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Blockbusting in real estate is the illegal practice of convincing homeowners that their neighborhood is undergoing a significant change in demographics—typically portrayed as negative—so that they will sell or rent their homes at lower-than-market-value prices.
Like redlining and steering, blockbusting is an illegal act of discrimination that still happens frequently today in the real estate market. In this article, we’ll cover what blockbusting is, some examples, and of course, what you need to know to pass the real estate exam, so let’s go!
The meaning of BLOCKBUSTING is profiteering by inducing property owners to sell hastily and often at a loss by appeals to fears of depressed values because of threatened minority encroachment and then reselling at inflated prices.
Blockbusting was a business practice in the United States in which real estate agents and building developers convinced residents in a particular area to sell their property at below-market prices. This was achieved by fearmongering the homeowners, telling them that racial minorities would soon be moving into their neighborhoods.
Blockbusting is the practice of real estate brokers convincing homeowners to sell their houses for low prices for fear that a neighborhood’s socioeconomic demographics are changing and will decrease home values.
Blockbusting, also known as panic selling, is the discriminatory practice of encouraging homeowners to sell their homes below market value due to the neighborhood’s changing demographics.
Blockbusting is a real estate practice where agents or investors persuade homeowners to sell their properties at a lower price by instilling fear that people of a different race or ethnicity will soon move into the neighborhood.