Industry News

BofA, Asian-American real estate group launch partnership

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While the rate of home ownership among non-Hispanic whites is about 74 percent, that rate is roughly 53.7 percent for Asian Americans, according to data from the 2000 U.S. Census. The Asian Real Estate Association of America, formed in 2001, is seeking greater equality in home ownership. During a reception this week in Atlanta, Ga., the association and Bank of America announced a partnership that seeks to close this home ownership gap in the Atlanta area and on a national scale. Prior to the April 25 reception, leaders of the association and members of Bank of America's Neighborhood Marketing Lending Team held a strategic planning session to brainstorm ways the two entities can work together to better serve the needs of the Asian-American real estate market. "Asian Americans are traditionally perceived as model citizens, who have no need for home-buying assistance," said John Yen Wong, association president. "However, this is one of many misconceptions about the Asian culture. It is ...