The Power Is Now Magazine | May, 2022

MAY 2022 Vol. 09 | Issue 5

Mary Ellen Shay

Executive Director of the California Association of Local Housing Finance Agencies

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Eric Lawrence Frazier, MBA Publisher Office: (800) 401-8994 Ext. 703 Direct: (714) 361-2105 eric.frazier@thepowerisnow.com www.thepowerisnow.com EDITORIAL TEAM Sheila Gilmore Editor in Chief (800) 401-8994 ext. 711 sheila.gilmore@thepowerisnow.com Daniels George Managing Editor (800) 401-8994 ext. 712 daniels.george@thepowerisnow.com Goldy Ponce Arratia Graphic Artist and Design Manager goldy.ponce@thepowerisnow.com

CONTRIBUTORS The Power Is Now Research Team

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CONTENTS

MAY 2022

expanding homeownership opportunities, by Emerick Peace.

Pg. 29. Cinco de Mayo celebrations in Florida, by Adriana Montes.

Pg. 33. Where in Phoenix can you celebrate the AAP Culture?, by Yvonne McFadden.

Pg. 37. Steps To tackle your debt and start real wealth accumulation, by Tamra Lee. Pg. 41. 5 reasons why homeownership investment is the best financial investment, by Walter Huff.

Pg. 45. The housing experiences for the AAPI community in Los Angeles, by Adrian Bates.

Pg. 47. Expanding homeownership opportunities for Latinos in Riverside County, by Ruby Pg. 8. Green building technology in California.

Frazier.

Pg. 50. Mary Ellen Shay, Executive Director of the California Association of Local Housing Finance Agencies Pg. 10. At least 31% of AAPIs are likely to face employment discrimination –the largest share Pg. 63. Homeownership trends appreciation of any group. data and forecast for the Latino community in Corona CA, by Jenny Gonzalez.

Pg. 67. 5 important steps to improving your credit for homeownership, by Ian Batra.

Pg. 12. Ending housing discrimination in the AAPI Pg. 71. Celebrating Cinco De Mayo in Corona Community in the rental and home buying CA, by Kamesha Keesee. process.

Pg. 75. The State of Hispanic population in Long

POWER GREEN

POWER ECONOMICS

POWER REAL ESTATE

POWER TECHNOLOGY Pg. 16. How social media will boost your real estate sales.

FROM OUR VIP AGENTS: Pg. 21. How can we help vulnerable AAPIs afford a home in Texas, by Sharon Bartlett.

Pg. 27. Celebrating the AAPIS in Maryland: 4

l

Beach, California, by Kate Nash.

Pg. 79. The state of housing for the Hispanics in Sacramento CA, by Serina Lowden.

Pg. 83. AAPI Heritage Month in Chula Vista: what does AAPI Heritage Month mean to me?, by Candace Thrower.

Pg. 87. This is how you can support the AAPI community in the Bay Area, by Briana Frazier.

Pg. 90. Overview of the Hampton Real Estate Market in 2022, by Connie Watson.

Pg. 93. Southaven MS housing market trends, by Edwin Engelke.

Pg. 97. Real Estate market overview: Lino Lakes Minnesota appreciation data and trends 2022,

by Francine Marsolek.

Pg. 101. The state of housing in Brooklyn New York, by Harriet Robertson Pg. 104. The best tips for financially distressed homeowners, by Janet Petrozelle.

Pg. 107. How to create an impression of value of your house in the minds of home buyers, by John Costigan.

Pg. 110. The state of Nashville housing market in 2022: More price increase, by Marqueze Williams.

Pg. 112. Silver Spring market overview: Home appreciation data and trends for 2022, by Rose Ogbonna.

Pg. 115. Investing in homeownership with the Asian American community, by Norman Green.

Pg. 118. Newburgh market analysis: Appreciation trends for 2022, by Sandra Cotthaus.

Pg. 120. New Haven real estate market outlook: Appreciation trends, by Steven Rivkin.

PRESENTS:

The Fair Housing Act Series

Hosted by: Eric L. Frazier MBA Watch on our App

POWER MORTGAGE Pg. 122. 3 ways mortgage lenders can attract more AAPI homebuyers .

POWER HEALTH Pg. 124. Creating awareness around Cancers, Hepatitis B, and Diabetes – the leading causes of death in the AAPI community. l

5

May 2022 FROM THE EDITOR

M

ay for me feels like a breather from all the activities in April- the Fair Housing Month and a great time to plan ahead for June, Homeownership Month.

Speaking of Fair Housing, have you had a chance to watch our signature series – The Power Is Now Fair Housing Series? If not, download our app on Google or Apple Store to watch for free, and in case you are wondering, The Fair Housing Series celebrates and discuss the impact of the 1968 Fair Housing Act. The enactment of the federal Fair Housing Act on April 11, 1968, came only after a long and difficult journey. President Lyndon B. Johnson signed this landmark law into law 54 years ago. This season, as Eric sits with industry leaders, they will be answering whether the conditions have changed or improved since the passing of The Fair Housing Act of 1968. These are shows you cannot miss for anything.

On our cover this month, we look at one of the most brilliant minds in the industry who has been at the forefront of the way for equality. Coming into the industry just one year after enacting the Fair Housing Act, Mary Ellen Shay recalls her journey in the real estate industry, fighting redlining and discriminatory practices in the industry. She spearheaded several programs that helped many minorities become homeowners.

Her story is one of a kind, and what we have written barely covers he accomplishments. Currently, she is the Executive Director of the California Association of Local Housing Finance Agencies, a position she has held for 31 years.

May is the Asian Americans and Pacific Islanders (AAPI), and

6 | MAY 2022

we dedicate this month to celebrating the rich heritage of this community. This is a community, just like many other marginalized communities in the country, which has suffered racist attacks due to the pandemic. We join hands with our Asian Americans and Pacific Islanders to condemn these actions with the strongest voice possible. In addition, we join hands with our Mexicans and Spanish friends to celebrate Cinco de Mayo. This is an annual celebration held on May 5, and it celebrates the Mexican Army’s victory over the French Empire at the Battle of Puebla.

You can read more about this day only in this issue of the PIN Magazine.

We’ve also covered the real estate developments happening in our states and looked at the appreciation data for several markets where investors and buyers can

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buy and invest.

At this moment, I would like to thank our power team for their continuous hard work and commitment to making The PIN magazine a reality and also to you, our readers. We would be nothing without you. Our team is dedicated to you. We want the best for you, which means we are committed to bringing you the best from us. Take a moment and share this magazine with family and friends.

Remember, knowledge is power, and The Power Is Now!

ERIC L. FRAZIER MBA President and CEO The Power Is Now Media, Inc.

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SHARON BARTLETT

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MAY 2022 | 7

POWER GREEN

Green Building Technology in California

WHAT EXACTLY IS GREEN CONSTRUCTION TECHNOLOGY? To begin with, it is a very broad category covering a very wide array of construction services.

It covers anything falling in the bracket of energy-efficient appliances to geothermal heating.

Green building is anything that could mean a structure or using the processes that are environmentally friendly and resource-efficient. That is simply what green building is all about.

When targeting to use the green building technology, basically, the investor has to put in mind that the materials to use must be both eco-friendly and efficient in terms of resource utilization and throughout the building life-cycle, 8 | MAY 2022

one must also bear in mind that there has to be a balance between homebuilding and sustainable environment, after all, the primary goal of green building is to sustain this balance.

THE STATE OF GREEN BUILDING IN CALIFORNIA Going green is a trend that has been on the rise in many parts of the world and to bring to your realization, Costa Rica has been running clean energy 100% in proportions for quite some time and therefore, this is a trend that many parts of the world are appreciating.

Beginning 2017, the State of California had mandated that all new homes have a Net Zero Complaint, which is a trend anticipated to spread all through the State by the year 2020.

There are so many advantages that one could get as a result of going green and as an investor in the state of California state, it is a trend that you need to be concerned with.

Sustainability in the properties offer the best value on the long term basis, health and also, if you

look at the productivity benefits, it is something which is worth and to add to the longer list, you will also be conserving the energy for the next generation that will come.

To answer all these, going green is the only option for anyone who wants to make a big catch in the beautiful state of California.

A BRIEF LOOK ON THE WORLD’S FIRST ZERO NET ENERGY BUILDING REQUIREMENTS IN CALIFORNIA In 2016, voters in Santa Monica voted in the favor to approve an ordinance requiring that all new single family construction to be Zero Net Energy. A positive move.

This is a system that makes sure that projects generate enough of their own energy from the renewable sources.

This is a move that was boldly taken to support what was there in the State’s environmental policy which further proves that the state is to some degree very committed to the environment.

It is a move that will bring a sense to the conservation of the environment and somehow make

PHOTO FROM 123RF

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eal estate market is an industry that continually shows a huge potential, progressively accommodating new trends that reshape how this market operates. One of the recent trends that is gaining an overwhelming acceptance is Green Building Technology and investors in California have shown a great liking to this trend.

these roofs with the common ones, one thing you will note is that these roofs will reflect more of the sun’s ray than the common ones. The advantage with this technology is that when properly used, it could prevent warm or the cool air inside your house from escaping through the top of a building.

SOLAR POWER

an economic sense since if you look at the price of the utility power, it is on the rise, ZNE homeowners can avoid the burden of these escalating prices while at the same time enjoying from the local renewable power which will adequately cater for all their energy needs.

Therefore, it is trend that will bring much benefits one of them being cutting the prices of the utility power.

Here is what California Green Building Standards Code says about green building technology, ZNE building where the value of the energy produced on-site by renewable energy resources is equal to the value of the energy consumed annually by the building. Expect to see more as the year progresses.

SOME OF THE GREEN BUILDING TECHNOLOGIES INVESTORS OPT TO USE

MOVABLE WALLS The good thing with the Flexible walls is that they reduce and maximize space and view. If you are adopting this technology, you will find that the wall will help you to optimize your floor plans and the energy usage. Therefore, it is an element that is important in as much as green technology is concerned.

COOL ROOFS It is also an essential element of Green Building Technology that investors have to be on the watch out for. The cool roofs are specially designed to help there be an increased solar reflectance and also a decreased thermal emittance. If you are to compare

Perhaps, this is the essence of going green in the State of California. It may not be a new thing and it may not be hot trend but basically, it has become one of the cheapest energy source reducing by 90% compared to the previous year. It produces clean and efficient energy which is also renewable and with it, the homeowners could be saving a lot. In approximate values, ten-year savings could amount to around $22,500. Therefore, it is a system that assures you a good return and clean energy returns.

BIODEGRADABLE MATERIALS This is also a rising trend when considering Green Building Technology. Bio-degradable materials can change the disposal process and bring into the equation something which is eco-friendly and that is the positive thing with these materials. This goes along way into making sure that the environment stays healthy as well as the occupants of the home.

Instead of the waste products that add more toxic chemicals, Green Building Technology through biodegradable materials ensures that the products will degrade naturally without contaminating the soil.

There are a lot of trends that investors should be on the lookout for in the State of California. The State will ensure that new constructions are able to meet the energy efficient and cost effective standards in the industry.

This move by the California government will see to it that the state will meet its statewide energy efficient goals and therefore, it is a most positive that investors in this state ought to embrace and work towards making sure that the goal of Green Building Technology is fully met.

MAY 2022 | 9

POWER ECONOMICS

At Least 31% of AAPIs Are Likely To Face Employment Discrimination

The Largest Share of Any Group

The incidents of violence and discrimination against members of Asian American and Pacific Islander communities are on the rise nationwide, and the alarming trend is bleeding into the workplace. A report from STOP AAPI Hate indicate that from March 19, 2020, to March 31, 2021, the number of hate incidents it fielded increased seriously, from 3795 to 6603.

The incidents which were reported included physical assault, civil rights violations for example workplace discrimination and online harassment.

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A study that was done by IBM Institute for Business Value (IBV) found that the U.S. work environment for Asian American professionals is uncomfortable challenging. A response from 1455 Asian American professionals from 22 industries who were surveyed by IBV between August 2020 and January 2021 differed strikingly from those of their white counterparts.

The findings in the study showed that 80% of Asian American respondents have personally experienced discrimination based on ethnicity or race. Also in the study more than 60% feel they must work harder than non-Asian counterparts to succeed because of their identity.

According to IBM study, nearly half of all respondents’ point specifically to discrimination by their employer against Asian Americans. The figure is even higher among the most senior Asian American executives-an indication that the further they advance in their careers; the more obstacles they may face. The study from IBM outlined 10 actions that can be used by business and HR leaders to improve equity and inclusion for Asian Americans in the workplace.

The recommendation includes intentionally building the leadership pipeline of Asian Americans, investing in training for all managers on identifying and reducing implicit bias, and engaging in regular dialogue with Asian American employees to support empathetic conversations around race, identity and micro aggressions.

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n the poll that was conducted by Gallup it shows that 30-31% of Asian American and Pacific Islander (AAPI) surveyed reported incidents of employment discrimination, the largest of any group with African Americans constituting the second largest at 26%.

The report also indicate that AAPIs only filed about 2-3% of the total employment discrimination complaints received by the Equal Employment Opportunity Commission against private employers. Due to the increase in the employment discrimination among the AAPIs this has affected them in the rental and home buying processing. In the study which was conducted by the U.S. Department of housing and Urban Development, one in five AAPIs experience discrimination in the rental and home buying process. The AAPIs have suffered the largest percentage decline in homeownership of any racial group.

“Systemic problems such as discrimination in the workplace require systemic changes and placing higher value in strengthening supportive relationships.” Suh says. “These important relationships take the form of not just mentors and sponsors, but also allies committed to building a better future that is more inclusive” President Joe Biden has signed a bill into law that seeks to address the rise in hate crimes committed against Asian-American and Pacific Islanders (AAPIs) since the beginning of the

COVID-19 pandemic. While the legislation received bipartisan support in Congress and has encouraged activists, experts insist there is much more to be done to combat anti-AAPI discrimination especially in the workplace.

The COVID-19 Hate Crimes Act which was introduced by Rep. Grace Meng, D-N.Y., and Sen. Mazie Hirono, D-Hawaii mandates that the U.S. Department of justice appoint an officer or employee to expedite the review of hate crimes related to COVID-19. It also issues guidance for law enforcement to establish better online resources for reporting hate crimes and authorizes grants for state and local governments to improve their responses to hate crimes.

The Vice President Kamala Harris who is the first Asian-American to serve in that office has noted that the bill is not a solution and a lot of work has been left to be done.” Here’s the truth: Racism exists in America,” She said, “Xenophobia exists in America, anti-Semitism, Islamophobia, homophobia, transphobia-it all exists. And so, the work to address injustice wherever it exists remains the work ahead.”

