Source: Scotsman Guide —
One of the biggest problems facing the nation is the wealth gap that exists between white and minority families. In fact, the typical white family in 2019 had eight times the wealth of the average Black family and five times the wealth of the typical Hispanic household, according to a Federal Reserve report on consumer finances.
So, it was fantastic to see Redfin’s report earlier this spring that showed the median home equity gain for families living in predominantly Black neighborhoods rose by 197% over the past two years. It’s a sign that the mortgage industry is one step closer toward creating a more equitable market. And hopefully, it’s a sign of progress that originators can build upon.