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The MReport Webcast: Tuesday 2/10/2015

As the housing market continues its slow march toward recovery, new data suggests the climb remains steeper for minority races. Based on Zillow's latest homeownership data, the company estimated in a report on Monday that 12.4 percent of applicants who applied for a conventional mortgage loan in 2013 were denied.

While the denial rate for white applicants was slightly better than the national average at 10.4 percent and only a little worse for Asians at 13.3 percent, black and Hispanic applicants stood a much higher chance of being turned down, posting denial rates of 27.6 percent and 21.9 percent, respectively.

After suffering a setback in December, American attitudes toward the housing market recovered last month, with more consumers saying it is good time to get off the sidelines. Sixty-seven percent of American adults responding to Fannie Mae's January National Housing Survey said now is a good time to buy a home, the company reported Monday, while 44 percent said now is a good time to sell. Both figures are up from December. Doug Duncan, senior vice president and chief economist at Fannie Mae, said the country's current economic momentum played a role in January's more upbeat views of the housing market.

About Author: Jordan Funderburk

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