Minorities were far more likely than whites to be given high-cost subprime mortgages last year, according to a study to be released today by the Association of Community Organizations for Reform Now, an advocacy group.

In the Bay Area, the disparity between high-cost home loans made to minorities and whites was particularly pronounced, even among borrowers with similar incomes, the study found.

“This is a problem with risky loans, not risky people,” said Lindsay Gebhart, development associate at ACORN in San Francisco. “A vast majority of these loans were given to people who do not have bad credit. Especially minorities were given loans far worse than what they qualified for.”

An index that measures pending sales of resale homes dropped in July to its lowest level since September 2001, the National Association of Realtors reported today.

The Pending Home Sale Index, which is based on signed contracts for transactions that have not yet closed, dropped 16.1 percent in July compared to July 2006, to a reading of 89.9. That compares to an index rating of 89.8 in September 2001. Pending sales are typically finalized within one or two months of signing, the association reported.