
Decline in the housing market almost affected every homeowners in U.S. especially in California where foreclosure rates are high and property price declines. But among the racial groups including Blacks, Whites, and Hispanics, the Asians surprisingly turned out to be the most affected.
Asians being the most affected among the groups is definitely a surprising result since they are known to earn more and have less debt. But according to the survey, one out of three Asian homeowners who live in California has experienced foreclosures and drops in home values. These are also supported by data showing that Asian homeownership dropped 1.24 percentage points last year to 59.4 percent while the…
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