Washington, D.C. - The Asian Pacific American Institute for Congressional Studies APAICS and the Asian Real Estate Association of America AREAA will begin accepting applications today for a housing fellowship program, which they have jointly created to provide fellows with the unique professional and educational experience of serving as full-time staff in the U.S. Congress. The fellowship was established to develop a pipeline of leaders who are dedicated to addressing the diverse housing and community development needs of the Asian American and Pacific Islander (AAPI) communities.

Applicants must have a strong commitment to public service, the Asian American and Pacific Islander community, and must have demonstrated experience in the field of housing and community development. The AREAA Fellow will be placed in a congressional office and will work on housing and community development issues facing Asian American and Pacific Islander communities, along with other important issues facing the U.S. Congress. The fellow will also participate in special events hosted by APAICS and AREAA. The fellowship will be administered by APAICS and is sponsored by AREAA. The application and details are available online at http://bit.ly/AREAAFellowship; the deadline is March 1, 2012.

(CARLSBAD, CA - September 27, 2011) John Geha, president of Coldwell Banker Canada Operations ULC, has been appointed chair of the Asian Real Estate Association of America's first international chapter in Canada. The Asian Real Estate Association of America (AREAA), founded in 2003, is a non-profit trade organization of professionals dedicated to promoting sustainable homeownership in the growing Asian American housing market.

Geha heads the Coldwell Banker brand's presence in Canada, which currently consists of 246 independently owned Coldwell Banker residential and commercial franchised offices in every province across Canada, except Quebec, and also in the Yukon and Northwest Territories.

In his additional role as chair of AREAA's first international chapter, Geha will work to build the organization's presence within the real estate industry in markets across Canada.

"This new chapter of AREAA acknowledges the importance of the Asian community in Canadian real estate," says Geha. "Asian consumers have a significant impact on housing sales and values in Canada, and this new trade organization that already has deep roots in the U.S., will help real estate professionals here to better serve this growing and influential market."

Membership in the Canadian chapter of AREAA will be open to all real estate professionals, both in brokerage, and in related fields in the industry. One of the first opportunities for Canadian professionals to experience the scope and resources of the international organization will be at the 2011 AREAA National Conference at the Palace Hotel in San Francisco on September 29 - October 1.

The conference offers a registration fee for both AREAA members, as well as non-members wishing to experience the networking and learning opportunities focused on the Asian American market. Full details on the conference program are found at www.areaa.org/convention.

About AREAA
Founded in 2003, the Asian Real Estate Association of America (AREAA) is a nonprofit professional trade organization dedicated to promoting sustainable homeownership opportunities in Asian American communities by creating a powerful national voice for housing and real estate professionals that serve this dynamic market.

About Coldwell Banker(R)
Since 1906, the Coldwell Banker(R) organization has been a premier provider of full-service residential and commercial real estate. Coldwell Banker has a network of nearly 90,000 real estate professionals working in approximately 3,100 offices in 49 countries and territories. The Coldwell Banker brand is known for creating innovative consumer services as recently seen by being the first national real estate brand to augment its web site www.coldwellbanker.com for smart phones, the first to create a iPhone application and the first to fully harness the power of video in real estate listings, news and information through its Coldwell Banker On LocationSM YouTube channel. The Coldwell Banker system is a leader in specialty markets such as resort, new homes and luxury properties through its Coldwell Banker Previews International(R) marketing program.

In Canada, Coldwell Banker pioneered Ultimate Service(R), a unique customer service program that has earned a 98% overall customer satisfaction rating from over 55,000 Canadian home buyers and sellers. Each office is independently owned and operated.

For further information on the AREAA Canadian Chapter, please contact:

Barbara Zaprzala
(905) 278-4964
email: zala2053@rogers.com

Washington (April 19, 2011) - Despite the many barriers to home ownership, there are individuals and organizations across the country who are dedicated to helping minority families achieve and sustain their dreams of buying and owning a home. The winners of the 2011 HOPE Awards (Home Ownership Participation for Everyone) were selected for their commitment to helping minority home buyers minimize and overcome barriers to owning a home, forever enhancing and changing their lives.

