrounds, (they) will be in a position to provide equal professional service, because (they) have embraced the work we all need to do to treat everyone fairly.” This 50-minute video is just one part of NAR’s work to reduce discrimination in housing.

The NAR is committed to fair housing

This video isn’t just a kneejerk reaction to the recent protests. In January, the NAR leadership announced a plan that emphasized Accountability, Culture Change, and Training (ACT) to protect housing rights, and uphold fair housing standards in the NAR’s code of ethics and in United States law.

Housing discrimination and implicit bias

In 1968, Congress passed the Fair Housing Act, which outlawed discrimination based on race, color, or national origin pertaining to housing. The Act has been strengthened over the past 52 years, but enforcement is still inconsistent. The problem isn’t that people are explicitly biased, but that there are many barriers and practices that are leading to continued housing segregation.

One practice that the NAR is responding to is implicit bias, which is an unconscious bias that affects how you interact with others. Consciously, you might never discriminate against another race, but you may unintentionally react differently with another race than you would with someone of the same race. This might manifest itself in many ways as a real estate agent. The Kirwan Institute or the Study of Race and Ethnicity research suggests that implicit bias can be showing black buyers fewer homes than a white homebuyer, even if they are pre-qualified.

Check your biases

The NAR is doing more than simply changing its social media status in light of #BlackLivesMatter. The NAR is working for real change for fair housing. I’d encourage you to watch the entire video to really understand implicit bias in real estate, and how it affects everyone. You can examine your own implicit biases through Project Implicit, a research collaboration project. We aren’t going to end housing discrimination through legislation without real reform by the people who act as guides into the real estate industry.

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Real Estate Associations

NAR ad campaign aims to show importance of Realtors amid COVID-19

(REAL ESTATE ASSOCIATIONS) The NAR have run ad campaigns in the past about the importance of Realtors, and things are no different even in the midst of COVID-19.

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Last year, the NAR launched its new ad campaign titled “That’s Who We R” with the goal of promoting Realtor values in local communities both in residential and commercial properties. In light of the coronavirus pandemic, the real estate market has experienced changes along with the rest of the economy. We followed up with NAR Chief Marketing and Communications Officer, Victoria Gillespie on the state of the campaign since the COVID-19 outbreak.

“We have been working diligently with our agency partner Havas to ensure that the Consumer Ad Campaign (CAC) is responsive to the current environment and directly addressing the concerns of both Consumers and Members,” said Gillespie. “When it comes to our mass advertising (TV), we are currently fast tracking a new message that will speak to how REALTORS® are continuing to actively help Americans achieve their dreams of property ownership, even in uncertain times, with an optimistic look toward the future.”

Gillespie also explained how the campaign is producing new national radio spots and working with other content partners to share the ways in which Realtors are addressing recent housing issues such as advocating to Congress, to fighting for homeowners, and advising consumers directly. The NAR hosted an interactive online Q&A featuring President Vince Malta to answer questions largely catered towards first time homebuyers (the main target of the campaign).

NAR is also focusing on social media messaging by highlighting the value of Realtor expertise during uncertain times.

“Real estate has changed, however the dream has not and REALTORS® are still trusted advisors. We have transformed the way we do buying/selling with the same commitment to consumers; however, our lane and our voice is broader than that,” explained Gillespie.

“REALTORS® fight for mortgage relief, emergency loans, e-notaries and more. REALTORS® are good neighbors helping in communities across the country. Consumers will remember those brands and businesses that are doing something during and after this pandemic and will reward them with loyalty and future business.”

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Real Estate Associations

NAR and MBA urge Congress to help troubled homeowners hit by COVID

(REAL ESTATE ASSOCIATIONS) NAR and MBA wrote a letter to Congress seeking more emergency mortgage and rental assistance for homeowners because of the ongoing COVID-19 pandemic.

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Emergency mortgage

The National Association of Realtors (NAR) and the Mortgage Bankers Association (MBA) sent a letter to Rhode Island Senator Jack Reed and California Representative Maxine Waters on May 7. The letter supports legislation that funds emergency mortgage and rental assistance to Americans facing financial hardships due to the Coronavirus pandemic.

Waters is the Chairwoman of the House Financial Services Committee, which oversees banking, public and assisted housing, and insurance. Reed is a ranking member of the Armed Services Committee and a minority member of the Banking, Housing, and Urban Affairs committee.

Mortgage lenders and REALTORS® are working through unusual and adverse circumstances to provide vital housing security,” the letter states. “Across every state and local community, we have seen the need for Congress to help homeowners and renters faced with the sudden loss of income…A comprehensive response by Congress to these needs would include direct emergency mortgage and rental assistance to advance housing stability.”

According to the letter, 3.8 million homeowners have requested mortgage forbearance since the beginning of the pandemic. Payment forbearance and lowered interest rates are crucial to the housing sector’s ability to survive the economic downturn caused by the pandemic. As of April 29, 2020, the Federal Reserve has announced it would maintain a mortgage rate of 0 to 0.25% until the economy returns to a trajectory towards maximum employment.

The letter lauds the Housing Assistance Fund created to support homeowners ability to make mortgage payments and lenders ability to create flexibility for payments.

The NAR has been engaged in a series of legislative activism to protect Americans’ homes and keep people housed in a time when income has been significantly impacted. In just the last two weeks, NAR wrote two letters to Congress including this one and also supported two coalition letters. The coalition letters also supported emergency rental assistance for Americans with lost or reduced income. They also advocate for creating a comprehensive portal for consumers to access that emergency mortgage and rental relief. The fourth letter was to the Federal Housing Administration about increased premiums.

Though it is unclear the extent to which lawmakers have been economically impacted by the pandemic, they like everyone else have been impacted by the coronavirus. Waters’ sister died of COVID-19 in Saint Louis, Missouri last week.

It is never quite certain what it will take for Washington to stay connected to the needs of the average American and respond accordingly. Sweeping legislation has been passed in record time in response to the economic shutdown, but the government has a long way to go to prove to the American people that it is trustworthy enough to protect both lives and livelihood all together.

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