Wednesday, October 14, 2009

Rate of Homeownership in U.S. Among Asians Decline

According to 2008 American Community Survey (ACS) of the U.S. Census, there are nearly 13 million Asians living in the U.S., largely concentrated in west and east coast states, along with Illinois. This ethnic group historically tends to earn more than other minority groups and have less debt. Therefore it was surprising to learn in a recent census report that Asians suffered the sharpest drop in homeownership last year, eclipsing declines by whites, blacks and Hispanics. One explanation may be that one in three Asians lives in California which has seen foreclosure rates skyrocket and home values plummet. According to ACS, the U.S. homeownership rate fell to 66.6% in 2008, the lowest in six years, while the rate of homeownership for Asians fell to 59.4%. This drop in homeownership is a reversal after the housing boom years when minorities in the U.S. took advantage of easy access to financing to purchase homes. The Population Reference Bureau warns the news could worsen once 2009 data is available. Access NAR's state-by-state reports on international activity or view census information by community and ethnicity.

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