Home >> Media >> The MReport Webcast: Tuesday 2/10/2015
Print This Post Print This Post

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


Check Also

DS5 logo

DS5: Reconsidering Down Payment Assistance

In this week's episode of DS5: Inside the Industry, the show is joined by Richard Ferguson, ...

Subscribe to MDaily

MReport is here for you to stay on top of important developments in the mortgage marketplace. To begin receiving each day’s top news, market information, and breaking news updates, absolutely free of cost, simply enter your email address below.