MAY 2022 | 11

POWER REAL ESTATE

Ending Housing Discrimination in the AAPI Community in the Rental and Home buying Process

12 | MAY 2022

The AREAA report shows that in the first quarter of 2021, the U.S. Department of housing and Urban Development saw a 30% increase in complaints of housing discrimination, with approximately 10% of those complaints involving some aspect of connecting COVID-19 to the person’s ethnicity.

“We also are working hard on overcoming language barriers, especially when it comes to the paperwork involved in real estate transactions. But now we have to overcome even more,” added Kong. “it will be interesting to see how the added stressors impact on the AAPI homeownership rate which had seen a steady rise from 53.7% in the second quarter of 2016 to 61.4% four years later only to fall to 59.6% through the first quarter of 2021.”

Also in the studies documented by the Urban Institute’s national studies of housing discrimination have shown differential treatment of Asian Americans and Pacific Islanders (AAPIs), compared with white Americans, in rental and sales markets. In the studies, the two testers-one AAPI and one white-posed as equally qualified home seekers and responded to advertisements for available properties to rent or purchase testers attempted to secure an in-person appointment and then meet with a housing provider to learn about and see available units.

The studies showed that AAPIs were treated less favorably compared to the white people when searching for housing. In the most recent study, AAPI tester were told about 9.8 percent fewer available rental properties than comparably qualified white counterparts and were shown 6.6 percent fewer units. The difference in treatment was especially notable in the sales market, where testing found that AAPI tester were told about 15.5 percent

PHOTOS FROM 123RF

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he Asian Real Estate Association of America (AREAA) released its 2021 state of Asia America report, and found that while Asia Americans in the U.S. have a household income of $93,759-35% higher than the national average-only 60.6% of Asian Americans are homeowners. “The 2021 State of Asia America report showcases how the AAPI community has continued its movement across the country. But even with factual evidence of greater income than the general population, our homeownership rate remains surprisingly low, “AREAA president Amy Kong, co-founder of Trust Real Estate in San Francisco said. According to the AREAA report, the Asian American population was hit hard by COVID, particularly through job loss. Another difficulty is bias in housing which is something that must be remedied not only through fair housing regulation, but also in how we conduct business and how systemic racism is addressed.

fewer available properties for sale than their white counterparts and were shown 18.8 percent fewer properties. The difference in treatment were found across the country.

The discrimination in housing markets has been worsen by the myth that Asian Americans are not discriminated against. Because of this assumption it has also influence how policymakers shape a range of housing related policies.

Marcia Fudge, US Secretary of Housing and Urban Development (HUD) stated that her priorities include working to end housing discrimination. This commitment would bring much needed support and attention to equal access to housing.

According to the report released by the National Coalition for Asian Pacific American Community Development and the council for Native Hawaiian Advancement titled Asian American & Pacific

Islander Anti-Displacement Strategies provides 24 local strategies to prevent displacement of Asian American and Pacific Islander (AAPI) families resulting from rising housing costs and gentrification.

The report recommends a number of national policy solutions, including greater public resources for affordable housing through a cross-agency hot makers program designed to address displacement of low income renters and small businesses, steps to ensure greater equity in transit-oriented development, meaningful community planning engagement, and mitigation of climate change displacement. The report calls for a national section 8 stabilization program that increases vouchers in hot market cities and protect tenants’ rights to remain, guidance defining hot market neighborhoods under the Affirmatively Fathering Fair Housing rule, and increased revenue sources for the national Housing Trust Fund for additional affordable housing development in hot markets.

MAY 2022 | 13

We’re Starting Over, Inc. - a 501(c)(3) organization dedicated to supporting and uplifting people experiencing the effects of mass incarceration, systemic racism, housing insecurity, substance addiction, and mental health issues. We believe that people impacted by these issues are the ones closest to the solutions, which is why we are a Black-led and criminal justice-impacted organization engaged in this work. From experience, we’ve learned that housing is critical, but alone, it is not enough to support those exiting prisons or the streets. We not only provide transitional housing, but also include holistic services such as peer support, case management, employment, wellness, and reentry services. We also work to address the root causes of our houseguests’ difficult situations, leading grassroots organizing and policy initiatives in the Inland Empire region and statewide. Established in 2009, we’ve served over 1,400 men, women, and families in Riverside and Los Angeles Counties through the reentry and transition process.

We believe that the past does not define our future. We’re invested in creating safe and equitable opportunities for all members of our community, and especially those with past convictions. Housing opportunities are crucial for our community members and directly affect their ability to thrive.

Starting Over, Inc. is committed to reducing and eliminating the many barriers to life after incarceration.

We have a deep commitment to identifying and implementing evidence-based approaches to strong communities and families. We seek to creating program/project solutions where the need exists in our community. We do lots of things at Starting Over, Inc. - but our primary goal is to address the immediate effects and root causes of incarceration, be it through housing, employment, legislation, or community organizing.

To get involved with our initiatives, access our services, or support our work through donations, you can reach us at (951) 898-0862 or office@startingoverinc.org.

6355 Riverside Ave Suite 100, Riverside, CA 92506

We currently operate eight homes in LA and Riverside Counties open to men, women, and children, with options for sober living or harm-reduction housing. All of our services are available to our houseguests, many of whom have been unable to obtain housing after being released due to their conviction histories.

Our Case Management specialists provide support to our guests with obtaining necessary documents/identification and accessing insurance, education, healthcare, clothing, food, & more.

Our houseguests are not alone - our support specialists, having experienced incarceration, addiction, and homelessness themselves - understand our guests' needs and the barriers they face. We’re here to meet our guests wherever they are in their journeys and to support them moving forward through empowerment, support with recovery, referrals, and mentorship.

Mass incarceration affects not just individuals, but families - many of our community members and guests experience family separation at the hands of the child welfare system. The FREE Project is system-impacted led and organizes parents and family members in a non-judgemental space, advising on best practices and dependency court procedures. We recently sponsored and passed a statewide bill that eliminates major barriers to child placement and allows family members with criminal convictions unrelated to caring for children to be considered as placement options allowing for suitable family members with criminal convictions to step up in times of crisis.

Through our Path to SEED program, we connect guests and community members with employment opportunities and provide training & support regarding obtaining and retaining employment, often a major hurdle for formerly incarcerated individuals.

Our free clinics provide relief for expungements, wills/trusts, immigration, and more with the support of local legal organizations.

In the past year, we’ve co-sponsored and/or supported nearly a dozen statewide bills to reduce the scale of mass incarceration and its collateral consequences. We’ve also worked locally to influence Riverside County to reduce criminal history look-back periods from 7 years to 3 years in 2017 and to enable youth coming out of probation to be able to stay with their family members in subsidized housing.

Our Participatory Defense organizing model (based on Silicon Valley De-Bug) empowers family and community members in the courtroom to positively impact their loved one’s outcome and to bring them home. As fiscal sponsor and start-up organization of Riverside All of Us or None (a chapter of a national initiative of formerly incarcerated people, family members, and allies advocating for the rights of the currently and formerly incarcerated people) we ensure that system impacted leadership remains at the center of the fight to keep our community together and address the social problems that incarceration purports to solve. Our community outreach team also disseminates voter registration and public health information regarding COVID-19, and we organize food and clothing relief for community members in need.

POWER TECHNOLOGY

How Social Media will boost your real estate sales

Q

uite to the contrary of what most of the Realtors think about social media, in reality, social media can help you forge the connections helping to establish a strong online presence and thus the bond between you and the clients grows even more stronger.

16 | MAY 2022

PHOTO FROM 123rf

Real estate business is a business that requires an in-depth personal connection but when the issue of social media comes into play that may scare so many Realtors.

Nevertheless, that doesn’t mean that there is no need to cultivate the social media presence for most of the Realtors. As a matter of fact, social media is a powerful tool that will help you double the chances of your connections more than you could have done it in person.

IMPORTANCE OF SOCIAL MEDIA TO REALTORS

is the fact that the market is concentrated in one are.

Given that some of the social platforms have the capability of bringing the whole world together, as a Realtor this give you an upfront window to effectively reach your target market and one of the things that make the social media platforms important

Social media also can act as an analysis tool for you to view your progress in content reachability to the consumer.

If you have your brand, you can use the social media platforms to advertise it and depending on the social

response rate, you can be able to tell how the product is likely to perform once in the market.

Proper implementation and usage of the social media platforms could lead to enormous success in terms of the product reach. Also, social media has a unique characteristic in that it presents a unique opportunity for you to interact with potential prospects 24/7. Therefore, taking advantage of the opportunity provided by the social media can help you boost your sales.

On the other hand, if you look at the industries potential to focus on the key networks that amount to the accomplishment of the set objectives, there is a tremendous improvement.

Most of the agents have gone a step further to improve their marketing exposure through using some of the specific social media platforms. Take a look at the following statistics from postling;

REAL ESTATE AND SOCIAL MEDIA INDUSTRY INTERACTIONS In the past few years, social media has become one of the key tools for Realtors, businessmen and entrepreneurs to compete and succeed at the market place. Real estate industry has taken a deep surge in learning and adapting to the social media resources at a relatively high level compared to most other industries. The statistics below indicate how well the Realtors we satisfied using the social media resources for their services.

On the overall, social media has shown a great capacity for Realtors to develop and gain a strong market hold. Also, social media platforms have enable the real estate industry to gain a competitive edge against some other industries.

HOW TO USE SOCIAL MEDIA TO BOOST SALES Many Realtors have realized that using the social media platforms, access to a better market becomes very easy and fast and therefore making the sales process easy. Therefore, it is true that social media can help to boost the sales at any given time if used correctly. Here are some of the ways you can use different social media platforms to your advantage.

SRC:Postling.com

MAY 2022 | 17

ADD PERSONALITY TO YOUR CONTENT Social media platforms like Pinterest and Facebook allow the user to post some listing on their page. It is important you take advantage of this window of opportunity and to your expectation, many Realtors have used this feature to showcase some of their properties.

However well you are doing it, content without personality has a great chance to fail. Therefore, as you add your content, it is better to have some sense of personal touch. It is better to have some few followers who are engaged to your content than a thousand who don’t really care about your content.

Therefore, whenever you are posting to the social media platform, make sure that your potential clients can identify with your writing, appreciate it and engage with it.

ADD USEFUL AND RELEVANT IMAGERY TO THE CONTENT According to National Association of Realtors, 90% of the home buyers are likely to find the property online. As such, it is crucial to use images that are relevant to market your properties on the social media platforms.

Images have shown a great potential to attract consumers since before making the purchase, the prospects need to see what they are purchasing, with proper imagery of not only the home, but also the neighborhood, and one can boost his sales on a great span.

not only going to help your content get noticed, a research conducted by Massachusetts Institute of Technology proved that people are likely to engage with the content that has imagery with it.

Much to your advantage, you can use the images to post about your listings online or as a testimonial of happy clients. This will again help you boost your sales.

ADD INFORMATION ABOUT THE LOCATION AND NEIGHBORHOOD One thing that social media platforms got right is the fact that you can post a large great content in bits. Using this strategy, you can reach out to the potential prospects and tell them more about the neighborhood as well as the location of the home.

It is important that you get to show off your listing’s neighborhood. It is a strategy that will help you market your area to prospective residents as well as show your knowledge and passion of the area you are intending to make the sales.

Listings will tell the clients more about the specific home and not about the location. One way you are going to increase your buyers interest is by telling them why the area is great and why they should consider buying.

Use social media to tell the clients about some nearby attractions as well discuss the great things known about the community. Any event that the neighborhood celebrate is likely to put you on a competitive edge.

When using social media platform, images are BOTTOM LINE Social media has proven a valuable tool for the industry and a key tool for Realtors and sales agents.

Agents can boost their sales and increase their visibility by implementing some technical resources in marketing. Since so many prospective clients will be located in one area, it is best that the agents research on the needs of each market and specifically target the needs and thus, their sales will greatly improve.

18 | MAY 2022

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How can we help vulnerable AAPIs afford a home in Texas?

By Sharon Bartlett

PHOTOS FROM 123RF

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ere are some interesting facts about the Asian American and Pacific Islander in Texas that you might like to know.

•

The population of the Asian American and Pacific Islanders in Texas is almost 1.8 million people as of 2019.

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The Texas counties with the largest share of the AAPI community are Harris, Dallas, Fort Bend, Collin and Tarrant.

Surprisingly, 27 counties in Texas have no Asian and Native Hawaiian and Pacific Islander American population.

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About 60.6 percent of the Asian Americans 25 years and older have a Bachelor’s degree as of 2019 compared to just 30.8 percent in the total Texas population.

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As of 2018, there were about 51,051 Asian-owned employer businesses in Texas. These businesses had hired a total 444,554 employees and paid out more than $14.4 billion in payroll.

MAY 2022 | 21

PHOTOS FROM 123RF

AFFORDABLE HOUSING PROGRAMS IN TEXAS Affordable housing is a growing concern for many AAPIs in Texas. Studies confirm that housing costs continues to rise while on the other hand, incomes are growing at a slow pace.

Research further shows that more than half of Texans are spending more than 30 percent of their household incomes on housing costs which means that the need for affordable housing is now more important than ever.

The problem is, current policies do not go far enough to fix the challenges that exist in the housing market today. For instance, the Texas housing market has just 39 units available per 100 Extremely Low Income (ELI) renters (according to the National Low Income Housing Coalition 2018 Gap Report). In this case, Extremely Low Income is defined as the households with incomes at or below the poverty guideline or 30 percent of AMI. It is important to highlight that the statistics here doesn’t include the Very Low Income and Low Income Households.

Down payment Assistance Programs in Texas The Texas State Affordable Housing Corporation (TSAHC), provides assistance to the first time homebuyers and repeat buyers to purchase a home. It is a non-profit organization that was 22 | MAY 2022

created by the Texas Legislature to help Texans achieve their dream of homeownership. Let us help you buy your dream home.

For the buyers eligible for any of the TSAHC programs, the agency will provide a mortgage loan and funding to use for your down payment.

You can choose to receive the down payment assistance as a grant (which does not have to be repaid) or a deferred forgivable second lien loan (which only has to be repaid if you sell or refinance within three years). If you’re eligible, you can essentially receive free money to help you buy a home.

If you feel you are ready, the first step is to take an Eligibility Quiz provided by the agency after which you will know whether you are eligible or not.

If you are eligible, the quiz will then direct you to contact a participating lender in your area. The lender will help you fill out the application. You will not submit anything directly to TSAHC. You will also be required to complete an approved home buyer education course before closing on your home. We don’t require you to work with a specific REALTOR®, but you can use this search tool to find a REALTOR® familiar with our programs.

