Economy

African-Americans squeezed out of the housing market

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.

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

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

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.