Minorities less likely to apply for mortgage, more likely to get turned down

Zillow, HUD will host town hall meeting, 'Building Equality in Housing'

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Persistent disparities in homeownership rates between whites and minorities may be at least partly explained by the fact that minorities are less likely to apply for mortgages than whites and more likely to be denied, a study by Zillow and the National Urban League suggests. The study also found many blacks and Hispanics who have managed to become homeowners live in communities that are taking the longest to recover from price drops seen after the U.S. housing bubble burst. Zillow -- which has been playing an increasingly prominent role in debates over housing policy -- will host a town hall meeting with the U.S. Department of Housing and Urban Development on Wednesday, Jan. 22. Zillow Chief Economist Stan Humphries will moderate the discussion, "Building Equality in Housing," with HUD Secretary Shaun Donovan answering questions from mortgage applicants, homebuyers and homeowners. Zillow's study examined recent trends in minority access to housing using data that lenders su...