The HOPE Awards is a national industry awards program that was created in 2001. The awards recognize individuals and organizations that are helping to increase and sustain minority home ownership...

In the wake of a devastating 9.0 magnitude earthquake and resulting tsunami in Japan, some real estate groups are organizing relief efforts for the country's short- and long-term needs.

Allen Okamoto, broker-owner of real estate and insurance agency T. Okamoto & Co. in San Francisco and founding chair of the Asian Real Estate Association of America (AREAA) has set up a relief fund through the association to assist people in the country's Tohuku region rebuild their homes.

WASHINGTON, DC (March 15, 2011)--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 DC 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."

At the March 3-4 Multicultural Real Estate & Policy Conference in Washington DC, members of AREAA, NAHREP, and NAREB were surveyed on their views of the home buying market and economic recovery efforts.

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.

"These are real estate professionals who are out in the community, trying to help hard-working Americans achieve their dreams of buying homes, and they are confirming what we have long suspected - that their clients cannot get loans," Carmen Mercado, Chair of NAHREP said.

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."

"Our Five-Point Plan is designed to bring common sense and a balanced approach to restoring the dream of homeownership to everyone. None of us wants to have homeownership a dream deferred or denied," NAREB President and CEO Vincent Wimbish stated.

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.

Specifically, The Five-Point Plan calls for:

The Plan includes specific recommendations for each of the Five Points.

Contact: Joanna Wu, Nakatomi & Associates
joanna@nakatomipr.com or (310) 914-5000

DES MOINES, Iowa - Jan.07, 2011 - Given the challenges many professionals in the real estate industry currently face, it has become somewhat difficult for trade associations to find the resources necessary to continue to grow local chapters and support members and their clients. With these challenges in mind, Wells Fargo Home Mortgage is proud to continue its commitment to the Wells Fargo Inspire. Educate. Enable.SM award for local chapters of the three major minority real estate trade groups.

The award is designed to recognize and reward those AREAA, NAREB and NAHREP chapters that represent what the nation's largest mortgage originator considers the greatest ways to serve their members and surrounding communities. With the backdrop of the Second Annual Multicultural Real Estate and Policy Conference, March 2-4, 2011 Wells Fargo will award two chapters from each of the three sponsoring associations with a check for $2,500, giving these six local chapters the resources to continue to provide programming and support that advance the knowledge of Realtors, maintain and increase chapter membership, and work to create sustainable homeownership for all Americans.

Award application process:
To apply for the award, local AREAA chapters should electronically submit a one-page Word document that details how well their chapters do the following:

>> Inspire - What does the chapter do for community outreach - how do they connect with and support the communities they serve?
>> Educate - What does the chapter do to educate its members and the communities they serve on relevant topics?
>> Enable - Does the chapter provide the tools necessary for members' professional development: to gain knowledge, improve skills and make connections? Are these same tools provided to the clients they serve in an effort to provide sustainable homeownership?

All applications must be sent to the national organization at ktruehart@areaa.org. Applications most arrive no later than Feb 12, 2011.

The winning chapters will be notified in advance of the conference, and invited to attend the Wells Fargo Inspire.Educate.Enable Awards Gala in Washington, D.C on March 2, 2011.

# # #

LAS VEGAS, (Oct. 10, 2010)--The Asian Real Estate Association of America today announced the launch of the AREAA Education Foundation dedicated to developing future leaders who will transform the way the real estate industry serves Asian American and immigrant homebuyers.

The new Foundation will focus on two initiatives--an executive leadership program and consumer outreach and education program targeted to sustainable homeownership.

