Tapping the Dynamic Asian/Pacific American Housing Market: Real Estate Convention To Address Growing Market for Homeownership
Stewart Title sponsors annual convention of Asian Real Estate Association of America
HOUSTON (Oct. 23, 2007)—Urging real estate professionals to meet the needs of Asian American homebuyers, Stewart Title today announced its sponsorship of the Asian Real Estate Association of America (AREAA) Annual Convention, to be held Nov. 11-13 at the Bellagio in Las Vegas. Malcolm Morris, chairman of Stewart Title, is co-chairing the event entitled “Tapping the Dynamic Asian/Pacific Housing Market.”
“Hundreds of real estate professionals and housing executives are expected to attend the convention,” Morris said. “AREAA is the only national trade organization dedicated to closing the homeownership gap facing the Asian/Pacific American community.”
With recent statistics showing Asian/Pacific Americans as the nation’s second fastest-growing minority population, Morris and Stewart Title join other industry leaders in urging real estate professionals not to ignore this important emerging market.
“The Asian/Pacific American market is a growing and important segment of the overall housing market, and the buying power of Asian homebuyers is significant,” Morris said. “I encourage professionals in the mortgage and real estate industry to attend this convention to learn important strategies to better serve the needs of this vibrant and growing community of friends who have been adding to the richness of our American culture.”
“This event is a one-of-a-kind forum that brings together high-profile leaders from the residential real estate, home mortgage and banking industries in the U.S. and Asia,” said Allen M. Okamoto, Chairman of AREAA. “It is the premier networking event of the year for professionals focused on the Asian housing market.”
Convention activities will include presentations on demographics and economic forecasts, as well as sessions on commercial investment strategies, REO properties, mortgage options and marketing to the Asian American buyer. Additionally, AREAA will host its annual gala dinner and expo showcasing the latest products and business tools. For more information, or to register for the convention, visit www.areaa.org/.
“Following on the success of our first national convention last year, AREAA is proud once again to host this gathering dedicated to helping real estate and mortgage professionals better serve the growing Asian American population,” said Jim Park, president and CEO of AREAA. “With the support of many wonderful sponsors, AREAA will continue to expand course offerings and support practitioners interested in serving this dynamic market.”
For the Asian/Pacific American population, which is heavily concentrated in California, New York, Texas and Hawaii, common barriers to homeownership include language, lack of knowledge of home buying process, unverifiable income, lack of credit or hesitancy to use common credit-building methods, distrust of real estate professionals and the lack of affordable housing. These impediments have resulted in a 56 percent homeownership rate among Asians nationally, trailing White Non-Hispanic Americans by approximately 20 percent, according to the U.S. Census Bureau.
Carmela Ma, AREAA board member, agreed that the convention would offer critical information. “AREAA is at the forefront of this international and global market,” Ma said. “Whether you want to grow your business in the United States or in Asia, you will gain knowledge at our convention to help you succeed.”
Established in 2003, the Asian Real Estate Association of America’s membership represents a broad array of real estate, mortgage and housing-related professionals that serve the diverse Asian/Pacific American market. AREAA is the only national trade association dedicated to representing the interest of the Asian real estate market throughout the country. It pursues initiatives that expand homeownership opportunities for more Asian/Pacific American families, that increase business opportunities for its members, and that deliver tangible results for its national partners.
Stewart Title is a wholly owned subsidiary of Stewart Information Services Corp. (NYSE-STC), a customer-driven, technology-enabled, strategically competitive, real estate information, title insurance and transaction management company. Stewart provides title insurance and related information services required for settlement by the real estate and mortgage industries through more than 9,500 policy-issuing offices and agencies in the United States and international markets. Stewart also provides post-closing lender services, automated county clerk land records, property ownership mapping, geographic information systems, property information reports, flood certificates, document preparation, background checks and expertise in tax-deferred exchanges. More information can be found at www.stewart.com/.