MLK’s Other Dream? Equal Housing Opportunity

A year before his death, he launched the Poor People’s Campaign to fight job and housing inequality, among other issues. Historians say the Poor People’s Campaign and the Chicago Open Housing Movement laid the groundwork for the 1968 Fair Housing ActMartin Luther King Jr.

Trikosko, Marion S.,/Library of CongressBY MARIAN MCPHERSONJanuary 15, 2018

This post was last updated Jan. 14, 2022. Inman News

Although Martin Luther King, Jr. is most remembered for his struggle to secure voting rights and stop segregation, the civil rights icon’s dream of racial equity reached far beyond integrated public life — it also included economic security and housing rights for the millions of minority and low-income Americans who’d been relegated to their cities’ under-resourced neighborhoods and housing projects.

King began planting the seeds of what would become the Poor People’s Campaign in Chicago, where thousands of Black Chicagoans struggled with job and housing insecurity — something they’d hoped they escaped during the Great Migration, the term used to describe a decades-long exodus from the fields of the South to the factories of the North.

Although some Black people found great success in Chicago, Detroit, New York City and other similar places, many more found the only thing that changed in their life was their address.

“We are here today because we are tired,” Dr. King said, according to a transcript of a speech he made at Chicago’s Soldier Field. “We are tired of paying more for less. We are tired of living in rat-infested slums … We are tired of having to pay a median rent of $97 a month in Lawndale for four rooms while whites living in South Deering pay $73 a month for five rooms.”

“Now is the time to make real the promises of democracy,” he added. “Now is the time to open the doors of opportunity to all of God’s children.”

According to articles by HuffPost and NPR, Dr. King spent much of 1966 in Chicago, even moving his family to an apartment on the city’s predominately Black west side. There, King and Southern Christian Leadership Conference (SCLC) launched the Chicago Open Housing Movement, whose goals included the rehab of public housing, increasing the supply of affordable housing, pushing for diversity and integration in businesses and unions, a $2 minimum wage and the abolition of wage garnishment.

Over the course of the year, King and SCLC activists held citywide rallies, planned demonstrations in front of real estate brokerages and marched into Chicago’s all-white neighborhoods, which were met with violent reactions from the city’s white residents. “Well, this is a terrible thing,” King said in a soundbite acquired by NPR. “I’ve been in many demonstrations all across the South, but I can say that I have never seen, even in Mississippi and Alabama, mobs as hostile and as hate-filled as I’m seeing in Chicago.”

Eager to quell the violence, Chicago’s mayor, Richard J. Daley, agreed to meet with King and other activists in August 1966 to work out an agreement, which included building future public housing with “limited height requirements,” and requiring the Mortgage Bankers Association to make mortgages available regardless of race.

King hailed the agreement ‘‘the most significant program ever conceived to make open housing a reality,’’ but tempered his assessment by recognizing it as only “the first step in a 1,000-mile journey.’’

The next year, King went back to the South and began planning the Poor People’s Campaign, which was built from his experiences in Chicago the year before. He and the SCLC began creating a blueprint for economic and housing equity that addressed the systems and policies that kept minority and low-income communities behind the eight ball.

“This is a highly significant event,” King told the SCLC in November 1967, according to an archive at Stanford’s King Institute. “[This] the beginning of a new co-operation, understanding, and a determination by poor people of all colors and backgrounds to assert and win their right to a decent life and respect for their culture and dignity.”

He garnered support from civil rights leaders in American Indian, Puerto Rican, Mexican American, and poor white communities and began planning another March on Washington to demand jobs, unemployment insurance, a fair minimum wage, and education for adults and children. “It’s as pure as a man needing an income to support his family,” King said.

King was assassinated before he could finish planning the demonstration; however, other SCLC leaders and his wife, Coretta Scott King, banned together and finished planning the march, which took place on Mothers’ Day 1968. After the initial demonstration, protestors pitched tents on the Mall in Washington and lobbied for fair employment and housing policies until their park permit expired a month later.

