Industry News

Minorities face gaps to home ownership

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Fannie Mae's 2003 National Housing Survey found that while most Americans view homeownership as a safe investment, four gaps must be addressed to close the minority homeownership gap.   The survey also found that having accurate information about the home-buying process is a significant roadblock to homeownership in households where Spanish is the primary language.   The four gaps include:   Information gap. The survey illustrated a significant difference between the general public and minority communities the level of accurate information about the home buying process. The gap was particularly pronounced among Hispanics whose dominant language is Spanish.   Only 23 percent of African Americans and 18 percent of Spanish-speaking Hispanics said they had an above average understanding of the home buying process. That's compared with a third of the Americans overall.   Affordability gap. The survey found a divide among renters, lower-income Americans and those w...