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.