Each year, the Foundation will select a class of five to ten future leaders to participate in a week-long executive development program at one of the nation's top tier universities. Those selected will also take part in a mentorship program with several top industry leaders, and participate in a yearlong project that supports the goal of expanding homeownership opportunities for underserved Asian American consumers and neighborhoods.

The Consumer Outreach and Homeownership Education program will be a broad effort to educate disadvantaged consumers, particularly new immigrants with limited English proficiency, about the home buying process. The program will include partnerships with nonprofit counseling agencies and online outreach to provide training to underserved consumers looking to purchase their first home.

Allen Okamoto, Chairman of the AREAA Education Foundation, said the Foundation's programs will prepare future leaders to serve the Asian American communities, and will play a key role in removing language barriers that prevent many consumers from becoming homeowners.

"Homeownership attainment and leadership development within the Asian American community is central to the mission of the AREAA Education Foundation. Working with our constituents and industry partners, the Foundation is well positioned to make a long lasting impact on multicultural communities and individuals," said Okamoto.

Chase, the consumer brand of JPMorgan Chase, is the first major corporate supporter of the AREAA Education Foundation through a donation of two properties valued by Chase at about $130,000, said Donna Miller, a Chase executive and a member of the Foundation's Board of Directors.

"Chase is pleased to support the launch of AREAA's new Foundation, as we have similar goals of promoting sustainable homeownership for disadvantaged consumers," Miller said.

"The homes that Chase is donating to the Foundation are part of our nationwide effort to donate REO homes or sell them at substantial discounts," Miller said.

The Foundation will rehabilitate and sell the REO properties donated by Chase, and proceeds from these sales will help underwrite the Foundation's programs.

"On behalf of the AREAA Education Foundation, I want to express our gratitude to Chase for their very generous donation that will enable us to launch our two new programs," said Allen Chiang, the Foundation's Treasurer. "We believe that the Foundation's efforts will be instrumental in increasing homeownership among the Asian American communities."

The Foundation expects to begin accepting applications for its leadership program in early 2011, and will announce the first Executive Leadership class awardees in March of 2011.

AREAA Education Foundation is an independent 501c3 affiliated with the Asian Real Estate Association of America (AREAA). With more than 12,000 members in 38 States, AREAA is the only trade organization that represents the diverse Asian American community and gives Asian real estate professionals a voice in the various policy and business discussions that affect the real estate market and Asian American consumers. For information, visit www.AREAA.org.

###

Contact: Joey Furutani
(310) 914-5000
joey@nakatomipr.com

A Certified Distressed Property Expert(R) is a real estate professional with specific understanding of the complex issues confronting the real estate industry, and the foreclosure avoidance options available to homeowners. Through comprehensive training and experience, CDPEs are able to provide solutions for homeowners facing hardships in today's market, specifically short sales.

Your designation includes: 2 Days of Classroom Instruction, 170 Page Distressed Property Field Manual, One-Year CDPE Membership, Complete Short Sale Forms Disk, Checklists for Distressed Situations, Foreclosure Solutions Flow Charts, Sample Short Sale Package, Monthly Follow Up & New Information Updates, Full use of the CDPE Logo and Designation.

To view the exclusive AREAA member rate, promo code and details, click here.

The 2010 AREAA Leadership Summit, sponsored by Bank of America and Wells Fargo, was held June 18-19th at the Ritz-Carlton in San Francisco. The invite-only event created a forum for national Board members, Advisory Council members, committees and local chapter leaders to share ideas and plan for the association's continued growth. One key takeaway from the summit was a renewed commitment to provide more value for members, including educational opportunities. The summit was capped by a networking event hosted by theEDGE, AREAA Young Professionals, at Icon Lounge. Event photos have been posted on AREAA's Facebook page.

SAN DIEGO (June 21, 2010) -- The Asian Real Estate Association of America (AREAA) is seeking a new Chief Executive Officer to lead the organization's 12,000 members and play a key role in shaping the future of the association.

