Mortgage and real estate news this week: The Black appraisal gap and flippiest housing markets

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It promises to be a nice holiday weekend in much of the country, so we’ll keep this roundup quick to help you enjoy the weather and the outdoors as much as possible.

1. The appraisal gap keeps Black families poorer

Majority-Black neighborhoods often have lower property values than majority-White ones, and Black-owned homes can be undervalued, even in more mixed neighborhoods. As a result, home appraisals can serve to prevent Black families from building intergenerational wealth. Making the housing market more equitable will take a concerted policy effort.

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2. Real estate markets to make you flip

Amid an ongoing, historic housing shortage, the real estate market is tighter than ever. For savvy real estate investors, it can be a great opportunity to flip homes and turn profits. Last year, Memphis, Camden, New Jersey and Baltimore were among the most popular cities for flipping real estate.

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3. What rising mortgage rates mean for refis

As mortgage rates go up, fewer people will stand to benefit from refinancing their mortgages. Most experts expect rates to continue rising steadily this year, and pretty rapidly by historical standards. That means you’ll want to take advantage of the low rates while they last, if you haven’t already.

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4. Why FHA mortgages are losing popularity

In order to compete, many conventional lenders are making their mortgages more attractive to low-income buyers by reducing down payment requirements and PMI rates. The result is that FHA loan programs are seeing a drop in applications.

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5. Everything you need to know about foreclosure

First and foremost: you’re not in danger of being foreclosed upon any time soon. President Biden extended the coronavirus foreclosure moratorium through the end of June. But if you’re very behind on your mortgage and are worried about becoming current again, it may be a good idea to familiarize yourself with the process — and alternatives.

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Written by
Zach Wichter
Mortgage reporter
Zach Wichter is a mortgage reporter at Bankrate. He previously worked on the Business desk at The New York Times where he won a Loeb Award for breaking news, and covered aviation for The Points Guy.
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