Government Failing Multicultural Homebuyers, Says Coalition

The Asian Real Estate Association of America (AREAA), the National Association of Hispanic Real Estate Professionals (NAHREP), and the National Association of Real Estate Brokers (NAREB) have collectively determined that the U.S. government is not doing enough to meet the needs of multicultural homebuyers.

Home in Atlanta

The three organizations are the largest representing multicultural real estate professionals.  They have released a call to action in Washington, D.C. to urge lawmakers and prominent policy makers to solidify policy that ensures people of color have access to home ownership.

As part of their investigation into the matter, the organizations surveyed their members at the Multicultural Real Estate & Policy Conference, March 3-4 in Washington, D.C.  The results of the survey were clear.  80 percent of those members who attended “believe that the current policy efforts have done little to improve situation facing minority homebuyers.”

Loan form

These findings will probably come as no surprise to many minorities in the U.S. who have sought home loans, only to be denied because of their racial, cultural, or ethnic backgrounds.  The real estate professionals are often left with unsatisfied customers who believed they could get homes and found out they cannot.

The organizations have issued a joint report called  “The Five Point Plan: Refocusing the Future of Minority Homeownership”, which they hope will help bring a “balanced” approach and more responsibility to the system.  The Five-Point Plan focuses on sustainability, accountability, and responsibility by providing the following: a more regulatory approach to help potential homebuyers who meet qualifications, more diversity training, more government support, consumer protection oversight, and mandatory financial education for first-time homebuyers.