The CEO will provide direction toward achieving AREAA's mission and annual objectives; lead the association's growth at the direction of the chair and the board of directors; and assist in strategic and financial planning.

AREAA's current CEO, John Wong, is stepping down after his contract expires this summer. "We are very grateful to John for his service and dedication to AREAA during the past year," said John Fukuda, AREAA's chairman. "As a founder of our association, he has brought a unique combination of cultural understanding and passion for AREAA's mission to his leadership role. He will continue to serve as a valued member of our board of directors."

AREAA's new CEO will join the association in a period of unprecedented growth. In the past six months, AREAA has added four new chapters, and five more chapters are in development. AREAA's influence and impact in both policy and business areas is being recognized by industry leaders. Additionally, AREAA has launched various initiatives throughout the country focused on stabilizing markets hard hit by foreclosures and providing consumers with tools they need to stay in their homes.

AREAA members represent a broad array of real estate, mortgage, and housing-related professionals who serve the diverse Asian American market. AREAA is the only trade association dedicated to representing the interests of the Asian real estate market nationwide.

To apply for this position, please send a cover letter and resume to ceojob@areaa.org.

LOS ANGELES - Today the U.S. Department of Housing and Urban Development entered into a new partnership with the Asian Real Estate Association of America (AREAA) to address housing and lending discrimination facing Asian and Pacific Islanders. Following a ceremony to sign a Memorandum of Understanding, HUD heard from Asian American and Pacific Islander community leaders and members about current housing issues in the community.

The events are part of HUD's programs to commemorate May as Asian Pacific American Heritage Month and to better serve the growing Asian Pacific American communities. While the rate of housing discrimination against Asian Americans and Pacific Islanders is comparable to that experienced by other groups, only 1% of HUD's Fair Housing complaints involve Asian Pacific American complainants. The partnership agreement is designed to educate Asian American and Pacific Islander community members and the housing industry about rights and responsibilities under the law and improve HUD's capacity to prevent discrimination, enforce the law and serve this growing community...

AREAA, as a member of a coalition of real estate and community-based organizations, is encouraging the House Committee on Financial Services to oppose further increases in FHA's downpayment requirement.

Such a change to the program will only hamper economic recovery and hurt millions of families who rely on FHA insurance to obtain safe, affordable mortgage financing.

Chapter President Tim Chen and his dedicated team of local leaders have established AREAA Dallas/Fort Worth to help support the Texas metropolitan area's Asian American community, as well as the professionals that serve them. With a focus on professional development opportunities for their members, AREAA Dallas/Fort Worth is scheduled to host classes on topics such as: business planning, time management, strategic marketing and development of a referral-based business.

The chapter marks AREAA's first in Texas, which follows only California and New York as the states with the highest Asian populations. To join AREAA Dallas/Fort Worth or to find out more about the chapter, visit: http://areaa.org/dfw

AREAA State of the Association Address - March 2010 from AREAA National on Vimeo.

Test version of the AREAA Chairman's monthly address. Suggestions welcome: contact@areaa.org

SAN DIEGO (MARCH 22, 2010) - The Asian Real Estate Association of America has appointed four new leaders to serve on the national Board of Directors. In these roles, the directors will help shape the association's long term goals and initiatives as they promote sustainable homeownership in the Asian American community and provide business opportunities for the real estate professionals that serve this market.

The newly appointed directors are Shen-Yi Michelle Chang, President of AREAA Arizona; Ivan Choi, President of REOMAC; John M. Lee, President of the San Francisco Association of REALTORS; and Cindy Lui, Vice President-Marketing of Wells Fargo Home Mortgage.

AREAA 2010 Chair, John Fukuda, stated:
"The range of professional expertise in this group is representative of the diversity of AREAA's reach and impact in all aspects of the Asian American real estate community.

