First American alliance promotes African-American home ownership

May 31, 2005

Team provides technology, training for brokers

Inman News

Enhanced technology and training to help brokers better serve California's African-American home buyers are the fruits of an alliance between First American Corp. and the California Association of Real Estate Brokers.

The real estate information tools provided by First American will enable CAREB members to offer more efficient service to the African-American community and hence increase home-ownership opportunities, the companies said today.

First American will also sponsor educational events and seminars on trends and issues impacting real estate practitioners.

Home buying among African-Americans continues to trail that of non-minorities both in California and across the nation, the companies said. Recent studies have shown that the difference in home-ownership rates – about 75 percent overall for non-minorities and less than 50 percent among African-Americans and other minority groups – has persisted for nearly two decades, according to the companies.

First American will provide CAREB members with access to loan origination technology; nontraditional credit information; sales lead-generation data; and First American's Affordable Homeownership Settlement Bundle, which combines all of the services necessary to close a residential real estate transaction in a single-price package.

The bundle is offered to eligible home buyers in all California counties at an average discount of approximately 25 percent, based on household income level.

"The business tools, resources and industry information now offered to our membership under this alliance have, historically, only been made available to the nation's largest real estate franchises," said Jacqueline Carlisle, CAREB president, in a statement.

"We have found in First American a company that shares our desire to provide both smaller, independent agents and potential home buyers with the knowledge and tools necessary to help close the home-ownership gap. We look forward to working with First American for many years to come," Carlisle said.

Copyright 2005 Inman News

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