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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 Bailey is the founder of The MinorityEye and serves as the Chief-Curator of Information. He leads the editorial staff and works as a multimedia journalist who specializes in producing news stories and personal profiles that highlight the cultural, social, economic, and political experiences of minorities living in South Carolina and beyond. His extensive media, business, and political background has made him a well-respected voice and an often sought-after commentator on issues impacting people of color.

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