Industry News

Asians say home buying hampered by lack of knowledge

Freddie Mac survey reveals barriers

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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...