Institutional racism didn't end in 1865. The present racial disparity is the result of segregation policies starting with black codes, then Jim Crow; some that lasted well into the 1970s, others that have been created since and are in place today
Segregation policies, racial covenants and racially biased redlining led to the current racially divided housing situation, the racial housing disparity and the racial asset disparity.
To discuss race and real estate, we must go back to the beginning of white land use in America, when the South was a slave-based economy.
Two recent reports on racial income disparity and asset disparity address various reasons for the racial wealth gap. They look at black education, black housing disparity, black banking and black savings.
Mass black incarceration is in large part due to racial profiling--starting with President Johnson's War on Crime, then the RDL and stop and frisk policies in NYC.