Asian Americans at the start of the housing crisis had a lower rate of home ownership and equity and a higher rate of foreclosure, reports Asian Fortune.
Between 2004 and 2008, 6.6% of Asian Americans homeowners lost their home compared to 5.1% of whites.
“The loss of this asset can be devastating to their financial security,” said Grace Choi, president of the DC Metro chapter AREAA, Asian Real Estate Association of America. Many Asian Americans choose not to seek help due “to embarrassment.”
Many Asian Americans will liquidate all their assets and wait until much later before getting help or looking at options. But they need to realize that if they don’t get help sooner, then the situation will get worse.”
Jisu Nelson, a Korean American hairdresser, loss her job and struggled to keep up with her mortgage payments. The single mother eventually loss her home.
“A lot of beauty shops are shutting down. I walked into work one day and was told the shop had shut down. It was a nightmare,” she said. “I couldn’t find another job, so I used my credit card to pay my mortgage for a whole year.”