More Americans own homes today, but the gap in homeownership between Black and white people is at its widest in 10 years.
The National Association of Realtors reported that 65.5 percent of Americans owned homes in 2021 versus 64.7 percent in 2011, but just 44 percent of the latest number of homeowners are Black, compared to white Americans who made up more than 72 percent.
"Unfortunately, the incredible affordability challenges of the last year have hit minority home buyers more than white buyers," said Jessica Lautz, NAR deputy chief economist and vice president of research, in a press release.
At the same time, Black Americans who were able to purchase homes, spent more of their income on acquiring them than any other racial group, and 30 percent of them reported the cost being burdensome.
"Even among successful home buyers, Black Americans have lower household incomes, which narrows the available pool of inventory they may be able to afford and makes their journey to homeownership even more difficult in this limited housing inventory environment," Lautz added.
The report also showed that Black and Hispanic consumers faced more scrutiny from banks, with prospective Black homebuyers having the highest denial rates for both new purchases and refinancing options.
Nestlé has dismissed its CEO Laurent Freixe after an investigation into an undisclosed relationship with a direct subordinate. The company announced on Monday that the dismissal was effective immediately. An investigation found that Freixe violated Nestlé’s code of conduct. He had been CEO for a year. Philipp Navratil, a longtime Nestlé executive, will replace him. Chairman Paul Bulcke stated that the decision was necessary to uphold the company’s values and governance. Navratil began his career with Nestlé in 2001 and has held various roles, including CEO of Nestlé's Nespresso division since 2024.
Kraft Heinz is splitting into two companies a decade after they joined in a massive merger that created one of the biggest food companies on the planet. One of the companies will include brands such as Heinz, Philadelphia cream cheese and Kraft Mac & Cheese. The other will include brands like Oscar Mayer, Kraft Singles and Lunchables. When the company formed in 2015 it wanted to capitalize on its massive scale, but shifting tastes complicated those plans, with households seeking to introduce healthier options at the table. Kraft Heinz's net revenue has fallen every year since 2020.