Even though the campaign was largely unsuccessful in making widespread change — they did secure free food surplus distribution to 200 counties — historians say the Poor People’s Campaign and the Chicago Open Housing Movement laid the groundwork for the 1968 Fair Housing Act, which ensures that all Americans have access to equal housing opportunities and outlaws discrimination based on an individual’s race, color, religion, sex, national origin, disability or familial status.

Although the Fair Housing Act has improved the living conditions of Americans, many readily point out there is still much work as evidenced by disproportionately low homeownership rates for Blacksrampant gentrification in communities of color, a lack of affordable housing for low-income individuals and families, and concerns about new technologies, such as Facebook, being used to discreetly discriminate.

“And we have to continue in the legacy of MLK and the civil rights movement and the legacy of abolition movements of before,” said Paige May, a Chicago resident who spoke to NPR after an event to celebrate MLK.

“We have a lot of work to do, but it’s also — it feels like a day that’s celebratory in a lot of ways, right? But in the sphere of struggle and resistance.”


Experts Agree: Options Are Improving for Buyers

Experts Agree: Options Are Improving for Buyers [INFOGRAPHIC] | MyKCM

Some Highlights

  • Buyers hoping for more homes to choose from may be in luck as housing inventory begins to rise. Many experts agree – new sellers listing their homes is great news for buyers and the overall market.
  • Although the supply increases are modest, more homes means more options for buyers. A rise in inventory may also help slow the price gains we’ve seen recently and could be a sign of good things to come.
  • If you’re searching for a home, rising inventory is welcome news. Let’s connect today to discuss new listings in our area.

U.S. Homeowners Enjoyed $1.9 Trillion of Equity Gains in Early 2021

CoreLogic’s newly released Homeowner Equity Report for the first quarter of 2021 shows U.S. homeowners with mortgages (which account for roughly 62% of all properties) have seen their equity increase by 19.6% year over year, representing a collective equity gain of over $1.9 trillion, and an average gain of $33,400 per borrower, since the first quarter of 2020.

Residential News » Irvine Edition | By Michael Gerrity | June 10, 2021 8:59 AM ET

While the coronavirus pandemic created economic uncertainty for many, the continued acceleration in home prices over the last year has meant existing homeowners saw a notable boost in home equity. The accumulation of equity has become critically important to homeowners deciding on their post-forbearance options. In contrast to the financial crisis, when many borrowers were underwater, borrowers today who are behind on mortgage payments can tap into their equity and sell their home rather than lose it through foreclosure. These conditions are reflected in a recent CoreLogic survey, with 74% of current homeowners with mortgages noting they are not concerned with owing more on their home than it is worth within the next five years.

“Homeowner equity has more than doubled over the past decade and become a crucial buffer for many weathering the challenges of the pandemic,” said Frank Martell, president and CEO of CoreLogic. “These gains have become an important financial tool and boosted consumer confidence in the U.S. housing market, especially for older homeowners and baby boomers who’ve experienced years of price appreciation.”

WPJ News | Frank Nothaft, Freddie Mac's chief economist
Dr. Frank Nothaft

“Double-digit home price growth in the past year has bolstered home equity to a record amount. The national CoreLogic Home Price Index recorded an 11.4% rise in the year through March 2021, leading to a $216,000 increase in the average amount of equity held by homeowners with a mortgage,” said Dr. Frank Nothaft, chief economist for CoreLogic. “This reduces the likelihood for a large number of distressed sales of homeowners to emerge from forbearance later in the year.”

Negative equity, also referred to as underwater or upside down, applies to borrowers who owe more on their mortgages than their homes are currently worth. As of the first quarter of 2021, negative equity share, and the quarter-over-quarter and year-over-year changes, were as follows:

  • Quarterly change: From the fourth quarter of 2020 to the first quarter of 2021, the total number of mortgaged homes in negative equity decreased by 7% to 1.4 million homes, or 2.6% of all mortgaged properties.
  • Annual change: In the fourth quarter of 2020, 1.8 million homes, or 3.4% of all mortgaged properties, were in negative equity. This number decreased by 24%, or 450,000 properties, in the first quarter of 2021.
  • National aggregate value: The national aggregate value of negative equity was approximately $273 billion at the end of the first quarter of 2021. This is down quarter over quarter by approximately $8.1 billion, or 2.9%, from $281.1 billion in the fourth quarter of 2020, and down year over year by approximately $13.3 billion, or 4.6%, from $286.3 billion in the first quarter of 2020.

