Industry News
However, barriers are preventing the homeownership rate for Asian Americans and Pacific Islands from stretching even higher, according to the Asian Real Estate Association of America.
The homeownership rate among Asian Americans and Pacific Islanders has seen a “remarkable surge”—now over 60%—but the affordability crisis is threatening further gains for this community, according to the 2023 State of Asia America Report released by the Asian Real Estate Association of America. Fully unlocking this segment of eager home buyers will require policy changes and extra attention to key issues that are holding back further progress, says Sharon Wong, president of the Chicago chapter of AREAA.
As Realtors®, we hold a unique and vital responsibility to uphold ethical standards and legal obligations while fostering a fair and inclusive housing market. Recent settlements highlight the critical importance of adhering to both the National Association of Realtors® (NAR) Code of Ethics and the New Jersey Law Against Discrimination (LAD).
Recent Settlements: A Wake-Up Call
The New Jersey Office of the Attorney General and the Division on Civil Rights have recently reached settlements in four housing discrimination cases involving organizations in NJ. These cases underscore the need for vigilance in preventing discriminatory practices and ensuring compliance with all relevant laws and ethical guidelines.
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WASHINGTON (June 11, 2024) – National Association of Realtors® President Kevin Sears issued the following statement in response to the Department of Veterans Affairs (VA) announcement of a "Buyer-Broker Agent Temporary Local Variance Circular":
"The VA's home loan guaranty is the only program that explicitly bans buyers from directly paying for professional real estate representation. We applaud the VA for revising this policy and allowing veterans and active-duty service members the same advantages as other buyers in a competitive real estate market.