Industry News

Asian Americans underserved by real estate industry

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Language and cultural barriers are the biggest obstacles facing Asian-American home buyers, according to a recent survey of real estate professionals conducted by the UCLA Asian American Studies Center. A lack of knowledge about the home-buying process came in at a close second. "Often referred to as the 'model' minority group, one which has fully assimilated into American society, the study helped to dispel several misconceptions about the Asian-American community, including there not being a need for home-buying assistance," said John Wong, president of the Asian Real Estate Association of America. "The results of this study demonstrate the current void of programs within the real estate industry designed to reach this underserved population." "The Asian consumer presents a great business opportunity for real estate professionals," Wong said. The survey of real estate professionals was one component of a national study entitled, "Dispelling the Model Minority Myth," commissioned...