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CNN: Black buyers are getting squeezed out of the hot housing market

CNN, May 23, 2022, Black buyers are getting squeezed out of the hot housing market

The market is pricing out first-time homebuyers of all backgrounds, but Black buyers face even bigger barriers.

Black applicants were denied home loans at a much higher rate than other groups, according to a Zillow analysis of data from the Home Mortgage Disclosure Act. Nearly 20% of Black applicants were denied a mortgage in 2020 compared to 10% of White applicants. Credit history was the most common reason given to Black applicants for being denied.

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Redlining and Neighborhood Health

Before the pandemic devastated minority communities, banks and government officials starved them of capital.

Lower-income and minority neighborhoods that were intentionally cut off from lending and investment decades ago today suffer not only from reduced wealth and greater poverty, but from lower life expectancy and higher prevalence of chronic diseases that are risk factors for poor outcomes from COVID-19, a new study shows.

The new study, from the National Community Reinvestment Coalition (NCRC) with researchers from the University of Wisconsin–Milwaukee Joseph J. Zilber School of Public Health and the University of Richmond’s Digital Scholarship Lab, compared 1930’s maps of government-sanctioned lending discrimination zones with current census and public health data.

Table of Content

  • Executive Summary
  • Introduction
  • Redlining, the HOLC Maps and Segregation
  • Segregation, Public Health and COVID-19
  • Methods
  • Results
  • Discussion
  • Conclusion and Policy Recommendations
  • Citations
  • Appendix

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