Celebrating the AAPIS in Maryland: expanding homeownership opportunities

By Emerick Peace For many years, the month of May has been significant to the AAPIS community in celebration of histories of American healing from across the Asian continent and from the pacific islands of Melanesia and Polynesia. May 7 is referred to as marks the arrival of the first Japanese immigrants to the united states while may 10th recognizes the completion of the first transcontinental railroad in the US. This celebration is meant for the AAPIS community to speak out their thought, share stories, celebrate Asian culture and debunk myths about the Asian community.

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n the last 40 years, the AAPIS community has increased significantly from 3.6 million in 1980 to 18.8 million in 2019. AAPIS community has experienced the fastest growth since the year 2000 in any ethical group in the nation. This has been a result of increases in awareness among many groups of people that make up the AAPIS population during this celebration.

AAPIS community consist of many groups with different origin, history, food, and language.

When this community is brought together by this celebration, people speak out their opinion which creates awareness among this community thus expanding homeownership.

Additionally, the reduction of gaps existing among the AAPIS community has a huge contribution to expansions of opportunity in

homeownership. AAPIS homeownership varies depending on each ethnic group, citizenship status, and social-economic status among AAPIS groups. Through this celebration, different groups come together to interact and get to understand each other, share stories of their origin and at the end, they develop a sense of belonging and debunk the AAPIS myth. This results in uniting different groups into a single unit with a sense of belonging to each other thus helping each other to attain homeownership.

Attainment of education has also increased homeownership among the AAPIS community.

Education has equipped people with knowledge that has eliminated some myths about the AAPIS community and improved their economic status thus being able to acquire their own homes.

MAY 2022 | 27

Cinco de Mayo Celebrations in Florida

By Adriana Montes

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s a member of the Hispanic community, I take pride in celebrating Cinco de Mayo and I welcome you in Florida to experience a one of a kind experience this month.

Cinco de Mayo is one of the most popular holiday that in large part honors the Mexican/ Hispanic culture, food, and traditions, but it is a commemorative day for a historical event.

The problem I find in today’s society especially with other ethnicities trying to understand this day is that there’s often a confusion about the genesis story of Cinco de Mayo.

First, it is an annual event where Americans and Mexicans alike gather in remembrance of

the events that took place over 150 years ago!

Typically, during this day, many people like to go out and have fun, may be get a few drinks, lots of nachos and not forgetting tacos!

But, Cinco de Mayo is not Mexico’s independence Day. That is celebrated in September 16.

What you may not know is that in Mexico, Cinco de Mayo isn’t really hyped as in the U.S where you will often find parades and reenactment but, there is some excitement during this day especially in Puebla.

While you may not be Mexican or of Hispanic descent, I invite you to tag along your Mexican friends and neighbors to celebrate this day. It is a day meant to highlight the cultures and traditions from the south of the border.

MAY 2022 | 29

SOMETIMES I GET ASKED, ‘HOW CAN I CELEBRATE CINCO DE MAYO IN FLORIDA?’ Well, there is no straight up answer about how to celebrate anything, yet there are so many ways to celebrate Cinco de Mayo. For instance, you may decide to decorate your home or listen to Latin music, or may be go to the Mexican restaurant you’ve been eying to go to but have never really gotten the chance. The possibilities are limitless.

One thing you must keep in mind however is to be respectful and mindful of other people’s culture and traditions. Treat this day as a day to learn and appreciate the Mexican rich culture. It shouldn’t be a time for revelry and dressing-up.

TRY ALSO TO GET THE STORY RIGHT… What I find with most people is that they will be quick to jump into the celebrations without really understanding the significance of this day. I would suggest that before partaking in any celebrations this year, take a few minutes to learn about why we are celebrating the 5th of May. Like so many

other celebrations, changing stereotypes and ignorance is something we must all do… so take your part!

SUPPORT A MEXICAN BUSINESS In Florida especially in Orlando, there are so many Mexican owned businesses with plenty Cinco de Mayo deals and during this important day, why not support your Mexican friend?

Whether you decide to take your lunch or takeouts at your local Mexican restaurant or order a customized vase from your local poetry maker, supporting the Mexican business helps support the Mexican culture!

IT’S NOT JUST ABOUT THE AMAZING FOODS… Well, the food is awesome and I wouldn’t pass it for anything else but, there are so many other things you can try out in Orlando during Cinco de Mayo. For instance, visit the local art gallery, or the museum or show up to support a Mexican artist at a concert or an event they are having.

Supporting the local arts from Mexicans is one of the best ways to celebrate Cinco de Mayo.

The biggest lesson I would love you to take is that the best way to celebrate any celebrations especially those linked with a race’s culture is educating yourself about it. Sometimes you may be inaccurately celebrating a day by not doing your homework and that is outright disrespect. Mexican culture is so rich and its not just about the tacos, nachos or burritos… I encourage you to learn our customs, traditions and our history. Knowing the essence of the celebrations is the best way to celebrate!

Happy Cinco de Mayo!

30 | MAY 2022

Where in Phoenix Can You Celebrate the AAPI Culture?

By Yvonne McFadden In respect of the Asian American and Pacific Islanders (AAPI) heritage month which is celebrated in May, we are highlight some of the areas that are best suitable to explore this culture.

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ut even before we get into the nitty-gritty details about this amazing places, it is with great pleasure and honor that we continue our long tradition to celebrate this community.

As such, we hope that you will spend more time enriching yourself with the rich heritage of the AAPI community in Phoenix and also throughout the nation.

But before that, much like every other Western part of the United States, Phoenix (greater Phoenix) saw its first wave of the AAPI community arrive in the late 19th century. Ever since, we’ve seen this community grow and become a key component of the Phoenix’s rich and diversified culture adding numerous contributions in terms of arts, cuisine, retail, hospitality, medical and so much more.

WWW.THEPINMAGAZINE.COM

In light of this and also because the AAPI spirit still is in the air despite many challenges especially in the past year, there are festivities, restaurants, attractions and other businesses that represent the various cultures within the Phoenix’s AAPI Community.

But, here are some great where you can visit to experience the rich heritage of this community.

THE JAPANESE FRIENDSHIP GARDEN This is a must see. The garden sits on a 3.5 acre land and an almost perfect replica of another stroll garden in Himeji Japan. The Garden, names Ro Ho En- Ro to mean Heron, Ho to mean Phoenix Bird and En garden and in full “Heron Phoenix Bird Garden.”

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this event include; Nom Nom Noodles Festival, starring Asianinspired, fusion and other global pasta dishes, or the Arizona Bao and Dumpling Festival, featuring a range from traditional to creative interpretations conveniently packed meal — both of which serve up flavor and culture to droves of hungry foodies and social media gurus and families alike.

The thing that I love about this garden is that it features more than 1,500 tons of hand-picked rocks, stone foot bridges, lanterns and more than 50 varieties of plants. This garden is a tranquil of beauty and a worthy place to visit to experience the full Japanese culture.

For me, the center of attraction has always been the 12-foot Koi Pond with over 300 colorful koi fish. There are also tea garden and tea house that open the stage for Colorful Japanese cultural programs, events and also exhibits.

THE MUSEUM OF MUSICAL INSTRUMENTS Music moves the world and Phoenix couldn’t be Phoenix without the Musical Instrument Museum (MIM). This is a place packed with rich and deep culture showcasing the AAPI community creativity through more than 6,800 musical instruments and objects from every corner of the globe. It is the perfect place to go to learn the language of the soul. The multimedia set in this museum opens a whole new world where you get to hear, see and feel the creative spirit of the people as they play their instruments.

The highlight of the MIM would be the five Geographic Galleries and among these is the Asia and Oceania Gallery featuring instruments from countries and island groups in the five subgalleries that are devoted to the regions of East Asia, South Asia, Southeast Asia Oceania and Central Asia and Caucasus.

Some of the events that you cannot miss during 34 | MAY 2022

AND… LET’S NOT FORGET ABOUT HOUSING! It’s easy to get lost in all the new experiences that you are about to experience from the rich and diverse culture of the AAPI community in Phoenix. I think one of the ways we can truly help the Asian American and Pacific Islanders feel special about this month is by providing them with the tools necessary to make their living better, and homeownership is one! While, at first glance AAPI community seems to be doing better for itself in terms of housing (60.6% are homeowners), this number falls below the national average of 65%.

The challenges the community face continues to grow by the day mostly catapulted by the hate crimes and subsequent housing discrimination forcing many to stay in their current communities rather than move to new and unfamiliar places.

We must overcome this which is why I invite members of the AAPI Community who want to become homeowners in Phoenix reach out to me today. I will show you how we can get you in a home today with little to no money down!

In the meantime, let’s get geared up to experience the fun ahead!

Steps To Tackle Your Debt and Start Real Wealth Accumulation

By Tamra Lee Ulmer

It is not a beautiful thing nor a celebratory event to have a debt. It can be heavy and worst fact of all, it is a burden, a beast taking its ride on your shoulders. Warning, live with the debt for so long and you will start experiencing a major stoop on your shoulders. You will grow weary and even though you are young, you will appear so old. That is the major effect why sometimes I fear to be on the debt brackets.

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eing free from the debt is surely the best financial freedom that one can get but that starts the moment you let go off this deriding beast. And even though I have searched for the best advice to set myself free from this beast for so long, truth is, I have never come across a better one. However when I think about this issue, one question keeps coming back...Can someone be really free from a debt?

Theoretically speaking, YES! Practically….

IS IT SO BAD TO BE IN DEBT? Any debt, however big or however small it may be has its own uses.

Even the professional field players in real estate industry understand that debt has its own value of leverage. Generally, people do not understand that there are two kinds of debt, there is the good debt and the bad debt. Difference is, the bad will make you poorer and when you get your monthly income, it swoops almost everything leaving you with absolutely nothing to be proud of. Credit cards serve the best example of the bad debts.

Mortgage on rentals is another case but on a different dimension, this is a category of good DEBT it makes you richer and well off financially with an assurance that at the end of every month, there is a steady cash flow in your account. It serves like a kind of a passive income.

Therefore, to answer the question, is it so bad to be in a debt? That depends on whether it is a good or a bad debt.

TACKLING YOUR DEBT There are important steps that you need to be cautious of when tackling any debt. Basically, this serves a stepping stone to start your wealth accumulation strategy.

MAY 2022 | 37

Step One: Have an Automated Budget

for your higher-interest debts.

Have you ever wondered why most of the debts fail despite you having good intentions? Well, the simple reason for that is, you’ve been over budgeting a common problem that not only you are facing it, but most people all around the globe.

Perhaps, you might be wondering, will your savings account ever have a “pretty” balance?

Well for now, that should not be a primary concern, as a matter of fact, you should have a permanent balance of less than a dollar.

Accompanied by the fact that most people set the budget out of willpower and leaving it up to- do what’s right-without any intention to overspend.

The good thing with this, though many people may not see the positive effect in it, you will be putting a fatal dent in you debt.

You want your budget to work? Not this month only but every month, then you have to remove failure as an option. Real wealth accumulation starts the moment when you take away your “Possible” ability to overspend.

Step Three: It Is Time to Accumulate Your

To effectively achieve this, you need to calculate your monthly debt payments. That’s the first integral position you have to play towards settling your debt. If possible, set aside an additional amount to the debt, the two will serve as your investment towards settling your debt.

Will this work with your credit card on board? Ooh NO! It won’t, therefore, you have to leave your credit card at home to warm your drawer. It is as simple as that. Investing in real estate requires commitment and sacrifice.

Payments

Before you even realize it, you’ll have already paid your credit card debts. Perhaps, all you have left right now are some of the minor debts. After paying the higher-interest debts, next is to use the same formula as we have used before to pay up the next higher-interest debts.

You will realize that with the second one, you will be able to pay it up very fast since there is more money flowing into your savings account and less going out. The whole process is recurrent until you have paid every last of your debt. The process is made simpler because with every debt you’ll be able to concentrate more and more money towards each remaining debt.

Step Four: When To Start Wealth

Step Two: Higher-Interest Debts- You Have To Prioritize Them

Accumulation and When To Stop Debt Payments

Do you have a savings account? If not, you need to get one. But if you do, I am quite sure that money is flowing safely into it. So, what do you do with this money- in your savings account? The best way to use this money is to start off by paying higher-interest debts which for most people is their credit card debt. To avoid confusion, the payments to the higher-interest debts should be automated. Any time cash flows in to your saving account, part of it should cater

This is the step towards stepping on higher savings platform. Not all debts created are equal and therefore, for a fact, some are worth keeping.

However, before starting to accumulate your wealth, you should know that all credit card debts should have been paid for.

Real estate is a market for consideration when it comes to wealth accumulation since it can earn you substantially higher returns for

38 | MAY 2022

experienced investors. However, at this point, returns on investments are not certain but a mere projection. One thing is for sure, paying off the debts provides you with absolute certainty a good return on investment.

I have worked with people and helped them to solve their debt issues and one thing I have realized is that after paying the debt (expensive debts) most of them cut their operating saving rates, something I strongly advise people not to follow, you shouldn’t cut off the rate, rather start investing with the same rate instead of paying the debt.

LET’S DEVELOP A DEFENSIVE CYCLE AND AN ACQUISITION CYCLE Do not be lied to, even the good debts have a downside. Look at this, you’ve borrowed money and decided to buy rental property, the fact is, from the day of acquisition of the loan, it will start

eating off your cash flow. As a strong means to acquisition, think of a leverage, paying off that debt as a means to multiply your passive income and basically, never forget, if you are borrowing to acquire, then the second step is to pay off the debt.

One thing you’ll have realized is that real estate cycles are a bit longer and slower and as an investor, you may decide it best to add more rentals to your profile or simply pay down the mortgages on your already existing properties.

As a defensive mechanism investment option, it is best to pay off your mortgages one at a particular time, like we did with your personal debts.

But by the end of it all, you’ll have saved a lot and start on a beautiful savings plan and real estate investment serves the best example.

MAY 2022 | 39

5 reasons why homeownership investment is the best financial investment

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By Walter Huff

home is the safest investment that one could ever own. First, what makes a house a good investment is the fact that over time, it will appreciate in value and secondly, at old age, you can choose to sell the home for a better and a smaller home like a condo. Buying your own home is the best option that you could ever make after all, it only makes more sense to buy a house than to rent since there are no real returns that you get renting.

BUYING A HOME AS YOUR INVESTMENT What makes a home one of the best investment is its nature, it is inflation free or inflation protected and it is a physical asset that does not disappear like so many other assets like stocks. A common problem that affects most of the people is that they will usually wait until they buy their second or third home to make an investment on them.

