“Risks and Rewards in Wealth Building: Asian American Homeownership and Foreclosure Pre and Post Housing Boom in East San Gabriel Valley, California”
Volume 13:1-2, p. 122 (2015)
by R. Varisa Patraporn, Linda Diem Tran and Paul M. Ong
ABSTRACT: While much research exists on African Americans and Latinos after the housing crisis in 2007, much less is known about the Asian American experience particularly as it relates to foreclosure and housing burden. This study takes a quantitative case study approach examining Asian Americans in one region of Los Angeles County. Utilizing data from the Census, Home Mortgage Foreclosure Data, and Data-Quick, we provide a more comprehensive picture of the Asian American housing experience before, during and after the housing boom in 2005. Findings show that Asian Americans’ decline in homeownership could not be explained by foreclosure. In fact, Asian Americans may have avoided foreclosure in this region using higher down payments, avoiding subprime loans, and loans with variable interest. A potential cost of these actions is higher housing burden, which is closely related to default and foreclosure. Thus, policymakers and community leaders should continue to monitor Asian American homeownership as the impact of the housing collapse may be delayed for Asian Americans compared to other racial groups.
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Article Citation:
R. Varisa Patraporn, Linda Diem Tran, and Paul M. Ong (2015) Risks and Rewards in Wealth Building: Asian American Homeownership and Foreclosure Pre and Post Housing Boom in East San Gabriel Valley, California. AAPI Nexus: Policy, Practice and Community: 2015, Vol. 13, No. 1-2, pp. 122-148.