A recent study conducted by Zillow and the National Urban League revealed that African-Americans are less likely to apply for a mortgage than any other ethnic group, and are 2.4 times more likely to be denied a mortgage than whites. Just over 25 percent of African- Americans are rejected, versus 21 percent of Hispanics and 10.6 percent of whites, according to CNNMoney.com. Similarly, only 43.1 percent of African-Americans have achieved the dream of homeownership compared to 47.6 percent of Hispanics and 73.3 percent of whites. Additionally, MHProNews.com has learned, minorities who do own homes were hit harder than whites as a result of the downturn, and their recovery is at a slower pace: African-Americans have lost 23.2 percent of their home value since the housing bubble, versus 32.6 percent for Hispanics and 13.4 percent for whites.
(Image credit: CNNMoney.com–housing slides)