African-Americans, housing, real estate, home buying, mortgage, mortgage denial, homeownership, home value

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African-Americans squeezed out of the housing market

January 27, 2014: 12:00 AM ET

More African-Americans are being squeezed out of the housing market.

Not only are they less likely to apply for a mortgage than any other ethnic group, but African-Americans are also 2.4 times more likely to get denied a mortgage than Whites, a recent study conducted by Zillow and the National Urban League found.

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As a result, far fewer African-Americans have achieved the American dream of homeownership.

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And those who own homes were hit hard by the housing bust and are recovering at a much slower pace.

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The losses have had a huge impact on wealth, according to Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development (HUD). "African-Americans and Hispanics have had a higher share of their wealth tied up in their homes than Whites," he said.

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