You can start as earlier as the first time you purchase your home. Many people have found themselves trapped in the mortgage crisis and that is the time when they start asking themselves if the home could really become a good investment idea.

Buying a home is one of the long-term wealth accumulation idea as it will act as a forced savings account. And the advantage keeps flowing bit by bit because instead of paying the landlord, you could be paying yourself through paying down a mortgage on a house.

WHY HOMEOWNERSHIP INVESTMENT IS THE BEST IDEA Financial analysts and realtors explain that homeownership is the best idea since the mortgage payments can be fixed while the rents go up and the equity in your home can be a financial resource in the future days to come.

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Basically, here are some of the reasons that make homeownership one of the best investment in the real estate market today; 1. YOU WILL BECOME A SMART SPENDER In the rentals, you will have to make rent payments at the end of every month. These payments go straight into the pocket of the landlord and come next month, you will have nothing to show for it. However, having a home, you are assured of the mortgage payments which are an investment in the future. The reducing balance on a mortgage gets reduced and the home equity proportionally is increased, increasing your own retirement account. On the long run, it is better to spend your money on something that will pay off rather than spending it on something that is so unnecessary and that will not pay off or have any value in the future.

2. YOU WILL ENJOY LOADS OF TAX BREAKS With the homeownership as your investment, mortgage interest becomes deductible from your income tax. The overall effect is that this will lower your tax burden. Another advantage is that most of the homeowners do not have to pay capital gains tax. This normally will happen when the value of the home increases in value with not less than $250,000 and when it has been occupied as a primary residence for not less than two years.

3. RESALE VALUE In city states, this could become one of the best investment because most of these areas attract professionals looking for permanent structures. Also, investing your homes in regions where the market is trending increases the net worth of the home. Therefore, when you get to resell the home, you will do it at a higher price actually much higher than the cost incurred when buying the home.

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4. BUYING A HOME GIVES YOU THE ADVANTAGE OF LOW INTEREST RATES In evaluation of the interest rates by most of the financial institutions, borrowing to buy a home is seen safer than the credit cards or other loans.

With a bad financial decision and investment, it becomes very hard to qualify for a mortgage debt but with the home as your primary investment, this becomes very sound decision to most of the financial institutions and therefore, the interest rates rock at the bottom.

5. HOMEOWNERSHIP INVESTMENT SUPPLEMENTS YOUR RETIREMENT INCOME Even as you contemplate about homeownership, you should also think about your future. Homeownership has the benefit of acting as your funds storehouse for your retirement funds. The homes are very likely to be paid off by the retirement and thus allowing them to be streamlined into the home equity to fund retirement benefits.

There are so many advantages that one will get as a home owner, however, even as you plan to buy a home, research into the market is very vital and very important. And as Chris Copley warns, buying a home is for the people who can afford it and those who plans to stay in one location for a while.

Investing in a home sometimes cannot always the be the best option like so many real estate agents make us to believe. A few years back, America was hit by the worst home bust where the value of the investment went significantly very down rendering the investment a waste, if not a total waste. However, that should not scare you because over the years, we have seen a home becoming and gain value slowly by slowly, thus making its return very significant. In this article, you will get all the relevant information that you will use to evaluate whether a home is the best investment or not.

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The Housing Experiences for the AAPI Community in Los Angeles

By Adrian Bates

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os Angeles probably has the largest share of the Asian Americans and Pacific Islander than any other place. Generation of the AAPI people and their descendants have helped shaped LA to what it is today- the most diverse city in the country. The AAPI Heritage Month, gives us a unique opportunity for us to learn more about the experiences and challenges the AAPIs face in LA. Well, even before we get there, I would like to offer my deepest condolences to the victims of the recent string of shootings against the Asians Americans. I also condemn strongly ball forms of white supremacy, anti-Asian racism, misogyny and xenophobia. The recent attacks are a stain to our American story and will undoubtedly have profound impacts on the lives of the victims and their families and to the community at large as well.

Asian Americans, just like many other minorities in the country (Blacks and Hispanics alike) have historically been victims of intense segregation and housing discrimination and understanding this crucial history is a critical step in shaping a more equitable future where housing is accessible to all. Drawing from a recent study by the National Coalition of Asian Pacific American Community Development (National CAPACD) and UCL, “Crisis to Impact: Reflecting on a Decade of Housing Counseling Services in Asian American Communities” we see that the AAPI community is severely cost-burdened as they are paying more than half of their household income towards housing and housing related costs.

The report found that AAPI renters are some of the most cost-burdened; •

26% of the Asian renters are severely cost burdened.

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27% of the native Hawaiians and Pacific Islander are also severely cost burdened.

The report further highlights that that cost-burden varied by ethnicity where Bangladeshi, Vietnamese, and Pakistani renters experience the highest rates of severe cost-burden, at 41%, 34%, and 34%, respectively.

Additionally, the low-to-moderate income AAPI households are at a significant disadvantage of owning homes compared to the white households in the same income group.

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At least 37% of the Asian households in the low-tomoderate income range owned homes

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And 22% of the NHOPI households in the same range were also homeowners.

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On the other hand, 53% of the white households in the same category were homeowners.

The Asian Americans and Pacific Islanders face other unique challenges when it comes to housing.

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54 percent of the cost burdened households cannot communicate in English fluently.

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The Asians and NHOPI individuals are 4 and 7 times more likely to live in a multigenerational household compared to the whites.

The lack of proper communication makes access to social amenities more difficult.

During the AAPI Heritage Month, I think one of the best ways that we can help the AAPIs is by developing programs to respond to the growing immigrant and renter populations. Housing counselling agencies play an integral role in this as they are well positioned to improve the housing security for the low-income AAPIs. Additionally, these agencies can strengthen services in the key areas to meet the needs of the growing AAPI population. Lastly, it is about time tht the local authorities start looking at disaggregating data across ethnicities.

We must stop treating the AAPI households as a monolith as it over-simplifies the AAPI experiences.

MAY 2022 | 45

Expanding Homeownership opportunities for Latinos in Riverside County

By Ruby Frazier California is well known for its ridiculously high housing prices. The affordability crisis is well documented and known to be a major problem affecting millions of the state’s residents. Additionally, it’s known that the affordability crisis stems from the state’s inability to produce more homes for more than a decade with many experts arguing that to bring the housing crisis and affordability issue to manageable levels, the state needs at least 3.5 million homes by 2025.

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bviously, the insufficient housing supply affects everyone. But studies prove that the more disadvantaged people are the minorities and marginalized communities and Hispanics and Asian Pacific Americans buys are largely affected by this.

Also, a known fact is that the Latino community in California is growing both economically and socially but even so, they are far less likely to become homeowners and a larger percentage spend a greater portion of their incomes on housing than all other residents of the state.

The Latino community in California represents one of the fastest-growing ethnic groups and homeownership is the cornerstone for their survival. But many barriers have blocked housing development, especially in the areas where there are large percentages of Latinos who are squandering their ability to afford housing. In fact, only 29% of the Latino Households can afford a median-priced house in California two decades ago (1999) which was 8% lower than the state’s average. Fast forward to 2021, nationally, Latinos lag behind the non-Hispanic whites with a 26% gap. Statewide, only 44% of the Latinos

are homeowners compared to 65% of the nonHispanic Whites. Other research suggests that Latinos are more likely to spend more than 50% of their incomes on housing costs than all other races combined.

EXPANDING HOMEOWNERSHIP OPPORTUNITIES FOR THE LATINOS If we are to help Latinos in California, and more so in Riverside enjoy the full benefits of homeownership, then we need to first understand the genesis of this chronic problem.

There exists a chronic imbalance in the supply and demand, especially in the areas where Latinos are found large populations-primarily the Greater Los Angeles area where at least 40% of all residents are Latinos. In such an area you will find that increases in the prices of homes exceed the increases in incomes by a large margin, particularly for the Latinos.

Additionally, the lack of housing is shutting the opportunities for the first-time Latino buyers which means, many would-be buyers are stuck MAY 2022 | 47

and cannot move higher up the economic ladder. Higher rents, long commutes, and the denial of the economic benefits of homeownership are among the burdens placed on Californian Latinos because of the shortfall in housing supply.

paying the hefty price!

Fortunately, all is not lost and there are some positive steps that can be taken to address some of these problems. First, we need to figure out how to reduce the regulatory and government-induced barriers to housing. If we can do this, the economic capability and resources will be availed to jumpstart housing construction that will add more housing inventory to the market, thus helping not just Latinos, but all Californians.

Because of the housing shortage, Latinos suffer severe overcrowding problems. For instance, in the Los AngelesLong Beach metropolitan Area, the overcrowding rate for the Latinos is three times greater than for homeowners as a whole. In the same Metro area, overcrowding for Latino renters is twice as high as for the general rental population.

IT’S NOT JUST A ‘LATINO PROBLEM’ ANYMORE… The housing crisis in California is affecting everyone and according to data by the California Department of Finance, the past decade has seen fewer homes constructed than half of what’s actually needed. The vacancy rates- one of the most important metrics to gauge the housing supply and demand presently are at an all-time low and the problem is, Latinos are the ones 48 | MAY 2022

Remember, the Latino household has not kept pace with inflation and the Californian home values continue to escalate far more rapidly than inflation.

Cinco De Mayo is fast approaching and I think Latinos would best celebrate knowing that their issues in housing are being addressed. In light of that, I would suggest the public and private sectors work together to find alternative

ways and channels to finance urban public services.

In addition, the municipalities and government agencies need to regularly conduct a cost-benefit analysis of their regulatory and policy requirements that cut on the available land for residential construction.

Also, rewards and penalty systems work where local governments will be persuaded to allocate sufficient land to meet the housing needs. The state must also eliminate the financial disincentives that discourage municipalities from approving and encouraging residential developments.

More importantly, the state must reform its zoning, ordinances, residential density restrictions, and urban growth boundaries to respond to the current market needs.

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COVER STORY

Mary Ellen Shay Executive Director of the California Association of Local Housing Finance Agencies The 21st century has seen remarkable progress in the development and economic prosperity of modern-day women. Can you believe it, we have a woman vice president!

And that’s not all, some top executive offices are now womenled and today, we are looking at one a phenomenal woman who I have known personally and professionally.

MARY ELLEN SHAY’S JOURNEY IN REAL ESTATE Mary Ellen Shay the Executive Director of the California Association of Local Housing Finance Agencies, a position she has held for 31 years.

Mary began her career as a VISTA volunteer in 1970. She worked in Shasta County and founded the Self Help Home Improvement Project with her VISTA colleagues. She has worked at the local, state, and federal levels in developing affordable housing and has had a private consulting business since 1986. However, behind this remarkable success, Mary has seen it all, she was there when discrimination was still ‘legal’ and helped form the infrastructure that would later come to fight redlining in the country.

BUT HOW DID SHE GET STARTED? She came to Confront Redlining and Discrimination Heads-on!

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Mary came into the housing market when redlining was widely practiced and accepted in the country. This had been a practice ‘encouraged’ by the federal government and was explicitly designed to segregate the country’s housing stock. At the time Ellen was coming into the industry, the housing market could only be described in terms of ‘red’ and ‘green’ areas.

What had been happening in the years prior to the late 60s was that the government efforts were focused to provide housing to the white, middle-class, lower-middle-class families. Other people of color were left out of the new suburban communities.

This was the environment back then. Mary began her career in housing in 1969. She was hired by the Southern Alameda County Economic Opportunity Agency, which was part of the Federal Poverty Program instituted by the thenpresident Lyndon Johnson in the 60s. This was

coming at a crucial time as the Fair Housing Act had just been passed the previous year (1968). She started as a housing consultant, mainly involved in investigating housing discrimination complaints.

This opportunity introduced her to a non-profit organization based in Hayward called EDEN. Her primary responsibility was not exactly in the investigation’s docket but in building information and data and then using that information to determine what programs needed to be developed. This was and still is important because, at the time, what would happen was, that a White couple looking for a home would be given all the privileges, and in most cases, no paperwork was required for them, whereas preferential treatment was given to the African Americans who would in most cases even be denied access to see the house. With such an environment, information and data become an integral part of designing programs that would fight this preferential treatment and discrimination in the housing sector.

HER EFFORTS WERE FINALLY PAYING OFF

MEANWHILE, THERE WERE OTHER HOUSING PROGRAMS STILL BEING BUILT.

After years of hard work, eventually, the work that she and many others were doing began paying off, and in the mid-70s, federal programs to support housing in the marginalized communities started emerging. One of such programs was the section 8 program, also known as Housing Choice Voucher Program.

So basically, the Section 8 program is one of the major programs for assisting very low-income families, the elderly, and the disabled to afford decent, safe, and sanitary housing in the private market. Since housing assistance is provided on behalf of the family or individual, participants can find their housing, including single-family homes, townhouses, and apartments. The participant is free to choose any housing that meets the program’s requirements and is not limited to units located in subsidized housing projects.

The housing landscape in the late 60s and 70s was characterized by less public housing and more developments by the public and private partnerships. At the time, Mary was working in Shasta County.

A housing subsidy is paid to the landlord directly by the PHA on behalf of the participating family.

The family then pays the difference between the actual rent charged by the landlord and the amount subsidized by the program. Under certain circumstances, if authorized by the PHA, a family may use its voucher to purchase a modest home.

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At the time, there was a very active movement to develop housing programs through the city of Redding, which saw the establishment of the Community Development Block Grant Program, and Mary was given the responsibility of administering the program.

This is a program that supports community development activities to build stronger and more resilient communities. To support community development, activities are identified through an ongoing process. Activities may address infrastructure, economic development projects, public facilities installation, community centers, housing rehabilitation, public services, clearance/ acquisition, microenterprise assistance, code enforcement, homeowner assistance, etc.

She was also the first administrator of the Section 8 Program in the city of Redding, and soon after, she, together with others, founded the Self Help Home Improvement Project.

“And that’s an organization that encourages folks to invest their sweat equity in building their own homes or in the case if you own a home that it needed repair do your home repairs that enables people who don’t otherwise have the money to buy their own homes to contribute their sweat equity. As a partial part of the mortgage that they got so that organization is still going strong, it will celebrate its 50th anniversary next year.”

In the Mid-70s, Mary moved to Sacramento to work for the Department of Housing and Community Development, and it was while working for the agency that she helped to start the first housing assistance program for the disabled.

Although there were challenges on the way, General Fund Programs were legislated, and with that, this new program got its first state housing grant of a hundred million dollars. The money was spent making a lot of pre-development loans.