Because home equity is affected by home price changes, borrowers with equity positions near (+/- 5%) the negative equity cutoff are most likely to move out of or into negative equity as prices change, respectively. Looking at the first quarter of 2021 book of mortgages, if home prices increase by 5%, 195,000 homes would regain equity; if home prices decline by 5%, 260,000 would fall underwater.


Home Price Appreciation Is as Simple as Supply and Demand

Home price appreciation continues to accelerate. Today, prices are driven by the simple concept of supply and demand. Pricing of any item is determined by how many items are available compared to how many people want to buy that item. As a result, the strong year-over-year home price appreciation is simple to explain. The demand for housing is up while the supply of homes for sale hovers at historic lows.

Let’s use three maps to show how this theory continues to affect the residential real estate market.

Home Price Appreciation Is as Simple as Supply and Demand | MyKCM

Map #1 – State-by-state price appreciation reported by the Federal Housing Finance Agency (FHFA) for the first quarter of 2021 compared to the first quarter of 2020:As the map shows, certain states (colored in red) have appreciated well above the national average of 12.6%.

Home Price Appreciation Is as Simple as Supply and Demand | MyKCM

Map #2 – The change in state-by-state inventory levels year-over-year reported by realtor.com:Comparing the two maps shows a correlation between change in listing inventory and price appreciation in many states. The best examples are Idaho, Utah, and Arizona. Though the correlation is not as easy to see in every state, the overall picture is one of causation.

The reason prices continue to accelerate is that housing inventory is still at all-time lows while demand remains high. However, this may be changing.

Is there relief around the corner?

The report by realtor.com also shows the monthly change in inventory for each state.

Home Price Appreciation Is as Simple as Supply and Demand | MyKCM

Map #3 – State-by-state changes in inventory levels month-over-month reported by realtor.com:As the map indicates, 39 of the 50 states (plus the District of Columbia) saw increases in inventory over the last month. This may be evidence that homeowners who have been afraid to let buyers in their homes during the pandemic are now putting their houses on the market.

We’ll know for certain as we move through the rest of the year.

Bottom Line

Some are concerned by the rapid price appreciation we’ve experienced over the last year. The maps above show that the increases were warranted based on great demand and limited supply. Going forward, if the number of homes for sale better aligns with demand, price appreciation will moderate to more historical levels.


Experts Say You Have to Stand Out In Today’s Real Estate Market

My clients are standouts every day. Each helping to provide for and serve their community. Most recently, one runs a community farmers market, one is a federal law enforcement officer and another is a social media guru, community advocate and owner of a small business. Real estate is a people business and I get to work with some outstanding ones.

SOLD


“Laurel is an amazing professional and one of the best in the business. She is well plugged in DMV real estate network – something that comes extremely handy when you are selling your home. She came prepared with a plan to market our home and got us the price we were comfortable with in 3 days. We could not recommend her enough especially for sales in north Chevy Chase neighborhood.” – read more LMRE reviews

First Time Home Buyers


Shout out to @taylorxpatrick for recognizing me on Instagram to her thousands of followers. I feel like this is the beginning of a long standing friendship. Not only in helping you and Asia close on your first home but also working together on some custom client closing gifts.


SOLD | Serving the DMV | Inside the Beltway

8101 CONNECTICUT AVE, Chevy Chase MD 20815 | #LaurelsListing

One of the better,  if not the best value, inside the Beltway. 8101 Connecticut Ave Condo real estate sales were relatively slow compared to other years. Owners no doubt, like a lot of other sellers, took a wait-and-see approach. How long could the disruption caused by Covid really be? However, for owners that decided to forge ahead and sell their properties, it proved lucrative. So far in 2021, average days on market is 2, down from 7 in 2020. Grossing 104.14% of the list price, up from 98.32% in 2020. 

