Zillow research released this morning included some good news for minority applicants: Although Hispanic and black homeowners are still lagging behind white and Asian homeowners in the housing recovery, the denial rates for mortgages has decreased nationally.
- The denial rate for 2014 conventional mortgage applications was 19.5 percent, down 1.7 percent from 21.2 percent in 2013.
- Bucking the national trend, for black applicants, the denial rate rose from 29.2 percent in 2013 to 30.3 percent in 2014 -- a 1.1-percent increase.
- For white applicants, the denial rate fell from 17.9 percent in 2013 to 15.6 percent in 2014 -- a 2.3-percent drop.
- For Hispanic applicants, the denial rate fell from 23.6 percent in 2013 to 21.5 percent in 2014 -- a 2.1-percent drop.
- For Asian applicants, the denial rate fell from to 21.9 percent in 2013 to 20.4 percent in 2014 -- a 1.5-percent drop.
Big plans for business in 2018?
Give yourself the tools to own the new year at Connect SF, July 17-20, 2018