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 rate for mortgages has decreased nationally.
Here’s how the Chicago market ranked:
- The denial rate for 2014 conventional mortgage applications was 11.3 percent, down 1.3 percent from 12.6 percent in 2013.
- For black applicants, the denial rate fell from 32.1 percent in 2013 to 26.9 percent in 2014 — a 5.2-percent drop.
- For white applicants, the denial rate fell from 10.1 percent in 2013 to 8.9 percent in 2014 — a 1.2-percent drop.
- For Hispanic applicants, the denial rate fell from 24.9 percent in 2013 to 20.0 percent in 2014 — a 4.9-percent drop.
- For Asian applicants, the denial rate fell from 13.1 percent in 2013 to 12.2 percent in 2014 — a 0.9-percent drop.
You have {{data.cm.viewsLeft}} articles left this month.
This content is available to Inman Select subscribers.
Please select an option below.
Please register to access this content.
To continue viewing the content you love, please sign in or create a new account
You have used all of your free pageviews.
Please subscribe to access more content.
Access denied!