Monday, May 27, 2024

Fighting injustice in the real estate industry

November 13, 2023 by  
Filed under Community

Las Vegas real estate broker Kimberly Smith has spent decades creating opportunities for Black homebuyers — and she has a lot to share about the state of the industry.

By Kimberly Smith

As an African-American real estate broker now celebrating 20 years in the industry, I have enjoyed a front-row seat to the Black American experience in our real estate market. 

The historical injustices and persistent disparities in homeownership faced by Black Americans are indeed pressing issues that demand collective attention and direct action. Deep disparities have endured despite the Fair Housing Act of 1968 — and in some cases, worsened over time. The 2008 Great Recession disproportionately affected Black homeowners, who were unfairly targeted by predatory lending practices, leaving them more vulnerable to the loss of their homes and exacerbating the homeownership gap. 

Regrettably, the situation has not significantly improved, with Black homeownership currently standing at just 43.4% — lower than it was a decade ago. This lags almost 30 percentage points behind White homeownership at 72.1%, while Hispanic homeownership has recently reached a historic high and Asian homeownership is also notably higher. 

Housing affordability and low inventory have created formidable barriers for all prospective buyers, with Black Americans facing even greater challenges. As Secretary of Housing and Urban Development Marcia L. Fudge has emphasized, homeownership is a primary source of wealth creation for most American households. However, a recent National Association of Realtors’ report underscores the harsh reality that Black Americans are more excluded from homeownership opportunities than they were a decade ago. Addressing these disparities is an essential step toward social justice and the overall economic well-being and prosperity of the nation. 

As a real estate broker, I pride myself on educating my clients and the community by making the process as easy as possible. There’s down payment assistance programs and dollars available to those who qualify. 

Homeownership is possible! I can be your Queen Of Real Estate! Call Kimberly Smith at (702) 291-7098 | | NV.Lic. No. BS.146388

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