Wednesday, Jan. 22 at 10 a.m. PT, Department of Housing and Urban Development (HUD) Secretary Shaun Donovan will sit down with Zillow Chief Economist Dr. Stan Humphries for a town hall meeting to discuss minority access to housing in America.
The event, Building Equality in Housing, will incorporate live audience questions as well as questions from social media. Follow the conversation on Twitter using the hashtag #BuildingEquality.
In conjunction with the event, Zillow researched trends on minority access to housing, outlining the different experiences among races when seeking a mortgage, buying a home and owning a home.
To download the full report click here.
To download the executive summary click here.
Findings from the research report include the following:
- Fewer minorities apply for conventional mortgages. Although Hispanics and blacks make up 17% and 12% the U.S. population, respectively, they represented only 5% and 3% of the conventional mortgage application pool.
- Blacks experience the highest loan application denial rates. One in 4 blacks will be denied a conventional loan application, as opposed to 1 in 10 whites.
- Wide disparities in homeownership rates among ethnic groups persist. According to data, 73.9% of whites own a home, whereas 60.9% of Asians, 50.9% of Hispanics, and 46.5% of blacks own.
- Neighborhoods with high minority populations have faced more overall depreciation since home values peaked. Home values in neighborhoods with a high black population are still down 23.3%, and in Hispanic neighborhoods values are down 32.6%. By contrast, home values in neighborhoods with high white populations fell 13.4%, and in neighborhoods with high Asian populations values fell 0.6%.