"The association is enjoying tremendous success and exponential growth in new and existing areas this year, due in large part to the growing number of chapters we have nationwide. I'm confident that Michelle, Ivan, John and Cindy will lend the experience and vision necessary to better serve these chapters and, ultimately, our members."

Shen-Yi Michelle Chang is the Broker/Owner of DA FA Realty & Investments, LLC, and Broker/Owner of DA FA Mortgage, LLC. She is the founding President of AREAA Arizona and has been in real estate and mortgage for over ten years. Chang is also a co-owner of medical clinics, and in this capacity assists in offering monthly free clinics to all, however, targeting the Asian community.

Ivan Choi is the Senior Vice President, REO Financing Services for Prospect Mortgage. Based in Southern California, Mr. Choi oversees Prospect's national effort in partnering with REO servicers and capturing retail mortgage originations opportunities. He currently serves as a board member and President of REOMAC, a national non-profit association serving the default industry. Mr. Choi also serves as the national Membership Chairperson for AREAA.

John Lee has been serving San Francisco as a REALTOR since 1987 and consistently places in the top 1% of nationwide REALTORS each and every year. Currently, John is serving as the President of the San Francisco Association of REALTORS and a Director of the California Association of REALTORS. He is also a past President and Chairman of the Chinese Real Estate Association of America.

Cindy Lui is Vice President - Marketing for Wells Fargo Home Mortgage. She has worked extensively in marketing Wells Fargo to the Asian segment across the United States; educating and enabling Asian home buyers, home owners and real estate industry professionals serving Asian customers to achieve and sustain homeownership responsibly. Cindy has over ten years experience in the financial services industry and has also been a REALTOR since 2004.

Click here to read more about AREAA National Leadership

WASHINGTON, D.C. (MARCH 3, 2010) - The combined 70,500 members and affiliates of the National Association of Hispanic Real Estate Professionals, The Asian Real Estate Association of America (AREAA) and the National Association of Real Estate Brokers (NAREB) plan to share The Five-Point Plan: Creating A Sustainable Path to Minority Homeownership during their 2010 Multicultural Real Estate & Policy Conference this week in Washington, D.C. Leaders from the three national trade groups are appealing to lawmakers during Capitol Hill visits to take actions that stabilize the market, expand consumer protections, preserve liquidity and stop the spiral of losses in minority communities.

"Communities of color remain at great risk. We must take common sense actions that stop the spiral of losses, keep homeowners in place and prevent our neighborhoods from becoming renter communities," said incoming NAHREP Chairman Alex Chaparro. "Lawmakers are looking to the real estate industry to collaborate on solutions that balance the role of government and private enterprise. We believe this plan does that."

The three trade associations, which represent the most impacted communities, call for support of a five-point plan that:
1. Expands the scope of Community Reinvestment Act (CRA) functions to include loan servicing,
2. Mandates pre-purchase face-to-face homebuyer education and household budget management training,
3. Provides principal forgiveness for homeowners that are underwater on their mortgage and have more than 10 percent negative equity
4. Advocates the role of the GSE's and FHA to expand the flow of stable capital to the mortgage market
5. Promotes the role of a consumer protection agency that puts consumer interests first and is empowered to implement robust reforms that align industry practices with values that serve the common good.

"Our five-point plan, when adopted, will set a new course for this Nation's housing recovery, particularly within the minority community. The magnitude of our crisis requires us to act boldly and a decisively to put us back on the right track and restore consumer confidence in the real estate market," said AREAA Chairman John Fukuda. "Communities and people we serve deserve this kind of comprehensive approach."

Current government programs, while well intended, have had limited impact especially in minority neighborhoods where the incidence of expensive mortgages and higher unemployment is greater. (At the peak of the housing expansion, African Americans and Latinos held high cost mortgages at two to nine times the frequency of whites in some foreclosure regions.) According to a report from the Federal Reserve, African American borrowers were 1.8 times as likely as white borrowers to be in foreclosure and Latino and Asian borrowers were 1.4 and 1.3 times, respectively, to be in foreclosure.

