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 9.5 percent, down 0.3 percent from 9.8 percent in 2013.
- For black applicants, the denial rate fell from 21.1 percent in 2013 to 18.4 percent in 2014 -- a 2.7-percent drop.
- Bucking national trends, for white applicants, the denial rate actually rose from 7.2 percent in 2013 to 7.4 percent in 2014 -- a 0.2-percent increase.
- For Hispanic applicants, the denial rate fell from 16.4 percent in 2013 to 14.2 percent in 2014 -- a 2.2-percent drop.
- For Asian applicants, the denial rate fell from 12.8 percent in 2013 to 11.7 percent in 2014 -- a 1.1-percent drop.
Big plans for business in 2018?
Give yourself the tools to own the new year at Connect SF, July 17-20, 2018