HOW IMPORTANT IS FAIR HOUSING TODAY… DO WE STILL NEED THE ACT? The fair housing act of 1968 is one of the most important legislation and a hallmark of the civil rights movement. It is an act that expanded on previous acts and prohibited discrimination concerning the sale, rental, and financing of housing based on race, religion, national origin, sex, (and as amended) handicap, and family status. Title VIII of the Act is also known as the Fair Housing Act (of 1968). Mary was already in the housing industry when the Act was being enforced and had some interesting views regarding the act. When asked how important the act was and still is by today’s standards, she had this to say, “We absolutely still need a fair housing act it’s more important than ever because we know that people who are able to purchase homes are far

ahead of those who are not in building wealth and family stability. Nothing could be more important than that it was important in 1968, and it’s important right now.

She adds that Cal-AlHFA is firmly committed to developing programs and activities that will heighten the awareness of the importance of the fair housing act. In addition, she notes that one of the big jobs in CAL-ALPHA is to communicate with its affiliate members and colleagues about what’s going on in all aspects of affordable housing development. More often, the communication includes the enforcement of fair housing activities and the establishment of good practices in local agencies.

Awareness campaigns about fair housing are one of the most effective ways to combat discrimination which is still happening today even though subtly, and CAL-ALHFA has been extremely active on this by going as far as going on roadshows and talking about single-family homeownership programs.

This includes components about complying with fair housing requirements.

“I just can’t say more emphatically.

Fair housing is equality. It’s one of the tenants of our country, and it needs to be enforced and spread throughout the entire country. It’s taken a long, long time for us to make, not nearly as much progress as we need to, and I think that that awareness has come to the fore in the last, say seven-eight years, the fact that we have been so remiss in giving people the equal opportunity and housing and employment at it’s time to catch up that that’s why it’s important right now and that’s what our organization is attempting to do, and that’s what I am attempting to do just to catch up.”

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WHAT IS THE STATE DOING TO RIGHT ITS PAST WRONGS? Although discrimination had been happening throughout the country, with some areas impacted more than others, enforcement of this act certainly did not happen on a larger scale in some places.

Financing is one of the key drivers, and the fact is, some the cities are well-financed more than others. This has had an impact on furthering the Fair Housing mandates. Therefore, what the city is willing to do or is doing to aid in fair housing impacts a community in so many ways.

Taking the state of California as an example, the first governor ran on the premise of separating African Americans from the Whites, and even though he did not believe in the institution of Slavery, the idea of ‘separate but not equal’ was the foundation of slavery. That was the foundation of the state and for years it permeated into our society and influenced our culture. Because of this, African Americans have had a tough road in trying to find equality in housing and in almost everything.

It would be interesting to find out what the state is already doing to right its past wrongs.

LEGISLATIVE ACTIONS BY THE STATE To answer this, Mary, who is a registered lobbyist and who for years has been quite vocal in some of the issues around fair housing, notes that the state has over 1,000 bills in the current legislative session which began early last year, that addresses some aspect of; housing, fair housing, Affirmatively Furthering Fair Housing, housing development, planning and zoning and so much more all of which are dedicated to increasing fair housing opportunities and increasing the supply of affordable housing.

“…you can’t have a successful fair housing program if you don’t have the supply of housing to rent or to own.”

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The very first task force for the study and the development of reparations proposals for African Americans was passed in 2020 by Shirley Weber, who is now the Secretary of State.

It is important to note that this is the only reparations Task Force in the country, and it is active in completing a number of proposals, in addition, we also have a lot of housing champions in the state legislature. These folks have been on the edge of housing fairness, developing protocols for years. SEN Toni Atkins is President pro tem of the Senate and is responsible for passing dozens of bills that have encouraged the development of fair housing. Moreover, she has found different financing sources and is a champion for the housing development bonds that have passed over the years it’s one of the significant forms of financing.

“We have SEN Scott wiener who has been just relentless in his efforts to fight discrimination by identifying more sites throughout all of California for the development of affordable housing for equal opportunity, housing. it’s a passion of his to make more space available for housing at all economic levels, and he’ll introduce a bill, and it’ll get shot down, and he’ll come back, and he’ll introduce another version of that bill and eventually, little by little, unit by unit, we get more diverse housing and more diverse neighborhoods than we’ve had before, so Tony and Scott are pioneers in this work.”

She continues to add that the current chair of the Assembly Housing and Community Development Committee has introduced an assembly constitutional amendment that would set aside 5% of the state’s general fund for housing and

That aside, and as we had previously mentioned, information and data drive decision making, and on that front, Mary notes the efforts and the hard work that Reggie Jones-Sawyer has put in trying to gather facts and figures to develop a database that looks into how many minority contractors, there are involved in the development of affordable housing.

homeless activities for 10 years, starting in 2023.

This is unprecedented. The amendment bill is a ballot measure, and if Buffy is successful, it will be put on the ballot in November of 2022.

“Think about that 5% of the state’s general fund money being used for ten years annually for housing development and homeless prevention activities. That’s a lot of money and a big commitment. I don’t know if she’s going to be successful, but I know she’s going to try.”

Mary continues to add that the state has also seen a rise in other big supporters of affordable housing in the legislative assembly, and a good example to note is Member TIM Grayson from the concord area, who is doing a lot of organizational stuff to streamline the process trying to organize the financing structures in such a way that people don’t have to travel all over the state Government to put together their financing in both the development process and also in the management and administration of existing programs and projects.

“It’s hard technical work, controversial, but this is the stuff that gets those houses built and gets our residents in them.”

“We recognize that equality in jobs is also an incredibly important part of not only the housing development business, but just in equality overall, and so we’re trying to come up with programs that will encourage folks, minority subcontractors to participate in these programs of. Providing incentives for them to participate, we’re trying to determine exactly how many minority contractors there are and then trying to develop programs that will lower those barriers and get more minorities Involved in the development of affordable housing, it’s specific that’s what his bill is doing, but that that concept, I think, goes beyond affordable housing and all development commercial institutional what have you.”

On the program side, there’s been a recognition that minorities of all stripes, including women and the gay and lesbian community have not had a fair shot at accessing resources, and so there are priority programs now for emerging developers, as well as for minority contractors to access these programs get priority points for.

AS FINAL WORDS… We must build more and also bring more people on board if the Fair Housing Act is to be enforced in its entirety. If you don’t have people to administrate and enforce the law, then what’s MAY 2022 | 55

the point of that law in the first place?

And if you are not changing the hearts and minds of individuals who are in a position to discriminate or deny access to housing, then again, what’s the point of that law? We need more enforcement of fair housing laws, but we also need need housing so that you know the law can be enforced.

Unfortunately, when there’s a low supply of something, it brings out the worst in people, I mean, people have actually been killed.

Over consumer goods, they were trying to get something in a store during Christmas time. I think a lot of the problems that exist and will continue to exist in California, and other states are because of the supply issue.

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“I believe in equality, and I believe that with equality comes freedom, and we need a community, a country that is open and free and equal, fair housing, affordable housing is a way to bring underserved communities up into a higher level of income and wealth, building a higher level of educational opportunity, higher access to health care; having a good stable home open and available to all isn’t is opening the door to equality and all other aspects of our life. What could be more important than having an opportunity to be your best self, to have your best family, to have the best jobs have the best house that counts? It’s everything! It’s everything!”

- Mary Ellen Shay.

INTRODUCTION CAL-ALHFA (California Association of Local Housing Finance Agencies) was established in 1989 to represent local housing agencies and professionals in the California State Legislature and State housing programs. We also work on housing issues at the federal level. CAL-ALHFA is a non-profit organization with a broad-based membership including public and private agencies that develop, finance, and administer programs to create affordable housing in California. Our core membership is small and medium sized local agencies that have to follow state mandates, but often lack the personnel and financial resources to do so.

PURPOSE From the beginning, the founders of CAL-ALHFA felt that local government agencies interested in affordable housing matters needed better representation at the state level because their concerns were often not addressed in the development of single family and multifamily housing programs and policies.

The purpose of CAL-ALHFA is to provide that representation, based on input from all our members, including our lenders, investors, developers, and consultants.

It includes participation in the California State Legislature’s legislative process and participation in program and policy development in all the State’s affordable housing agencies.

ONGOING ACTIVITIES ▪

Legislative Advocacy. Sponsoring, supporting (or opposing), and tracking housing legislation including fair housing; bond financing; state program development and administration; relocation; land use law, including planning and zoning; housing element law; and other legislation which affects affordable housing development.

Program Advocacy. Tracking program developments in CalHFA, HCD, the Tax Credit Program, and the Debt Limit Allocation Program. Assisting in the development of program policies and procedures.

▪

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Education. Sponsoring webinars, conferences, symposia, and workshops to provide information on new developments in the field of affordable housing.

▪

Newsletters and Legislative Alerts. Preparing and distributing regular newsletters and as-needed legislative alerts to inform members of current activities.

▪

Individual Member Services. Providing advocacy and advice on district or agency matters as requested.

▪

Professional Networking. Providing a forum for industry activists to share ideas, information, and expertise with their colleagues.

RECENT ACTIVITIES Return to the Capitol – April 2022 For the first time since 2020, advocates can attend legislative hearings in person, and testify on bills of interest to the affordable housing community.

We can now meet our colleagues face-to-face on an impromptu basis. have a lobby in which we can do our work as lobbyists.

In other words, we now

Middle Income Housing Webinar – November 2021 Bond Purchase of existing market rate multifamily housing and converting them to lower rent middle income (workforce) housing.

Presentations included: Discussion of the pros and cons of this program Examples of successful conversions Potential legislation needed.* *AB1850 – Ward. Establishes minimum standard for JPA acquisitions and is currently moving through the legislature. CAL-ALHFA is a supporter of this bill, which was at least partially written on the recommendations that came from this webinar.

Single Family Symposium – October 2021 Discussions included: Increasing Minority Homeownership with a presentation by The Power Is Now Innovators in Down Payment Assistance Rural Broadband Expansion Closed Loop Pump Storage – Wildfire / PSPS Prevention

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CAL-ALHFA Annual Meeting – October 2021 Keynote Speaker – Senator Scott Weiner Discussions Included: State Programs Update Legislative Update

UPCOMING Density Bonus Webinar – May 18, 2022 Following a presentation by leading density bonus expert Jon Goetz, two cities, the City of Pasadena and the city of San Jose will describe how they developed their density bonus ordinances and how they administer them.

Single Family Symposium – October 24, 2022 In Person – Sacramento Holiday Inn Cosponsored by The Power Is Now, the Symposium will cover all aspects of minority home ownership programs, updates on Fair Housing activities, and presentations by state, regional and local homeownership programs.

CAL-ALHFA Annual Meeting – October 25, 2022 In Person – Sacramento Holiday Inn CAL-ALHFA’s Annual Meeting summarizes the major events of the year in Sacramento, and features key State legislators, Senior Staff from all major housing agencies, and a discussion of future legislative actions, presented by the Chief Consultants of the Senate and Assembly Housing Committees

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BROTHER BE WELL Wellness for Boys and Men of Color

ADDRESSING HEALTH EQUITY

Closing the mental health equity gap for boys and men of color.

BUILDING COMMUNITY

Brotherhood in a virtual healing space for scale and impact.

brotherbewell.com

ADVANCING INNOVATION

Culturally-appropriate multimedia resources and pathways to care.

Homeownership trends appreciation data and forecast for the Latino Community in Corona CA

By Jenny Gonzalez

O PHOTO FROM 123RF

ver the past two years, the Californian housing market saw dramatic increases in home values. At the same time household incomes remained relatively unmoved- a gap that’s now having profound impact on the Latino community which makes up at least 40% of the total population.

According to new research published by the Terner Center for Housing Innovation at the universt=ity of California, Berkeley, household incomes rose by about 23 percent between years 2000 and 2019 and at the same time, the median home values rose by about 7.8 times.

In counties like San Joaquin where Latinos make up over 40 percent of the residents, there was a significant drop in affordable homes for sale for the middle income families. In 2010, 91 percent of homes were affordable to middle-income families. This number has since dropped to 58 percent and similar trends can be seen in other counties such as Alameda, Santa Clara and Riverside.

“These areas that used to be affordable to working-class families, middle-income households, are increasingly becoming out of reach,” David Garcia, a policy MAY 2022 | 63

director at Terner Center who co-wrote the report, told NBC News. “I think what a lot of people don’t always realize is that these [people] are essential parts of our workforce. These are people who are gainfully employed, and pay a percentage of their income towards their rent to stay in these residences.”

Another report from the California Association of Realtors supports findings from the Terner Center for Housing showing that housing affordability for all Californians worsened during the pandemic largely due to the skyrocketing home prices.

The report found that 26 percent of all Californians earned the minimum income needed to purchase a home in 2021 which is 2 percentage points down from 2020. At the same time, the housing affordability for the Whites feel from 38 percent in 2020 to 34 percent in 2021. 17 percent of the Black and Latino households could afford the median priced home in 2021 which is down from 19 percent and 20 percent in 2020 respectively. There’s already an impending crisis going into 2022 as the significant difference in

housing affordability in the communities of color is bound to worsen.

And while the interest rates remained relatively low, the gaps in housing affordability did not improve in 2021. In fact, if we look at the affordability gap for the Blacks as compared to the overall population in California, it remained virtually unchanged at 9.2 percentage points I 2020 and 9.3 percentage points in 2021 and for the Hispanics, the gap widened slightly from 8.3 percentage points in 2020 to 8.9 percentage points in 2021.

“Homeownership has an unparalleled ability to provide stability and economic security for working families and is vital to the health of our state and its citizens because it strengthens communities across California,” said C.A.R. President Otto Catrina. “Promoting access to homeownership is one way to close the racial wealth gap and foster economic equity for all Californians, and that’s why C.A.R. is committed to addressing ongoing fair housing and equity issues that persist in our state that have made it harder for Blacks, Latinos and other underserved communities to access and afford housing.”

The affordability crisis is worse especially in the expensive counties like San Francisco, where the median price of home was $1,825,000 was only affordable to 17 percent of the Latino Households.

San Bernardino, Fresno and Solano were the counties most affordable for the Latino community at 49, and 40 percent respectively while the least affordable county in 2021 for the Hispanic homebuyers was Orange County.

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5

important steps to improving your credit for homeownership

By Ian batra

CREDIT REPORTS ARE VERY IMPORTANT Do not just sit awaiting the credit limits to go out of bounds. As a homeowner, there is need to be concerned with your credit balances. It is very important if you have to work on your credit, then there is need that you understand what you are working for.

Getting your credit reports will help you in determination of your credit score and if you want to improve your credit score, it is crucial that you get to start with your here, with your reports.

Always be concerned with your credit reports by getting copies of credit history for your home. That way, you will be able to keep everything at a constant pace and thus improving your credit for homeownership.