Great way to start the new year. 
I am currently having conversations with owners who no longer can or want to wait it out. 
Looks and feels like there will be more inventory at 8101 this year. 
What is for sale right now? Please call, text or email me for more information.



Existing-Home Sales Jump 4.3% to 6.85 Million in October

Key Highlights

  • Existing-home sales grew for the fifth consecutive month in October to a seasonally-adjusted annual rate of 6.85 million – up 4.3% from the prior month and 26.6% from one year ago.
  • The median existing-home price was $313,000, almost 16% more than in October 2019. Total housing inventory declined from the prior month and one year ago to 1.42 million, enough to last 2.5 months – a record low – at the current sales pace.
  • More than 7 in 10 homes sold in October 2020 – 72% – were on the market for less than a month.

Regionally

Existing-home sales in the South increased 3.2% to an annual rate of 2.91 million in October, up 26.5% from the same time one year ago. The median price in the South was $272,500, a 15.7% increase from a year ago.

The National Association of Realtors® is America’s largest trade association, representing more than 1.4 million members involved in all aspects of the residential and commercial real estate industries.

Click for full NAR news release


Existing-Home Sales Soar 9.4% to 6.5 Million in September

Key Highlights

  • Existing-home sales grew for the fourth consecutive month in September to a seasonally-adjusted annual rate of 6.54 million – up 9.4% from the prior month and nearly 21% from one year ago.
  • The median existing-home price was $311,800, almost 15% more than in September 2019. Total housing inventory declined from the prior month and one year ago to 1.47 million, enough to last 2.7 months – a record low – at the current sales pace.
  • More than 7 in 10 homes sold in September 2020 – 71% – were on the market for less than a month.

Regionally

Existing-home sales in the South increased 8.5% to an annual rate of 2.80 million in September, up 22.3% from the same time one year ago. The median price in the South was $266,900, a 13.0% increase from a year ago.

The National Association of Realtors® is America’s largest trade association, representing more than 1.4 million members involved in all aspects of the residential and commercial real estate industries.

Click for full NAR news release

September 2020 Real Estate Statistics – DC Metro Area

09.28.2020 Maryland Real Estate Trends Echos Much Of The Countries


August Housing Data Reveals a Robust Summer Market Amidst Declines in Inventory

  • Median Sale Price is up 9.7%
  • Average Sale Price up 11.2%
  • Months of Inventory down 60% to 1.4 months
  • Median days on market are down from 22 to 9
  • Seven of Maryland’s rural counties have seen over 20 percent increases in average prices over last year.
ANNAPOLIS, MD – September 28, 2020 Maryland’s August housing market demonstrated substantial recovery from spring’s COVID-related disruptions, according to housing statistics released by Maryland REALTORS®*. Data from June through August show both an increase in average and median home prices, and a decline in months of available inventory, echoing nationwide trends and sparking concern over housing imbalances.

“The average sales price increased year-over-year from $361,823 to $402,452 and the median price increased from $310,000 to $340,000, growth of 11.2 percent and 9.7 percent, respectively” said Maryland REALTORS® President John A. Harrison. “Months of inventory dropped 60 percent to just 1.4 months, compared to 3.5 last year, which is a historic low for the state. Moreover, the median days on market fell from 22 to 9 which aligns with stories we’ve heard of bidding wars and homes selling within hours of hitting the market.”

“The most notable, but unsurprising, feature of the current housing market is the sharp rise in activity in rural areas,” said Harrison. Seven of Maryland’s rural counties have seen over 20 percent increases in average prices over last year. With the rise in working from home, commute times are less of a factor. That and the relative affordability of rural areas make urban and some suburban communities less attractive. “The pandemic has prompted individuals and families to reimagine their housing requirements, often desiring home office space and more expansive outdoor living areas.”