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St. Louis REALTORS Unveil Plan to Bridge Racial Homeownership Gap

St. Louis REALTORS acknowledge past role in racial housing disparities and propose a 10-point plan to support Black homebuyers, from financial literacy to increased housing supply.

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This picture is clicked outside the city. In this picture, there are many buildings and street lights. In the middle of the picture, we see vehicles moving on the road. At the top of the picture, it is black in color. On the right side of the picture, it is black in color. This picture is clicked in the dark.

St. Louis REALTORS Unveil Plan to Bridge Racial Homeownership Gap

St. Louis realtors have unveiled a comprehensive plan to tackle the racial homeownership gap in the region. The multi-part strategy, detailed in a recent report, aims to enhance financial literacy, boost housing supply, and increase downpayment assistance for Black residents.

The report, based on an analysis of nearly 75,000 home purchases between 2017 and 2022, highlights persistent racial disparities in homeownership. Black homebuyers face challenges such as lower median credit scores, higher mortgage denial rates, and purchasing less expensive homes.

The realtors' president, Stacey Sanders, stressed the industry's responsibility to address these issues transparently and take action. The plan acknowledges the organization's past role in perpetuating racist housing practices and suggests targeted interventions based on zip code to support both ends of the economic spectrum.

To implement the recommendations, progress will depend on partnerships with financial institutions, community engagement, and accountability. This was emphasized by past president Nate Johnson. The plan includes 10 actions to enhance financial literacy, increase downpayment assistance, and boost the housing supply.

Despite the search results showing no current organizations implementing the report's recommendations, the St. Louis realtors' plan marks a significant step towards supporting Black residents in the St. Louis area with homeownership and wealth building. The plan's success will rely on collaboration, community involvement, and the organization's commitment to accountability.

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