SAN DIEGO, July 28, 2016 /PRNewswire-USNewswire/ -- Following the successful conclusion of the Asian Real Estate Association of America's (AREAA) "No Other" advocacy campaign, which called for creating a specific category for AAPI homeownership in housing research and studies, the US Census Bureau is set to release its first Quarterly Homeownership Report which implements this historic change on July 28th.
"This is an historic moment for AAPI, and will have a lasting positive impact on our housing needs for decades to come," said Vicky Silvano, 2016 National Chair of the Asian Real Estate Association of America. "As our numbers continue to grow over the coming years, it is important that we are ahead of curve when it comes to understanding the issues affecting housing in our community. This is an important first step in that direction, and we applaud the Census for their swift action in making this transition."
Due to the influential nature of the reports, having a distinct data category allows the AAPI market to have their housing needs be better understood and addressed. "Now, one can examine the special obstacles AAPI community may be facing in realizing the American Dream of ownership," said NAR Chief Economist Lawrence Yun. "Is it due to high housing costs in regions where many AAPI reside or is it due to credit access difficulty that is unique to the community? A better understanding the sources of problem means better ways to help address and redress the problem."
Representative Mike Honda (D-CA17), who played a pivotal role in this achievement, highlights how the data will help policymakers better understand AAPI issues. "This is another important step towards breaking down barriers for Asian Americans and Pacific Islanders (AAPI) in the pursuit of the American dream. Members of our community are more likely to be turned down for home loans than any other group. I am proud to have partnered with AREAA on this effort, which will ensure we have the necessary information to inform policymakers on how to prioritize and direct resources to address our housing needs."
"As the fastest growing immigrant group in the country - Asian Americans and Pacific Islanders are an evolving demographic whose invaluable contributions should and deserve to be counted," said Lorna Randlett of Leaders Forum. "AAPIs are an economic driver for the United States, so this accomplishment by AREAA to have full transparency into this Census data and having it cited in Tier 1 media with other groups is hugely important."
The Asian Real Estate Association of America (AREAA), established in 2003, is a national business trade organization focused on expanding housing opportunities for Asian American communities and creating business opportunities for real estate business leaders who serve this growing market. With over 15,000 members in 36 chapters across North America, AREAA is the largest real estate trade association dedicated to promoting homeownership in the Asian American and Pacific Islander community.
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