Saying millions of Americans are being left out of the American dream of homeownership, the nation’s three largest organizations representing multicultural real estate professionals, Asian Real Estate Association of America (AREAA), the National Association of Hispanic Real Estate Professionals (NAHREP), and National Association of Real Estate Brokers (NAREB), today called upon policy makers to do more for minority homebuyers.
This call to action comes after AREAA, NAHREP, and NAREB met in Washington, D.C., to discuss regulatory and policy changes to preserve access to homeownership for people of color.
“Overwhelmingly, the members of our three organizations agree that the lack of mortgage financing is the single biggest challenge facing minorities who want to buy homes,” said Kenneth Li, AREAA chairman. “The government’s housing recovery efforts have not gone far enough to improve the situation facing minority homeowners.”
According to the survey results, nearly 80 percent of the attendees responded they “believe that the current policy efforts have done little to improve the situation facing minority homebuyers.” Attendees also felt strongly that an active secondary market role is needed by the government to ensure that all homebuyers have access to the American dream of homeownership.
In the survey of attendees, “mortgage financing availability” was cited as the single greatest factor facing the multicultural real estate community. Additionally, respondents cited “tight underwriting requirements” as the greatest challenge facing prospective homebuyers looking to obtain financing.
To stabilize the home-buying market for minorities, the organizations issued a joint report entitled “The Five Point Plan: Refocusing the Future of Minority Homeownership.”
The Five-Point Plan focuses on sustainability, accountability and responsibility on the part of all parties in a real estate transaction. It calls for more diverse solutions to meet the future housing needs, and demands more preparation and responsibility on part of consumers and the industry alike. It also calls on the industry to develop unique and innovative solutions to the housing challenges facing the multicultural communities today and in the future.