New Research from Zillow and National Urban League Shows Lack of Equality in Housing Market; Blacks, Hispanics Experience More Mortgage Application Denials, Less Overall Home Value Appreciation
SEATTLE, Jan. 16, 2014 /PRNewswire/ -- Department of Housing and Urban Development Secretary Shaun Donovan will answer questions from mortgage applicants, home buyers and homeowners next Wednesday, Jan. 22, at 10 a.m. PST/1 p.m. EST in a live-streamed event. The town hall meeting, titled Building Equality in Housing, will be broadcast from Zillow Headquarters in Seattle, and will include an introduction from the National Urban League.
Zillow Chief Economist Stan Humphries will moderate the discussion. Questions will come from a live audience, as well as from social media. To submit questions, Tweet to @Zillow using the hashtag #BuildingEquality. More information can be found at www.zillow.com/education/HUD.
In conjunction with the event, Zillow and the National Urban League researched trends on minority access to housing, outlining the different experiences between races when seeking a mortgage, buying a home and during homeownership. The report, available here, discovered a number of instances in which minority access to mortgages and homeownership experiences, particularly among blacks and Hispanics, differs greatly from white experiences.
"It's been more than 50 years since Dr. King fought for equality, yet it is apparent that the American Dream of homeownership is not equally shared by all, even today," Humphries said. "Our research shows that minority homebuyers are encountering difficulties that often aren't shared by white homebuyers, and that even after they achieve the dream, they are less likely to see a similar return on their investment. This is an excellent opportunity to learn from Secretary Donovan what the Obama Administration is doing to address these issues."
"As an organization whose legacy and mission enable communities of color to secure economic power and civil rights, the National Urban League has long promoted homeownership as the key to upward economic mobility and financial security," said Marc H. Morial, president and CEO of the National Urban League. "'Building Equality in Housing' is a wake-up call about the hard work that remains to ensure that allAmericans achieve the dream of homeownership and begin to build real and lasting wealth."
Click here to read the full press release on the Zillow website.