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Hispanics And Blacks Face More Hurdles In Home Ownership: Report

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HISPANIC MORTGAGE
DALY CITY, CA - JULY 12: A customer leaves a Wells Fargo Bank branch office on July 12, 2012 in Daly City, California. The Justice Department announced Thursday that Wells Fargo Bank, the largest residential home mortgage originator in the United States, will pay nearly $175 million to settle accusations of discrimination against qualified African-American and Hispanic borrowers between 2004 and 2009. The alleged discrimination is in violation of fair-lending laws. (Photo by Justin Sullivan/Gett | Justin Sullivan via Getty Images

Blacks and Hispanics are less likely than Caucasians and Asians to apply for a mortgage to purchase a home in the first place, but when they do, they also are much less likely to be approved, according to a joint report by Zillow and the National Urban League.

"A House Divided: How Race Colors the Path to Homeownership" relied on Home Mortgage Disclosure Act data, the Zillow Home Value Index and a survey performed by Ipsos. It discovered a number of instances in which members of minority groups -- particularly blacks and Hispanics -- faced challenges and obstacles in homeownership that differed greatly from what white people experienced.

Read the whole story at Pittsburgh Post-Gazette