Sign up for our daily briefing

Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on the day's biggest business stories

Subscribe to Axios Closer for insights into the day’s business news and trends and why they matter

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Stay on top of the latest market trends

Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sports news worthy of your time

Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tech news worthy of your time

Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Get the inside stories

Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Denver news?

Get a daily digest of the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Des Moines news?

Get a daily digest of the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Twin Cities news?

Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Tampa Bay news?

Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Charlotte news?

Get a daily digest of the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!
Reproduced from the National Association of Realtors; Chart: Axios Visuals

The homeownership rate for Black families is nearly 30 percentage points lower than that for white families, according to a new data analysis by the National Association of Realtors, which examined trends between racial groups from 2009 to 2019.

Why it matters: The report comes as President Biden has signed an executive order on racial inequity, directing his administration to take steps toward eliminating "racial bias and other forms of discrimination in all stages of home-buying and renting."

By the numbers: The homeownership rate for Black Americans is 42%, compared to white, Asian and Hispanic Americans who own homes at rates of 69.8%, 60.7% and 48.1%, respectively.

  • Just 43% of Black households can afford to buy the typical home compared to 63% of white households, according to the study.
  • Black Americans were the only group that saw a decline in homeownership rates from 2009 to 2019, and were "the group most affected by declines in homeownership rates before, during and after the Great Recession," the report says.

Driving the news: Black applicants were rejected for mortgages 2.5 times more than white applicants. The report highlights debt-to-income ratio as the most frequent reason lenders declined to approve loans to Black applicants.

  • Black applicants are twice as likely to be saddled with student debt than white applicants, with Black households having a median student loan debt of $40,000, compared to $30,000 for white households.
  • Low credit scores, unverified income, too little money in reserves and insufficient down payments are also listed as reasons lenders declined home loans to Black applicants.
  • Black and Hispanic applicants were three and two times more likely, respectively, than white and Asian Americans to tap into their 401(k) or pensions as a down payment for a home.

Go deeper

Miriam Kramer, author of Space
Feb 16, 2021 - Science

Scientists seek better understanding of black holes from star cluster

NGC 6397 seen by the Hubble Space Telescope. Photo: NASA/ESA/STScI

A cluster of stars 7,800 light-years away has a group of relatively small black holes hiding in its center.

The big picture: By learning more about this unexpected arrangement of stars and black holes, scientists might be able to piece together a better understanding of the complexities around how black holes behave.

Dion Rabouin, author of Markets
Feb 16, 2021 - Economy & Business

Investors' inflation expectations are pushing up borrowing costs

Data: U.S. Department of the Treasury; Chart: Michelle McGhee/Axios

Bond investors are looking past last week's tepid consumer price index report that showed U.S. inflation rising at just 1.4% and continue selling out of Treasury bonds in a big way, pushing yields from the benchmark 10-year note to their highest since mid-March on Friday.

Why it matters: Even at their still historically low levels, the market's rising inflation expectations are beginning to have an impact on the real economy by pushing mortgage, credit card and auto loan rates higher, making them more expensive for consumers.

Bill Gates faces scrutiny over relationship with Microsoft employee, Epstein ties

Photo: Alessandro Di Ciommo/NurPhoto via Getty Images

Representatives for Bill Gates pushed back on claims Sunday that he left Microsoft's board because of an earlier sexual relationship and against two other reports detailing more extensive ties with Jeffrey Epstein than had previously been reported.

Driving the news: Microsoft said in an emailed statement to Axios that it "received a concern" in 2019 that its co-founder "sought to initiate an intimate relationship with a company employee in the year 2000," but denied a Wall Street Journal report that its board members thought Gates should resign over the matter.