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African-Americans squeezed out of the housing market

 

More African-Americans are being squeezed out of the housing market.

Not only are they less likely to apply for a mortgage than any other ethnic group, but African-Americans are also 2.4 times more likely to get denied a mortgage than Whites, a recent study conducted by Zillow and the National Urban League found.

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As a result, far fewer African-Americans have achieved the American dream of homeownership.

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And those who own homes were hit hard by the housing bust and are recovering at a much slower pace.

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The losses have had a huge impact on wealth, according to Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development (HUD). “African-Americans and Hispanics have had a higher share of their wealth tied up in their homes than Whites,” he said.

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Michael Bailey

Michael is the founder and serves as the Chief-Curator of Information for The Minority Eye, South Carolina’s largest minority-owned media outlet. As the leader of the editorial staff, he works as a multimedia journalist, telling the often-overlooked stories of minority communities from across the state and throughout the region. He specializes in producing news stories and personal profiles that share and expound on cultural, social, economic and political experiences of minorities living in South Carolina and beyond. His extensive media, business, and political background have made him a well-respected voice and an often sought-after commentator on issues that impact people of color.

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