"The collaborative effort of African American, Hispanic and Asian American real estate professionals signals a broad call to action. Our respective communities have experienced previously unimaginable losses since the onset of the mortgage loan debacle and the subsequent far-reaching economic crisis," said Vincent Wimbish, President and CEO of NAREB. "We firmly believe that the five-point plan offers a solutions-based approach to making homeownership, not only sustainable, but once again desirable for communities of color as well as for all Americans."

Homeownership among African Americans and Latinos varies by region. For Latinos, the greatest proportion of homeowners is based in the West and Midwest. Among African Americans, homeownership is most concentrated in the Midwest and the South. One-third of the nation's Asian population is based in California. The foreclosure crisis has turned into a regional phenomenon. Minorities reside in many of the states suffering the highest rates of foreclosures and home devaluations including: Nevada, California, Arizona, Florida, Illinois, Ohio and Michigan.

Leaders from the Hispanic, Asian and African American trade groups plan to discuss the tenets of the plan at a White House briefing during their policy summit this week. The associations have collaborated on joint positions in the past. This is the second time they have recommended a plan together. A copy of The Five-Point Plan: Creating A Sustainable Path to Minority Homeownership is available at www.nahrep.org, www.areaa.org or www.nareb.com.

###

Contact: Joni Byun (310) 914-5000 ext. 14

DES MOINES, Iowa - Jan. 27, 2010 - Given the challenges many professionals in the real estate industry currently face, it has become somewhat difficult for trade associations to find the resources necessary to continue to grow local chapters and support members and their clients.

With these challenges in mind, Wells Fargo Home Mortgage is proud to announce the inception of the Wells Fargo Inspire. Educate. Enable. award for local chapters of the three major minority real estate trade groups.

The award is designed to recognize and reward those AREAA, NAREB and NAHREP chapters who represent what the nation's largest mortgage originator considers the greatest ways to serve their members and surrounding communities. With the backdrop of the historically significant Multicultural Real Estate and Policy Conference, March 3 to 6, Wells Fargo will award two chapters from each of the three sponsoring associations with a check for $2,500, giving these six local chapters the resources to continue to provide the superior programs that advance the knowledge of REALTORS, maintain and increase chapter membership, and work to create sustainable homeownership for all Americans.

Award application process:
To apply for the award, local AREAA chapters should electronically submit a one-page Word document that details how well their chapters do the following:

* Inspire - What does the chapter do for community outreach - how do they connect with and support the communities they serve?
* Educate - What does the chapter do to educate its members and the communities they serve on relevant topics?
* Enable - Does the chapter provide the tools necessary for members' professional development: to gain knowledge, improve skills and make connections? Are these same tools provided to the clients they serve in an effort to provide sustainable homeownership?

All applications must be sent to Kim Truehart at ktruehart@areaa.org.

The winning chapters will be notified in advance of the conference, and invited to attend an award dinner in Washington, D.C.

About Wells Fargo
Wells Fargo Home Mortgage is the nation's leading mortgage lender and services one of every six mortgage loans in the nation. A division of Wells Fargo Bank, N.A., it has a national presence in mortgage stores and banking stores, and also serves the home financing needs of customers nationwide through its call centers, Internet presence and third-party production channels.

Wells Fargo & Company is a diversified financial services company with $1.2 trillion in assets, providing banking, insurance, investments, mortgage and consumer finance through more than 10,000 stores and 12,000 ATMs and the internet (wellsfargo.com) across North America and internationally.

The Asian Real Estate Association of America (AREAA) strongly endorses the nomination of Ted Tozer as the next President of the Government National Mortgage Association (Ginnie Mae). Mr. Tozer is well qualified to lead Ginnie Mae in this turbulent time and help restore liquidity in the marketplace. With over 20 years of experience in capital markets, Mr. Tozer will contribute the direct knowledge necessary to effectively grow Ginnie Mae as it takes on a larger role in the housing and secondary markets.