MAY 2022 | 67

123rf.com

R

eal estate is a booming business and has a promising future. One that has a huge potential for growth. Getting the loans and advanced loans is very easy and the process has been simplified, the potential home buyers have to keep an eye on their finances and credit.

Having a bad credit can be sometimes very stressful and also, it could cost you more, but on the other side, it is not the end, there are some things that you can do to help yourself out and improve your credit score.

STEPS TO IMPROVING CREDIT FOR HOMEOWNERSHIP Here are some 5 general points that will help you in raising your credit score for homeownership. It is very important that you get to follow them well if you want to raise your score.

1. MAKE SURE TO MAINTAIN A GOOD CREDIT MIX This is one of the things that you have to make sure you get right. As a homeowner, your loans have to be in good mix that is there should a pre-existing balance between the good loans and the bad loans.

In case you are wondering what the credit mix is all about, here is what you should understand. For the bad loans, these include the personal loans and the credit while the good loans involve the home loans and the business loans.

These two categories must be in good balance for your credit score to improve your homeownership credit score. If you are a spendthrift, then investing in home loans is a better decision, your credit mix will be healthier and at the same time, you will be building an asset.

2. CLEAR YOUR HIGH INTEREST LOANS AND THE SMALL LOANS FIRST With no asset creation, the small loans can put a huge drain on your finances. However, to improve your credit for homeownership, it is rather a prudent decision to pay your home loans over long periods.

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However, clearing the small loans first is a better decision far much better because these loans have a very high interest rates.

The home loans are better, their interest rate is lower compared to the personal and private loans. And given that home loans have an asset attached to them, it only means that these loans are better paying.

3. ALWAYS PAY YOUR DUES ON TIME This is an important factor to consider for all those who want to raise their credit for homeownership. Any due that is yet to be cleared or paid, it is best that you have all these dues cleared on time.

Also, always make an effort to clear these home dues in full. A lot of homeowners out there get this wrong, they never want to pay their dues in time and when forced to the neck, they will pay halfway. This is a malpractice that will hurt your credit score for homeownership.

Let me surprise you, paying your dues in time and in full earn you 40 percent weight to your credit score. Otherwise, lacking to pay your dues in time will only compromise your score adding unnecessary interests and payment charges.

4. CLOSE THE UNWANTED SAVINGS ACCOUNT When your loan is finished, it is very imperative that you get to close down the savings account that are inactive. Many people tend to just let their saving account inactive once they finish their loans.

The effect of this is that all the savings account that are left with less than your Minimum Average Balance, they will start affecting your credit score negatively Basically, you do not want anything like this to happen to you, therefore, you should make sure that you close these accounts down.

Make sure that you get your account or the loan closure certificate.

5. ALWAYS KEEP YOUR CREDIT OWED WITHIN ITS BOUNDS This is very imperative and very important for you to follow. Always keep your loans and your credit balances within the required limits.

Exceeding your balances may negatively affect the credit score.

As opposed to most people’s thinking, a good ratio is not having your credit balance outstanding above 50%. if you want your homeownership credit to improve, you should try to make sure that your balance is halfway the credit limits. That way, you will be improving your credit on homeownership.

There are some instances where you are forced by circumstances to not pay in time. In such cases, you should make sure that you negotiate for your payments. What normally affects so many people’s credit score is the fact that they know that they cannot be able to pay their payments in time and choose to do nothing about it. Negotiating for your payments will increase your chances of raising your credit score.

It is very easy as a homeowner to improve

your credit score. Improving your credit for homeownership is easy and actionable but as it is, so many people choose to do nothing about it. The above steps will help you in making sure that your credit score for homeownership is way above average. Again, for all those who are definite card spenders, it is best that you use two cards and this will help you in raising your credit for homeownership significantly.

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70 | MAY 2022

Celebrating Cinco de Mayo in Corona, CA.

By Kamesha Keesee Last year was difficult!

Imagine celebrating one of the big moments in the Hispanic community in Corona locked inside houses?

People were just tired of the masks and the restrictions and wanted to just go out and celebrate and in case you are starting to wonder, I am talking about Cinco De Mayo.

T

his year however, many people I have met of the Hispanic descent say they cant wait.

And therefore, let’s join in the celebration.

This month, I want to show you where you can get the ultimate fun and spirit of the Cinco De Mayo Celebrations in Corona, CA. But first, it is essential to understand that the first celebration of Cinco De Mayo in Corona, CA dates back to early as 1924, when Ms. Teresa Lemus was the community’s first Cinco De Mayo Queen. Teresa moved to Corona from Phoenix and with the money raised with the help of the community, she was able to hold a parade, fiesta and a street dance.

During this time, the parade circled the Grand

Boulevard Circle after which a fiesta followed on a small park now known as Sheridan Park/ Montoya Walk. The celebration concluded with a street dance on Fourth Street between Sheridan and Merrill Street.

Cinco de Mayo in Corona, Ca, was not an annual event, but that would change in 1972 when the community leader met and agreed to hold an annual celebration galvanizing the idea of raising money to award scholarships to students graduating from the Corona Senior High. Thi at the time was the only high school. The result was a Queen Contest where young women from the barrio were invited to participate. The contestants were asked to sell raffle tickets, and the one who raised the most money would be crowned the MAY 2022 | 71

40 years later, the celebration in Corona, CA lives on, and depending on the money raised by the queen contestants and the success of the event, the committee awards the scholarship WHAT TO EXPECT ON THE DAY OF THE PARADE The 44th annual celebration will begin with a parade at 10:00 a.m. Sixth Street becomes an entertainment venue that stretches from Merrill Street to Rimpau Avenue. Five announcers are located along the parade route introducing each parade entry. You are entertained by dancers, marching units, low-riders, antique cars, and school children of all ages participating with their dance groups or school clubs.

After the parade, the fiesta begins at the Corona City Park located at 930 East Sixth Street, with opening ceremonies scheduled for 12:00 p.m. at the Fiesta Band Shell. Trophies will be awarded to parade participants and the announcement of the new queen. At the City Park, you will be greeted with the aroma of an assortment of Mexican food and other ethnic foods served by local non-profit groups and businesses. You will

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hear the sounds of Bands or Mariachi groups, Folklorico Dancers, Latin Salsa, Hard Rock, and Oldies. The children will be well-entertained at the Children’s Fun Zone as they play and jump around in fun bouncers, ride the ponies, and play at the game booths. This all-day event is filled with families enjoying a day at the park.

This celebration is more than just a parade; it is about the community coming together to support the efforts of this committee to raise money for scholarships. The parade and fiesta are the finishing touches that makes this all possible.

“Muchas gracias” to all the volunteers who dedicate their time to this annual celebration and to the sponsors and the community for their support.

SIGNIFICANCE OF CINCO DE MAYO Mexico regained its independence from Spain on September 16, 1821. Mexico was in debt with several foreign countries, including Spain, England, and France, that demanded repayment.

Mexico refused and wanted to postpone their repayment for a few years. Spain and England withdrew their financial support but France had other plans. France invaded Mexico along the coast of Veracruz and marched toward Mexico City.

PHOTO FROM WWW.CORONACA.GOV

queen of the parade and fiesta. That year, the committee awarded a $50.00 scholarship.

The State of Hispanic Population in Long Beach, California

By Kate Nash As of data from the 2020 census, Long Beach had a population of 452,917 and currently the 7th largest city in California. About 88.2 percent of the population in Long Beach are US citizens. As of 2019, there were 1.18 times more non-Hispanic White residents than any other race in the city and about 111,000 White Hispanics and 80.1K other Hispanics in the city representing the second and third most common ethnic groups.

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his means that about 44.8% of the population in Long Beach are Hispanics.

It is important that we understand this as it forms our topic in this article.

Even though Hispanics forms nearly half of Long Beach’s population, the residents who identify themselves as Hispanics go through various socioeconomic challenges compared to other ethnicities in the city.

and industrial related jobs than we have in business or management related jobs. This has a huge impact economic wise as employed Latinos have an economic impact of $34.3 billion representing 38.1% of Long Beach’s total economic impact in LA and Orange counties. The Latino households contribute 36% of all federal, state and local tax revenues generated by Long Beach households.

According to Long Beach Latino Economic Report inaccessibility to digital resources, lack of higher education, housing and health care are among the top challenges Latinos face in Long Beach. Yet, they are the region’s underserved minority population despite being the dominant force in the city.

PHOTOS FROM 123RF

Employment data from the same report shows that the Latino community led other ethnicities in the labor force participation. At least 102,209 Latinos in the city participate in the civilian labor force which means 4 in 10 people of all the working residents are Latinos.

The sectors where we find Latinos participating more in terms of employment is in Manufacturing MAY 2022 | 75

When it comes to housing, the Latino renter will spend about 43.8% of his/her income on housing compared to the 40.1% for all other ethnicities.

In addition, the larger percentage of Long Beach Latinos are renters at 67.1% compared to 55.7% of all other ethnicities combined.

The U.S. Census brings to light the socioeconomic gaps between local Latinos and other groups especially when it comes to household and family incomes. According to the Census Bureau, a family is a unit made up of two or more people related by birth, marriage or adoption and a household consist of all people who are in a home, regardless of their relationships to one another.

“It’s so important we educate our community constituents, our leaders, our residents on this data,” she said.

Quintana believes this disparity exists because there’s a lack of opportunities for the Latino population. “If they don’t have access to good paying jobs, that’s just really going to tell the future of how well these families and their children are going to do economically in this city.”

This shows that at least 6,865 Latino Families in Long Beach are in poverty- a figure representing about 16 percent of all Long Beach Latino families compared to 9.8 percent of all other ethnic families in the city.

Moving forward, it will be important to make sure that the Latino population in Long Beach is well educated. The various economic disparities present a unique opportunity for a public education campaign that will ensure health care access, voter education and homeownership.

Jessica Quintana, executive director of Centro CHA, told the Business Journal that these figures confirm that Latinos are economically lagging behind other ethnicities in the city.

In addition, seeing that the Latino population suffer the most when it comes to housing, the city could put a moratorium on significant rent increases while also creating a more affordable housing and comprehensive workforce development plan.

PHOTOS FROM 123RF

The median household income for the Long beach Latino is $51,646 which is 14.7% lower than the city’s median household income of $60,557. The median family income for the Latinos in Long Beach is $52,200 compared to $80,000 among all other Long Beach Families.

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PHOTOS FROM 123RF

The state of housing for the Hispanics in Sacramento CA

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By Serina Lowden

or the middle class, homeownership has always been the path to achieve generational wealth. However, a recent report by Public Policy Institute of California (PPIC) show that just 17 percent of the Black and Latino households could afford a median-priced home in California in 2021. While all Californians faced a higher-price barrier in 2021, another report by C.A.R shows that only 26 percent of the California households earned the minimum annual income of $144,400 which was needed for the household to afford the monthly payment of a home priced at $786,750 which was down from 28 percent in 2020 and 30 percent in 2019.

About 34 percent of the White households could afford a median priced home, down from 38 percent in 2020 while 40 percent of the Asian Homebuyers could afford a home in 2021 down

from 43 percent in 2020. Going with the current market rates and market conditions, it is highly likely that such disparities could continue to grow this year and beyond.

“When you see interest rates rising — and mortgage payments rising faster than income — that means affordability overall should decline in 2022,” Wei said. “The housing affordability gap between ethnic groups … could widen.”

The Latino households in California, more so in Sacramento earned a median income less than those of the state’s white and Asian families. This therefore meant that many of them were locked out of home buying opportunities as they could not afford to buy.

MAY 2022 | 79

Sacramento lawmakers and advocate are also actively seeking to boost the homeownership rate for the Black and Latino Families.

Throughout the state, several programs have been initiated to increase homeownership through down payment assistance and one of the largest is overseen by the California Housing 80 | MAY 2022

Finance Agency which provides as much as $11,000 of down payment assistance.

But, while this may be a bold move, it is important that we understand that assistance programs will only do so much to counterbalance a broader economic system that has left many people of color on an unequal footing, and while it does work, the best possible solutions would be those that explores models outside the traditional mortgage market.

When it comes to the California housing market, Latinos and African Americans often face the challenges including having the largest share of student debt loans and also pay a price as a result of discrimination. If we are to help these populations, we must start there.

PHOTOS FROM 123RF

In addition, the pandemic also played a huge role in pushing many California home prices over the roof which ultimately spurred a demand for the single-family homes. Many families were looking for more space and were also able to move far places as they could now work remotely.

Meanwhile, many Latino Families and Blacks have moved to more affordable parts of the state during this pandemic in comparison to other ethnic groups. If this is sustained, it could further segregate the state and the county especially in areas where home prices are high.

ONLINE HOMEBUYER SEMINAR

www.first.bank

FIRST BANK WISDOM ®:

There’s no place like your own home.

Let’s get you there.

Learn about: • • • • •

What you need to know about National Housing Crisis and why you must buy now.

How to qualify for a Forgivable Loan or receive a grant for Down Payment and Closing Costs from The Golden State Finance Agency from 5% to 7% in assistance.

How to Qualify for Down Payment and Closing assistance Loan with The California Housing Finance Agency from 3% to 3.5% in down payment assistance and 3% in closing cost.

Learn about portfolio loans for Doctors, Lawyers, Ph.D., and CPAs that only require 5% down and No Mortgage Insurance up to 1.5 million dollars.

Home Purchase Strategies and Programs to Help You Buy Now!

SATURDAY, JUNE 4

10:00 to 11:30 AM SPEAKERS:

Register at http://buyhomeseminars.com/ ERIC L. FRAZIER MBA NMLS ID: 461807 Vice President and Mortgage Advisor First Bank NMLS ID: 551928 o: (619) 476-3269 Eric.Frazier@fbol.com

CAROLYN SUNSERI Director of Marketing Golden State Finance Authority o: (916) 384-1619 f: (916) 444-3219 csunseri@rcrcnet.org

AAPI Heritage Month in Chula Vista:

What does AAPI Heritage Month mean to me?

PHOTOS FROM 123RF

By Candace Thrower

T

he National Asian American and Pacific Islander Heritage Month is celebrated annually in May and this year, we take time to recognize and celebrate the many efforts, contributions, the diverse cultures and the rich histories of the Asian American and Pacific Islander people. In Chula Vista, we believe that our communities grows stronger and more bonded when everyone feels at home, feels welcomed and work together for the common good. In light of this, what does AAPI Heritage Month mean to me?

Like so many other major events, it’s possible

that the AAPI Heritage Month could just slip away, without really giving it much thought. But this year it feels different especially happening at a time when the Asian Americans are facing racism and discrimination at its worst! The experiences and ordeals by the AAPI people is creating powerful conversations across the nation about the place of the AAPIs in our communities.

