Industry News

Asians say home buying hampered by lack of knowledge

Freddie Mac survey reveals barriers
Published on Dec 19, 2005

Many Asians in the U.S. say their lack of knowledge about the home-buying process could delay or prevent them from purchasing a home, according to a study by Freddie Mac released today. The Asians who participated in the study also say they need to feel financially ready, stable and secure before they can consider buying a home, according to the new report, "Homeward Bound: An In-depth Look at Asian Homebuyers in the United States." The mortgage giant conducted 30 focus groups in mid-2005 of nearly 300 Chinese, Korean, Vietnamese, Asian Indian and Filipino immigrants, American-born Asian consumers and Asian real estate professionals to gain a better understanding of the cultural norms and expectations of Asian first-time home buyers. Although the focus groups revealed many differences among ethnicities, the report highlights recurring themes across groups that may lead to a greater understanding of the needs and expectations of Asian consumers, Freddie Mac said. The key findings inc...

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