On behalf of AREAA, Chairman John Fukuda stated the following.

"Ginnie Mae plays a vital role in the health of America's real estate market and the overall economy. AREAA looks forward to working with Mr. Tozer to expand opportunities for more Asian American homebuyers and other underserved communities.

"With FHA's expanded market share, it is imperative that Ginnie Mae is guided by a leader that can adapt to the difficult environment and help create the needed stability in the real estate market. Mr. Tozer is a proven leader that is right for the job and AREAA fully recommends the expeditious approval of his nomination."

President Obama signed an executive order Wednesday, October 14th establishing the President's Advisory Commission on Asian Americans and Pacific Islanders, as well as a White House Initiative on Asian Americans and Pacific Islanders.

The commission and initiative will work to improve the quality of life of AAPIs through increased participation in Federal programs in which AAPIs may be underserved. AREAA leadership will work with the commission to address the cultural and linguistic barriers that prevent many AAPIs from effectively communicating with their servicers in foreclosure prevention efforts.

SAN DIEGO (September 25, 2009) - The Asian homeownership rate suffered the steepest decline among minority groups in 2008, according to the recently released American Community Survey.

The survey, conducted by the U.S. Census Bureau, reveals that Asians have been disproportionately impacted by the current housing crisis, with homeownership rates dropping 1.24 percent to 59.4 percent. By comparison, African Americans faced a 0.88 percent decline to 45.6 percent, Hispanics fell 0.80 percent to 49.1 percent and the homeownership rate for Whites decreased 0.40 percent to 73.4 percent overall.

While some of the decline in Asian homeownership can be attributed to the regional impact of foreclosures--one third of Asian Americans live in the high foreclosure state of California--two lesser known factors are driving this issue.

"Asians made significant advancements in homeownership in the early part of the decade; however, much of this equity has been eliminated with the recent decline in home prices" states Jim Park, President of the Asian Real Estate Association of America. "This loss of equity creates an unstable homeownership environment in today's housing market, particularly for those homebuyers who recently became homeowners in the early to mid part of the decade."

To further exaggerate the problem, the industry has not fully overcome the language and cultural obstacles facing many Asian Americans, two-thirds of which are foreign born.

"Outreach efforts for loan modification and refinance assistance are not widely understood in the Asian American community," Allen Chiang, Chairman of AREAA added. "The industry must recognize and address the cultural and linguistic barriers that exist today, that create an enormous hurdle for these distressed homeowners. To prevent future foreclosures, they need to proactively reach out to Asian homeowners to educate them on their options in times of financial distress."

Without increased focus and attention to this issue, the API homeownership rate could continue to deteriorate at a significant pace. AREAA has recently partnered with Bank of America, Chase, Wells Fargo and Freddie Mac to pursue various foreclosure prevention efforts in the Asian community.

SAN DIEGO (JULY 27, 2009) - The Asian Real Estate Association of America is in favor of the Home Buyer Tax Credit Act of 2009 (S.1230), as introduced by Senator John Isakson (R-Ga.), increasing the homebuyer tax credit from $8,000 to $15,000 and expanding the tax credit to include all purchasers of primary residences, rather than first time homebuyers exclusively.

"As Census data shows, Asian American homeownership has been in decline since 2006, after a decade of steady increases," states Allen Chiang, AREAA Chair. "Legislation aimed at increasing accessibility to homeownership will help to reverse this trend and benefit the Asian community.

"It should also be noted that homeowners with the capacity and desire to move up in a favorable market represent great potential, given an incentive to purchase. Allowing all homeowners access to the tax credit will encourage more sales and, ultimately, boost the economy."