Many families in the US in the 60s-70s grew up in environment that wasn’t really diverse which means many have been struggling to grasp how the Asian, Chinese or the Pacific Islanders MAY 2022 | 83

In Chula Vista, we take time to celebrate the differences that make our country and communities beautiful. It is a time to remember the AAPI legacy that dates as early as 1843 with the arrival of the first Japanese immigrants to America. Ever since, the AAPI people have been making their stamp on the legacy of the American History more felt especially as the Chinese Laborers preserved some of the most horrific working conditions in 1869. Throughout history, the AAPI community has faced discrimination, exploitation and exclusion. But May which is the commemorative month serves as a reminder of these contributions and I feel that it’s about time we came forward more to honor AAPI community and share in their experiences and also remind ourselves that diversity not only enriches us, but is a fundamental part of the American story.

In Chula Vista, the AAPI community is one of the fastest 84 | MAY 2022

growing community accounting for at least 17 percent of the total population. We see their mark on this country in business, science, education, sports and in various other industries. Through the AAPI’s rich and diverse culture, we experience and enhanced aspect of the American Experience from cuisine to medical care.

In light of this, something darker stained the legacy of the American story which shadows the accomplishments and contributions of the AAPI community in this country.

The recent pandemic brought with it a rise in discrimination, racism and acts of violence against the AAPI community.

Remember, the American story is one of different races and people coming together but it’s saddening to see a community suffer backlash and become a target of so much negativity and blame. Because of this covid-19 related bigotry many Asian American and Pacific Islander people are afraid of doing simple activities for instance walking outside,

going to the malls, going to buy groceries, taking public transportation and so much more. What’s hurting is the fact that even some of the frontline workers who were extremely instrumental in the fight against the virus were not spared this senseless discrimination.

SO WHAT DOES THE AAPI HERITAGE MONTH MEAN TO ME? Well, it serves as a reminder that Chula Vista wouldn’t be Chula Vista without AAPI’s positive influence on and the contributions to the American History. Right now, more than ever, it is important that we recognize the AAPI culture as an important faction of the diverse cultures that are instrumental in driving this country towards success. For me, I’ll go out to celebrate and learn about the AAPI community and help bring awareness to the hardships that the community has experienced throughout history.

Now more than ever, I am proud to be part of this celebration!

PHOTOS FROM 123RF

live. This is true for many Baby Boomers, Generation X and part of the Millennial Generation. Naturally, people fear what they do not understand and with fear comes chaos, look at the Civil Rights movement in the 60s and 70s. Therefore, since at the time our communities were not racially integrated, it was hard to appreciate the contribution of the AAPI community.

This Is How You Can Support the AAPI Community in the Bay Area

PHOTOS FROM 123RF

By Briana Frazier

M

ay is the Asian American and Pacific Islander Heritage month, a great time to learn more about this community’s rich culture and understand its diverseness. As such, it is about time to start looking for enriching essays, products and guides to Bay Area’s best AAPI’s relaxing places, restaurants and so much more. But, even before we get there, since the onset of the covid-19 pandemic, the AAPI community has experienced one of the worst hate crimes and violence which is why I dedicate this article to this community, for you to learn the various ways to support the Bay Area’s AAPI community right now.

A recent report by the Center for the Study of Hate & Extremism at California State University in San Bernardino found that San Francisco experienced a 140% increase in racially motivated attacks against the Asian people in 2021.

Ever since, the local, state and national organizations have stepped up and now supporting the AAPI community through fundraisers, outreach programs, education and mutual aid.

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Now more than ever, it is important to stand in solidarity with the AAPI communities. We need to educate ourselves on the history of anti-Asian racism in America and figure out the best solutions to end it.

Here are some pointers to get started:

One way you can show support for the AAPI community in the Bay Area is by donating to the Asian Americans Advancing Justice-Asian Law Caucus. It was opened in 1972 and was the first legal and civil rights organization for the AAPI community. The organization has a mission to pursue equality and justice for AAPI communities particularly targeting the low-income immigrants and or the underserved. Some of their advocacy revolves around housing rights, immigration rights, the justice reforms, civil rights, workers’ rights among many others.

Your donation ($25) could help the underserved and low wage worker get help file a claim to recover stolen wages.

A $500 donation could perhaps help a tenant stay in their rent controlled apartment. You could also volunteer for administrative or clerical skills.

There’s so much you can do!

GET ACTIVE AND LEARN MORE ABOUT THE EXPERIENCES OF AAPI IN AMERICA Apart from active advocacy for the AAPI Community, the Asian Law Caucus also has a strong stand against hatred as a place where people in the AAPI community can tell their stories about the hate and the injustice they’ve encountered. These stories are open to the public and we can all read and learn more about their ordeals.

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PHOTO SOURCE: https://www.advancingjustice-alc.org/

REPORT ANY INCIDENCE OF HATE, VIOLENCE OR RACISM AGAINST THE AAPIS If you witness a violent incident against a member of the AAP community, you need to report it. If someone is in danger or has been hurt, you need to let the authorities know before anything else. It doesn’t matter if the crime is big or small, report it to Stop AAPI Hate which is a non-profit organization created to track, respond to and stop anti-Asian racism in the country.

DURING THIS TIME, ENGAGE WITH AAPI ARTS During this special month, take time to engage and learn more about the Asian art and cultures.

By doing this, you uplift the voices of the Asian and Asian American community. You can visit the Asian Art Museum which is home to one of the best collection of Asian Arts.

Art is one of the best ways to connect with any people. It exposes you to learning more about the history and lived experiences of the Asians across the world.

PHOTOS FROM 123RF

ADVOCATE FOR THE CIVIL AND HUMAN RIGHTS OF AAPI COMMUNITIES

Frazier Group Realty Inc. 3739 Sixth Street Riverside, CA 92501

“Your Real Estate Navigator” www.fraziergrouprealty.com rubyfrazier@fraziergrouprealty.com O: (951) 686-5261 F: (714) 908-7298 Lic# 01751773

Overview of the Hampton Real Estate Market in 2022

PHOTO FROM 123RF

By Connie Watson

H

ampton is a small city in the state of Georgia with an estimated population of only 8,368 people. The city has nine constituent neighborhoods and the 114th largest community in the state of Georgia. Over the recent years, the city has seen significant growth in the number of housing units and quite often, new home construction due to the number of new residents coming into the city from other states and cities rising. The demographic profile of the city, especially with the new residents from other places comprise of a middle class or wealthier people who come into the city attracted by the jobs, a healthy economy or amenities.

Consequently, we have the city’s median income at $63,726.00.

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THE REAL ESTATE PROFILE Although the real estate values of housing units in Georgia do not compare to the states and country’s most expensive markets, Hampton real estate market is one of Georgia’s hot spots.

The median value of homes in Hampton is $305,967 according to Zillow which further indicates that prices in this region have gone up 36.1 over the past year.

The city’s housing profile comprises of all the types of homes including single-family detached homes which are the most common housing type in the city accounting for 77.50 percent.

The other types of housing units present in the

city include mobile homes or trailers that account for 11.95 percent, duplexes, homes that have been converted too apartments or other small apartment buildings that account for 4.46 percent.

There are also large apartment complexes or high rise apartments that account for 4.10 percent.

To further break it down, owner-occupied, three and four bedroom single-family detached homes are the most prevalent types of housing in Hampton. The owner-occupied dwellings account for 72.98% of Hampton’s homes and 69.7% have either three or four bedrooms.

Additionally, it is worth noting that Hampton boasts of relatively new homes built from the year 2000.

In fact, our analysis shows that Hampton has some of the newest homes in America with almost 5 out of 10 homes built in the 2000s. This gives the city a fresh look and appeal.

The only problem Hampton real estate market is experiencing is the issue of vacant housing which if left unchecked, could drag down the real estate market. Fully 13.20 percent of the housing stock in Hampton is classified as vacant. The danger of having so many homes vacant is that they hold the real estate prices below the levels they could achieve if these homes were absorbed into the market and become occupied. The vacancy rate is something many investors take seriously and could jeopardize a markets true potential.

APPRECIATION RATES AND TRENDS The past decade has had so many markets in the country performing better and Hampton hasn’t been left behind. The market has appreciated 93.28 percent over the last decade which is an average appreciation rate of 6.81 percent (annualized) and this puts Hampton in the top 20% nationally for the real estate markets that have appreciated greatly. This is good news for the investor as the city has proven to have a good track record of high returns on investment.

The appreciation rate in Hampton was so strong that despite there being a downturn in many housing market, Hampton market was relatively untouched. In fact, housing market continued to gain traction compared to other markets. In the last 12 months, the appreciation rates for the Hampton market have been some of the strongest equating to 15.08 percent which is higher than the appreciation rates in 78.11 of the cities in the country. According to NeighborhoodScout. com, the latest quarter shows that Hampton’s appreciation rate were at 6.45 percent equating to an annual appreciation rate of 28.41 percent (somewhat different from Zillow’s analysis).

Relative to the state of Georgia, Hampton’s appreciation rate is higher than 80 percent of other cities and towns in the state.

Note: the appreciation data here applies to the city as a whole. The individual neighborhoods within the city differ sometimes by a greater margin.

You may contact Connie Watson at: (404) 453-3347 conniewatson1@ausdanbrook.com

MAY 2022 | 91

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PHOTO FROM SOUTHAVEN.ORG

Southaven, Mississippi Housing Market Trends

By Edwin Engelke

S

outhaven is a city in the DeSoto County of Mississippi and according to the 2010 census data, the city had a population of 48,982 people. This made the city the third largest city in the county and the second most populous suburb of Memphis.

REAL ESTATE MARKET PROFILE To date, the city has grown population wise to about 54,648 people.

There are about 19,735 houses or apartment.

According to Zillow, the median home prices in South Haven is $249,833 and according to Zillow’s analysis, the prices have actualy appreciated in value by 25.3 percent year over year. While the figure according to the local is

quite expensive, it relatively fair especially given that is falls way below the national average of $375,300.

The most preferred type of home in Southaven is the single-family detached home which are so common accounting for over 78 percent of the city’s housing units. That is not to say there aren’t other housing units in the city. A walk around the beautiful city of Southaven, you will find large apartment complexes or the high rise apartments that account for 12.31 percent. There are also duplexes in the city, homes converted to apartments or smaller apartment buildings which account for 4.02 percent of the housing units in the city. There are also a few mobile homes or trailers which account for 3.3 percent of the city’s MAY 2022 | 93

total housing units. In short, this is city that caters for everyone’s needs.

When we look further into this housing market, you realize that owner-occupied, three and four bedroom houses in the single-family detached homes are the most preferred types of houses in South haven. About 66.80 percent are owneroccupied and 73.51 percent have either three or four bedroom which is the typical size for an American household.

APPRECIATION DATA According to the website NeighborhoodScout. com, appreciation rate for homes in the city cumulatively over the last ten years has been 57.29%. This nationally puts the city in the top 40 percent nationwide. Annually, NeighborhoodScout estimates a growth of 4.63 percent.

In the last 12 months however, the company reports that the appreciation rate for homes in the city was 14.06 percent which is slightly above the national average. In the last quarter, homes in Southaven have appreciated at 5.64 percent giving us an annualized figure of 24.53 percent which is relatively at par which what Zillow reports.

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BUT HOW DOES THAT COMPARE WITH OTHER CITIES IN THE STATE? Well, Southaven is actually doing so much better.

In fact the latest annual appreciation rate is higher than 90 percent of other cities and towns in the state.

While this speaks a lot about the city of Southaven when it comes to investment decision, it is important that you keep in mind that the appreciation statistics discussed here apply to the city as a whole. If you go to individual neighborhoods, the investment potential varies and that is one most important point to bear in mind.

A PROFILE OF THE CITY The city is a mid-sized city with 14 neighborhoods. Unlike most other cities, Southaven comprises a mix of both white collar and blue collar occupations. But in overall, the occupations prevalent in the city are sales and office workers, professionals and service providers.

The per capita income of people in Southaven as of 2018 was $28043 which is wealthy compared to the rest of Mississippi and middle income relative to the rest of the country. Taking a family of four, this amounts to annualized figure of $112,172. But it important that you note that this city comprises of a mix of both wealthy (very) and low-to-moderate income earners.

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By Francine Marsolek

L

ino Lake is a medium-sized city in the state of Minnesota with a population of about 21,399 people. The city has five constituent neighborhoods namely; Lino Lakes East, Lino Lakes Southeast, City Center, Lino Lakes North and Lino Lakes Northeast. The data presented in this article applies to the city as a whole and not the constituent neighborhoods. The population and size of Lino Lake city puts it at 54th largest community in Minnesota.

According to realtor.com, the median price for homes sold in Lino Lakes is $480K. The company further reports that in March 2022, the median listing price was up 18 percent year over year and the sale to list ratio standing at 100%.

Although the real estate market is performing better, hyping the prices of homes and apartments in the city, I can confidently say that the prices here are moderate and do not compare to the country’s most expensive cities.

On average, homes in Lino Lakes stayed on the market for an average of 43 days.

Real Estate Profile

Going by the current market conditions, Lino Lakes was a buyers’ market in the first quarter of the year which means that the supply of homes was higher than the demand.

When you look at the composition of the housing types in Lino Lakes, single-family detached homes are easily recognizable as they are the MAY 2022 | 97

PHOTOS FROM 123RF

Real Estate Market Overview: Lino Lakes Minnesota Appreciation Data and Trends 2022

prevalent type of housing in the city accounting got 88.54 percent of the city’s housing units.

There are other types of housing units in the city including row houses and attached homes that account for 7.92 percent, large apartment complexes or the high rise apartment that account for 2.26 percent and a few mobile homes that account for 1.22 percent of the total housing stock in the city.

Just like the United States, owner occupied, three and four bedrooms houses primarily in singlefamily detached homes are the most prevalent types of housing in Lino Lakes. The owner occupied housing accounts for 87.18 percent of the city’s homes and 72.19 percent have either three or four bedrooms.

In terms of the age of the houses in Lino Lakes, we see a lot of them were built between the 70s and late 90s. But, there is also a lot of homes in Lino Lakes that were built between years 2000 and later. They account for 26.12 percent of the total homes in Lino Lakes.

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THE APPRECIATION DATA The appreciation rates for homes in Lino Lakes have been well above average in the last decade.

Data from NeighborhoodScout.com puts the cumulative appreciation rate for the last decade at 65.46 percent which puts the city in the top 30 percent nationally. To break this down further, this puts Lino Lakes’ appreciation rate at annualized 5.16 percent In the last 12 months however, the city’s appreciation rates have trailed the rest of the nation whereby it has seen an appreciation rate of 11.36 percent which is actually lower than the appreciation rates of other places in the country.

