Industry News

Asian Americans to lead future home-ownership growth

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Asian Americans have seen the fastest growth in home-ownership attainment since 2000 of any population and their income and credit profile suggests that this growth will continue into the future, according to a new study that delves into the demographic trends and unique challenges within this group. The study, released Wednesday from the Asian Real Estate Association of America (AREAA) and the UCLA Asian American Studies Center, looked at key demographic trends such as population, home ownership and housing, income, language and immigration to gain a better understanding of the socioeconomic status of Asian Americans across the nation. Brian Montgomery, FHA commissioner and assistant secretary for housing, stated, "For FHA, this study highlights the need for additional product flexibility, such as that proposed in the Expanding Homeownership Act of 2006, to reach all segments of the Asian American home-buying market. We plan to work closely with AREAA to design and offer innovative a...