As home values are expected to increase, outlook for minority communities is better
A new study by Zillow found that black and Hispanic mortgage applicants are more than twice as likely as white borrowers to have their applications denied. Home prices in black and Hispanic neighborhoods fell further during the recession than they did in predominantly white and Asian communities, the survey found.
The disparities can be partly explained by the fact that black and Hispanic loan applicants earn an average of $20,000 a year less than white counterparts, according to Zillow. On a more positive note, the outlook for minority communities is good this year, as home values are expected to increase.