California Latinos Make Up Small Fraction of Mortgage Market #investment #realestate #homeownership

Source:  The Sacramento Bee

Latinos are the largest ethnic group in California but a new analysis reveals they make up just a fraction of people applying for conventional home loans and were more likely to be denied loans in two rural Northern California metro areas.

A national analysis by Reveal from The Center for Investigative Reporting found Latinos accounted for nearly half of the population in the Los Angeles area in 2015 - 2016, yet made up just 18 percent of conventional loan applications.

In the Central Valley city of Fresno, Latinos made up more than half of the population but only accounted for a quarter of traditional mortgage applications.

The data also showed disparities in two rural Northern California communities:  in Chico, when Latinos did apply for such loans, they were nearly 2.5 times more likely than whites to be denied; in Salinas, they were 1.7 times more likely to be denies.  The analysis compared applicants with similar incomes, loan amounts and purchasing neighborhood, among other factors.

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