219.
Week 219 in Detroit. Time flies when you are having fun. Unless you are frog, then times fun when you are having flies.
Our business is moving fast and the market is generating incredible opportunity. This week we saw a 15 year fixed rate mortgage at 1.99%. The interest rate environment has created high volumes in both mortgage and real estate. Keeping up with demand, my inbox and Saturday Cup of Joe has been exhausting. So let’s go….and I hope you have a great weekend.
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Racial disparity in housing. The wealth gap between blacks and whites in America continues to be an example of systemic inequality. Housing, being the primary way families pass on wealth, is a the center of the debate. Historically, housing was also one of the foundational mediums of discrimination. The Home Ownership Loan Corporation (HOLC), predecessor to the Federal Housing Administration (FHA), created home loan opportunities in many cities across the country. The HOLC created maps of 114 cities and indicated whether a loan was approved or likely in green, whether a loan possible but risky in yellow and, finally, whether a loan was declined or not likely in red. Those maps became known as red-lined maps because the red areas where all the black and integrated neighborhoods. In fact, I spoke to one housing advocate whose family bought…
