Black homebuyers are denied mortgages at twice the rate of overall population, new analysis shows.
Black American homebuyers are far more likely to have their mortgage requests denied when compared to the overall borrower population, with even wider disparities seen in cities like Boston and Jacksonville, according to a new LendingTree analysis.
In some cities, that spread was even worse: In St. Louis, Mo., the mortgage denial rate for Black homebuyers was 20.73%, compared to the overall purchase mortgage denial rate of 7.33%, the worst gap LendingTree observed. Indeed, for generations, Black Americans have found it difficult — if not impossible — to get money to buy a home, often by design. That has contributed to a yawning racial wealth gap.
While the 1968 Fair Housing Act outlawed the practice of redlining, other housing disparities that deny Black people their full ability to build wealth persist to this day: Homes in Black neighborhoods tend to have lower property values, yet their owners have routinely experienced greater tax burdens, for example.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
17 Actors Who Were Paid Less Than Their Male Costars Even Though They Were More QualifiedAshton Kutcher was paid three times as much as Natalie Portman in No Strings Attached — the same year he won a Razzie and she won an Oscar.
Read more »
The New Porsche 911 GT3 RS Has a Tiny Easter EggThe new Porsche 911 GT3 RS has a tiny easter egg:
Read more »
Sony hikes price of PS5 in Europe, Japan, and morePS5 prices won’t be going up in the US, though.
Read more »
Court: 2 Arizona initiatives to stay on ballot despite violationsArizonans will be able to vote on two controversial ballot measures even though petition circulators broke the law, the state Supreme Court ruled late Wednesday.
Read more »
Lexus President Koji Sato Says #Save the Manuals, Hints Details of an EV SupercarThe LFA's electric successor is coming, though no one knows when, and Lexus President Koji Sato is trying to use software to give it a 'manual gearbox.'
Read more »