FILE - A Redfin"for sale" sign stands in front of a house on Oct. 28, 2020, in Seattle. The National Fair Housing Alliance on Friday, April 29, 2022, announced a settlement agreement to resolve a lawsuit against Redfin that will expand housing opportunities for consumers in communities of color in major cities. Under the agreement, Seattle-based Redfin will change its minimum housing price policy, alter other practices, and pay $4 million.
The changes will increase access to Redfin’s real estate services across the country and help counter redlining and residential segregation that NFHA and the other plaintiffs alleged Redfin’s policies perpetuated. Redlining is a now-illegal practice in which banks would refuse to make home loans to someone because they live in an area deemed to be a poor financial risk.
“Our commitment to broadening the price range of the homes we can sell is why, every year, by design, we lose money selling low-priced homes,” the company said. “As part of the settlement, we will increase our investment in serving buyers interested in low-priced homes in communities that have historically been underserved by the real estate industry ... Redfin hasn’t broken the law and we continue to stand behind our business practices.
That meant homes in minority neighborhoods were likely to stay on the market longer and sell for lower prices than they otherwise might have, the lawsuit said.
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