Yes, I believe it does and always will exist. The brother of my best friend fell in love with a chinese girl and wanted to marry her. His parents said they would disown him if he did. Their reason? They didn't want rejects for grandchildren. He did marry her and they moved across country and now have no relationship with his parents. It's a no win situation for everyone involved.

IMO, if you love someone, it shouldn't matter what race, religion, social class etc. they are. However, there are many people (especially from my parents generation) who do not share that view.