John Yen Wong, Founding Chairman of AREAA, has been named the association's Chief Executive Officer, effective June 1, 2009. Wong assumes the role of CEO, while Jim Park, AREAA's President and CEO since 2005, will continue to volunteer his time with the association and serve as its President. In AREAA's new organizational structure, Wong will manage the association's day-to-day operations, and will share with Park the role of representing AREAA in homeownership and policy initiatives that impact the Asian American communities.

In making the announcement, AREAA Chairman Allen Chiang said, "John Wong is recognized throughout our industry for his tireless efforts on behalf of Asian American homeowners and his commitment to diversity. We are delighted that he has agreed to assume this new role in managing the strategic direction for AREAA."

A recent analysis of Community Reinvestment Act (CRA)-regulated lending has revealed that Asians in California are 1.3 times more likely to be in foreclosure than non-Hispanic whites. California is home to one third of the nation's Asian population.

These findings emphasize the need to address foreclosure specifically in the Asian market. As practitioners who serve the Asian community, AREAA members can make a difference by learning more about the options available to homeowners. To find out more about what you can do to help, e-mail us at contact@areaa.org, subject line "Foreclosure Prevention."

The study goes on to examine differences in performance between loans regulated by CRA and those originated by independent mortgage lending companies, which are not covered by CRA.

The analysis was conducted by Elizabeth Laderman and Carolina Reid of the Federal Reserve Bank of San Francisco.

The title records of older housing stock in California sometimes contain offensive restrictive covenants that attempt to impose a "whites only" ownership limitation, or other unconstitutional limitations, on ownership or occupancy. While these covenants have been illegal for decades and unenforceable since the 1950s, they none the less give offense to owners or prospective owners that discover them in the course of researching title.

AREAA joins CAREPA, CREAA, NAHREP, NAREB and SAREAA in requesting the removal of such covenants from all property records in a cost-effective manner. The proposed process would use technology currently being used to scrub Social Security numbers from real estate documents prior to making them publicly accessible.

Among this year's HOPE Award recipients was Hyepin Im, President and CEO of Korean Churches for Community Development. KCCD was recognized as the winner of the Education category for their work in homebuyer education and foreclosure prevention counseling.

KCCD provides education services that help Asian Americans overcome linguistic, economic and cultural barriers that many in this community face prior to and following the homebuying process.

2008 AREAA Chair Emily Moerdomo Fu is a featured panelist on "Cost Saving Real Estate Strategies for Your Business," a webcast presented by Wells Fargo. The program discusses how real estate can be a tool for reducing expenses and generating revenue. It also sheds light on the new rules of the road, given the changing residential and commercial property markets.

Joining Fu are panelists Brad Blackwell and Jagdeep Dayal of Wells Fargo, Nina Kaufman of Ask the Business Lawyer, and moderator Rich Sloan, Founder and CEO of StartupNation.

View and share your news links, events, photos and comments with AREAA members, leadership and staff on the popular social networking website. A Facebook account is not required to view the page.

Now you can also follow us on Twitter at:

President Bush signed the Housing and Economic Recovery Act of 2008 into law earlier this morning, marking a historic effort to restore safety and soundness to the American housing market. The legislation is aimed at helping distressed homeowners avoid foreclosure and stabilizing government sponsored housing enterprises.

In addition to its longtime support of many of the measures, AREAA was successful in putting into law an important provision that will help more Asian American and immigrant consumers obtain low cost financing. Working with a coalition of multi-cultural groups, AREAA successfully included a provision requiring HUD to carry out a pilot program to establish an automated solution for borrowers who have limited traditional credit histories for determining their creditworthiness.

The use of alternative credit ratings such as rent, utilities and insurance payments will assist many Asian Americans and immigrants as well as first time homebuyers in qualifying for FHA insured mortgages. Often times these borrowers must look to less affordable unconventional mortgage programs, regardless of their income or assets, due to a lack of traditional credit history. AREAA believes that this provision will help more of our members and support our mission of expanding housing opportunities.