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REALTOR®: Local REALTORS® say 2010 U.S. Census underscores need to serve emerging markets

Wednesday, March 9, 2011

The results of the 2010 U.S. Census underscores the need to better serve emerging markets, especially when it comes to housing, according to local REALTORS®.

According to the census, Santa Clara County gained 140,000 Asians and 76,000 Latinos since 2000. California's population, now pegged at 37 million, increased 10 percent, with the Latino population increasing by 28 percent and the Asian population up by 31 percent. Despite these findings, local REALTOR® officials say the home ownership rate of minority immigrants continues to lag that of native-born residents by as much as 30 percent.

At a seminar hosted by the Asian Real Estate Association of America – Silicon Valley chapter in partnership with the Silicon Valley Association of REALTORS® and the Santa Clara County Association of REALTORS®, John Fukuda, the national AREAA chair, said home ownership is high among Asians compared to other ethnic minorities, but many barriers to home ownership still need to be overcome. In addition to language, home ownership barriers include cultural differences like most Asians' innate hesitancy to share financial information; the lack of understanding about the importance of credit history and credit scores because FICO scores don't exist in their countries of origin; and most Asians believe it is best to save up to 50 percent of the down payment and/or pay cash for a home because to them, "(paying) interest is a dirty word."

"The world is getting smaller and we all need to work together," said Gene Lentz, president of the Silicon Valley Association of REALTORS® (SILVAR).  "Home ownership is an investment in the community. When more people own homes and are able to remain in their homes, everyone benefits."

Lentz mentioned SILVAR's Equal Opportunity Committee has promoted workshops and classes in an effort to broaden home ownership in the region. Committee chair Tess Crescini said past efforts have been successful. They include conducting a series of panel discussions which focus on the importance of cross-cultural understanding and cooperation among REALTORS®, home buyers and sellers at different stages of the real estate transaction, and hosting a home ownership seminar for buyers and sellers.

Crescini said on April 8 SILVAR will once again offer to members the National Association of REALTORS®' At Home with Diversity certification course. The course will teach REALTORS® and affiliates about transacting business across cultures and generations. The six-hour session will address issues of diversity, fair housing and cultural differences, and present details on business etiquette for specific cultures.

"We want our members to take advantage of this opportunity to understand and learn how to assist minority home buyers in achieving their American dream of home ownership," Crescini said.


The Silicon Valley Association of REALTORS® (SILVAR) is a professional trade organization representing over 4,000 REALTORS® and Affiliate members engaged in the real estate business on the Peninsula and in the South Bay. SILVAR promotes the highest ethical standards of real estate practice, serves as an advocate for homeownership and homeowners, and represents the interests of property owners in Silicon Valley.

The term "REALTOR®" is a registered collective membership mark which identifies a real estate professional who is a member of the National Association of REALTORS® and who subscribes to its strict Code of Ethics.

Variations of this article have appeared in local area newspapers.

For further information, please contact Rose Meily at SILVAR Public Affairs, email , or phone (408) 200-0109.

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