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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.
For many years, urban community organizations had battled neighborhood decay by attacking blockbusting (deceptive encouragement of white flight from neighborhoods in order to buy up real estate at a huge discount and then rent to low-income, usually black tenants), forcing landlords to maintain properties, and requiring cities to board up and ...
Following World War II, Chicago's South Side had become increasingly overcrowded as African Americans moved from the South in the second wave of the Great Migration.Unable to attain decent and sanitary housing in white neighborhoods because of racially restrictive real estate covenants and mortgage redlining by the Federal Housing Administration (FHA), African Americans were confined to the ...
Assessed value: The value of real estate property as determined by an assessor, typically from the county. "As-is": A contract or listing clause stating that the seller will not repair or correct ...
The real estate business practice of "blockbusting" was a for-profit catalyst for white flight, and a means to control non-white migration. By subterfuge, real estate agents would facilitate black people buying a house in a white neighborhood, either by buying the house themselves, or via a white proxy buyer, and then re-selling it to the black ...
Racial steering refers to the practice in which real estate brokers guide prospective home buyers towards or away from certain neighborhoods based on their race. The term is used in the context of de facto residential segregation in the United States, and is often divided into two broad classes of conduct:
To his point, the commercial real estate loan distress rate—or the percentage of loans that have been delinquent for over 30 days—soared 480% from February 2023 to 8.6%, signaling more capital ...
The California Real Estate Association also advised its member boards that speakers from the State Fair Employment Practice Commission, the agency which enforced the Rumford Fair Housing Act, should be prevented from talking to the general real estate membership about the new law.