a) Create a figure showing these three time series lines: (i) "Homeownership Rates by Race and Ethnicity: Black Alone in the United States" (ii) "Homeownership Rates by Race and Ethnicity: Hispanic (of Any Race) in the United States," and "Homeownership Rates by Race and Ethnicity: Non-Hispanic White Alone in the United States". Your figure should cover the time period from 1994 through the most recent data (3rd quarter, 2021)
Click on the blue "DOWNLOAD" button to save your figure as a png file.
[hints: To find these data series in FRED, enter some of the terms into the "Search FRED" box. To add a second or third line to a graph, click on the red "EDIT GRAPH" button and then click on "ADD LINE." Also: when searching for these series be sure to type "homeownership" rather than "home ownership" in the search box - FRED does not recognize that the two are the same.](b) Insert your figure (png file created as described above) into a page on your word processor and below the graph add a paragraph describing what the figure shows. Professor Baradaran discussed racial wealth inequality in her Economic Policy Forum presentation and the role of past U.S. federal policy in generating that inequality. Equity in owner-occupied housing is a major component of household wealth (see https://www.census.gov/library/stories/2020/11/gaps-in-wealth-of-americans-by-household-type-in-2017.html#:~:text=Home%20equity%20did%20not%20fully,rented%20their%20homes%20(%243%2C036)) ). Briefly discuss the implication of the data shown in your figure for the role of unequal housing ownership rates in perpetuating racial wealth inequality.