The last quarter saw Lino Lakes appreciation rate at 5.41 equating to 23.46 percent annual appreciation rate.

When compared to the rest of the state, the appreciation rate of Lino Lakes is actually lower than 80 percent of other cities and towns in the state.

Leading the Conversation About Real Estate!

ONLINE HOMEBUYER SEMINAR JOIN THIS SATURDAY!

Register at

http://buyhomeseminars.com/ Learn about:

Host:

•

SHANEIKA THOMAS CA BRE# 02079782 Sales Consultant Holden Homes Realty c: (707) 703-6132 shaneikathe1realtor@gmail.com

• • • • •

•

What you need to know about California Housing Crisis and why you must buy now How to qualify for a Forgivable Loan or receive a grant for Down Payment and Closing Costs from The Golden State Finance Agency from 5% to 7% in assistance How to Qualify for Down Payment and Closing assistance Loan with The California Housing Finance Agency from 3% to 3.5% in down payment assistance and 3% in closing cost Learn about portfolio loans for Doctors, Lawyers, Ph.D., and CPAs that only require 5% down and No Mortgage Insurance up to 1.5 million dollars.

Home Purchase Strategies and Programs to Help You Buy Now!

Speakers: ERIC FRAZIER MBA NMLS ID: 461807 Vice President and Mortgage Advisor First Bank NMLS ID: 551928 o: (619) 476-3269 c: (714) 475-8629 eric.frazier@fbol.com

CAROLYN SUNSERI

Director of Marketing Golden State Finance Authority o: (916) 384-1619 f: (916) 444-3219 csunseri@rcrcnet.org

The State of Housing in Brooklyn

New York

T

he latest report from StreetEasy which spotlights the Brooklyn Market shows that there is a heightened demand and fewer listings available on the market which means that the spring housing market will be highly competitive for the prospective home buyers.

According to Realtor.com, the median selling price for a house in Brooklyn is $805,000 as of March 2022 with a listing price of $895K- an uptick of 8.5 percent year over year.

a median of 79 days – 25 days faster than they were last year. The for sale inventory has also gone down 12 percent. According to the report, in the month of February, there were some 1,180 sellers who listed their homes on the market which is actually an uptick compared to February last year. More homes on the market means less competition.

For the rental market, the median asking rent was up 16.7 percent compared to the same period last year reaching $2,800.

Homes are being sold faster than never before at MAY 2022 | 101

PHOTOS FROM 123RF

By Harriet Robertson

On the other hand, the rental inventory was actually down 53.3 percent from last year.

In fact, this year, we had only 8,563 rental units available across the borough. This was a 5 percent decline year over year. Even though this highlights how tight the inventory is, the report by StreetEasy notes that it isn’t different from pre-pandemic levels.

HOW DOES THIS COMPARE WITH THE OVERALL CITY DATA? The city’s housing market recorded 4,078 homes on the market which is the highest number of new listings to come on to the market in any February on StreetEasy record.

This could only mean one thing- the market is prepping for a rebound amid the recovery from the pandemic.

Additionally, after consistent 3 months decline of the for-sale inventory, the report found 102 | MAY 2022

that the first quarter posted an increase in the available forsale inventory. There were 549 more units for sale in February than there were in January.

Still, this was 12.2 percent lower year over year.

“It’s been two years of unpredictability in the New York city market, but this data shows that the seasonality of the sales market is back,” says Casey Roberts, StreetEasy home trends expert.

APPRECIATION RATE FOR HOMES IN BROOKLYN In the last decade, the city has experienced the highest appreciation rates of any community or city in the nation. The real estate market in Brooklyn has appreciated 95.16 percent over the last ten years which is an average appreciation rate of 6.92 percent. This puts Brooklyn in the top 20 percent nationally for the real estate appreciation.

This is good news for buyers and investors alike as Brooklyn has a track record of being one of the best long term real estate investments in the country for the last ten years.

In the last 12 months the city has appreciated 14.66 percent which is actually lower than the appreciation rates of most communities in the country. In the latest quarter, NeighborhoodScout’s data show that the appreciation rates in Brooklyn were at 5.58 percent which equates to an annual appreciation rate of 24.27 percent.

One thing certain, 2022 spring season will be one of the most competitive years for the buyers. But if the market keeps adding new inventory as we are seeing, then the future doesn’t look that bad. The recent rise in home prices should be an enough motivation for sellers to put their homes on the market which in overall will ease the situation for many buyers.

The Best Tips for Financially Distressed Homeowners Janet Petrozelle (336) 239-4107 janet@oakleafproperties.com

By Janet Petrozelle

D

ue to the ever increasing cost of living, job losses and interest rates, the amount of homeowners finding themselves in financial distress just keeps on rising by the year. This in turn is causing so many property owners having to face much unwanted financial distress. In all honesty, the best thing you could possibly do for your situation if you are financially distressed is to take action, as it can’t be surprising to hear that staying in a financially distressed situation is just a disastrous choice to make. So today, here at JAM properties, we will be discussing the best tips to find yourself in such an undesirable position.

1. ASSESS AND COMMUNICATE The first thing you should do is to assess exactly where you are financially and whether or not you are in the financial position to be able to continue on with your monthly bond repayments. If you aren’t, the next step for you to take is to contact your bank ASAP and communicate with them, letting them know what is going on. This is because if you default on a bond repayment, this could lead to some dire consequences such as a

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2. UTILIZE THE PROS But in certain scenarios, your financial situation may have reached a point where it is totally and utterly out of your control.

During these times, it is a good idea to consult the professionals. An example of why this is a good idea could include a financially distressed homeowner using a debt counselor. A debt counselor will be able to help you to assess your current financial

position and give you some professional advice on what you should be doing in order to keep moving forward and come up with a repayment plan. In addition, to make sure that your property won’t be repossessed and that no legal action will be taken against you, they will be able to help you to apply to the court and get the repayment plan approved.

3. SELLING YOUR PROPERTY If the two tips above can’t help you to make sure your home isn’t going to get repossessed, putting your distressed property onto the market ASAP is probably the best option. In order to do this as smoothly as possible, try contacting your local real estate agency as they most likely will be experienced in selling distressed properties and will be able to give you advice on the best ways to ensure that your property will get sold off the market at the top price.

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PHOTOS FROM 123RF

tarnished credit record or having to completely forfeit your property. However, if you do take the time to inform your bank of your current financial position, these undesirable consequences may be prevented as the best thing for the bank is for you to keep on living in your property and paying the bond. Hence, the likelihood of you being able to reschedule your payment or being offered some helpful financial advice would increase.

How to Create an Impression of Value of Your House in the Minds of Home Buyers

By John Costigan

T

hink about the value of your house right now and value it in monetary terms. What perception do you get about it? Now, think about what another person, not even your buyers, would value your house, you must be having some friends, and how do you think they would rate your house?

The listing price does not matter that much because it will be the same in every price bracket and at this point, it should be the least of your worries. Basically, you cannot force the price into the buyer and in one way or another, the buyer will buy the house for a price they think it is what it’s worth, so let the price not be a bother.

There are a lot of things that you cannot change about your house, but like so many people

out there, you can chose to play around with numbers trying to estimate to value of the house, which will not work at all.

•

You cannot change the location of the house no matter how willing you are.

•

There is nothing you can do about the house value the market has determined for you no matter how hard you’ve forced the digits to fall in line for you.

BUT! You can definitely change the buyer’s perception and create an impression of the value of your house. This works like a dream. You can change and control how your buyers think about your home and even end with them buying the house.

MAY 2022 | 107

SO HOW EXACTLY DO YOU CREATE IMPRESSION OF THE VALUE OF YOUR HOUSE…..?

It is a simple act, a straightforward move that need no classes. You just have to know how to organize your home in a way that suits your buyer’s preferences but first, let’s look at some quick hacks that might give you some free bonus; •

Make sure that your home has a wellgroomed landscaping, make sure that everything in your house falls in the right place.

•

Cabinets and closets, they are one of the main areas that the buyers will have to look for after the kitchens, and the sitting room so make sure that they are will organized.

•

Painting of the house has to be neutral, you really do not know what your buyer prefers and to be on the safer side, make sure that your paintings are neutral.

•

Make sure that the flooring is in excellent condition, just a single crack might scare them off, and so you have to be extra cautious on this.

•

The rooms have to be spacious and let the light in as much as possible. Nobody wants to be barricaded in a dark room.

These are just some giveaway points that will really sell you out.

IS THAT ALL? Creating an impression on the buyers mind that your home is the perfect suit will require you to present your home, which you very much now that it might be theirs in the future in a rather visual and emotional appeal. It has to be well maintained, the decors and the likes all have to be in place. Therefore, if you have all the above points checked, then it is time for the final move.

GETTING INTO THE BUYERS HEAD Gaining control of the situation, others may call it manipulation, is the whole point behind all this.

Remember, your potential client may have a negative feeling toward this house and therefore, it is upon you to convince them that it is the best home they will ever come across. Therefore, you really need to get into their heads. How exactly?

I did my homework...

PHOTOS FROM 123RF

Preparation and presentation of the house are among the primary key concerns to creating a perceived value in the potential buyers mind but without strategic marketing none of this will ever work out. Therefore, you will need to strategically position your house in the market in the best possible manner to gain the buyers favor. In case you don’t know how, there are many professional Home Stagers who will help you with this, otherwise, the whole process is just easy and fast.

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MAY 2022 | 109

By Marqueze Williams

(615) 592-0894 marquezesellsrealestate@gmail.com

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fter a year of crazy home price increases, one would think that the market is finally ready for a breather… not the Nashville Market! In fact, It is predicted that the home prices will keep on rising in the year as buyer continue to compete for the limited supply of homes in the market.

According to Zillow, the typical home values of homes in Nashville is $428,857 up from $414,900 in 2021 and $339,000 in 2020.

The primary driver of this hectic price rise is the limited supply plus a higher demand of homes in 2021. Looking at the market superficially, you might not see the underlying problems, but the scale goes much deeper.

The market needs affordable housing.

On the other hand, construction has stalled.

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In fact for the last two decades, Nashville has fallen short of 5.5 million units of the long term historical levels. A new report from the National Association of Realtors shows that builders in the country added 1.23 million new housing units on average each year from 2001 to 2020.

Of the 5.5 million deficit;

• 2 million are needed for the single family market.

• 1.1 million Units in building with two-tofour units.

• 2.4 million Units are needed in building of at least five units.

Going with the current market rates, it could take more than a decade for the supply and demand to balance out. It is not a surprise that this could take even longer due to the influx of the new residents from other states coming in search of greener pastures.

For instance, over the past two and a half years, the Tennessee Department of Economic and Community Development has brought in 25 California based companies to either relocate to the state or expand their business there. With an investment of $1.2 billion in the state, we are looking at 3,400 jobs which attracts thousands of people from other places. That creates more problem for the market.

Something we must however watch closely are the rising interest rates which are likely to put more pressure on the local housing market. More so, it threatens the first time buyers who will be boxed out of the market. If the interest rates rose by just 1 percent, this reduces the buying power by 11 percent.

Going forward, the market condition favors the sellers more simply because of the supply demand imbalance. For many looking to buy into this lucrative market, the quality of life and the relative affordability compared to the rest of the country makes Nashville a great place to live and invest.

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The State of Nashville Housing Market in 2022: More Price Increase

Silver Spring Market Overview: Home Appreciation Data and Trends for 2022

By Rose Ogbonna

According to Wikipedia, the name Silver Spring comes from a Mica-flecked spring discovered there in the 1840s by a man named Francis Preston Blair. The man would go on to buy much of the land surrounding the area.

SILVER SPRING DEMOGRAPHICS The racial markup of the community as detailed by the Census Bureau shows that the majority of the people in Silver Spring identify themselves as white accounting for 45.7 percent of the total population, while blacks or African Americans make up 27.8 percent. The American Indian and Alaska Natives make up 0.6 percent of the population, Asians make up 7.9 percent of the population and the Native Hawaiian and Other Pacific islanders make up for 0.1 percent of the population in Silver Spring.

A common fact about the town is that it is home to many people of the Ethiopian Ancestry, much like most other places in the Washington Metropolitan Area.

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In terms of housing, the town has 63 constituent neighborhoods. To date, housing in Silver Spring is one of the highest in the nation but, it doesn’t come anywhere near the real estate prices in some of the most expensive communities in Maryland.

It is a white-collar town with fully 85.13 percent of the workforce doing the white collar jobs which is way above the national average. In overall, you will quickly notice that Silver Spring is a town of professionals; managers and service providers alike. Many people in Silver Spring work in professions such as management, office and administrative support and teaching.

In addition, it is important to add that this is a town of artists. The town boasts of having more artists, designers and people working in media more than 90 percent of communities in America. It is one of the factors that shapes the town’s culture.

Although not a large town, it has a large

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ilver Spring is a mid-sized town in the county of Montgomery, Maryland.

According to the 2020 census data, the town had about 81,015 people making it the fifth most populous town in Maryland after Baltimore, Columbia, Germantown and Waldorf. It is the second most populous town in the county of Montgomery after Germantown.

concentration of young, single, educated and upwardly-mobile career starters. Many of the people living in Silver Spring are in their 20s and 30s who have an undergraduate or graduate degrees and are starting their careers in professional occupations. This makes the town one of the ideal places for young, educated career starters who are looking to find many people like themselves.

REAL ESTATE OUTLOOK The town has 31,827 houses or apartments and according to Zillow the median sales price for homes in Silver Spring is $519,595 which makes the real estate prices in this town some of the highest in the country.

In terms of the housing composition, there are many large apartments or high rise apartments which account for the largest share of the housing in the market at 61.11 percent.

The other types of housing prevalent in Silver Spring are

Single-family detached homes that account for 29.83 percent, row houses and other attached homes that account for 4.93 percent of the town’s homes and a few duplexes which account for 4.06 percent.

Many people in the town prefer small units which are mostly found in large apartment complexes or the high rise apartments. The town has a mixture of owner-occupied and renter occupied housing.

Many of the houses in Silver Spring were built in the 40s through the 60s and these homes account for nearly half (48.47 percent) of the total housing stock in Silver Spring.

HOME APPRECIATION RATES The real estate appreciation rates for homes in Silver Spring tracked to near the national average over the last ten years with an annual appreciation rate of 3.59 percent. In the last 12 months, the appreciation rate for homes in Silver Spring has been 11.67 percent which is actually lower than the appreciation rates in most other areas in the country. According to data from NeighborhoodScout, the last quarter’s appreciation rate in Silver Spring was at 4.89 percent translating to an annualized rate of 21.02 percent.

Comparing this data with the rest of Maryland, Silver Spring’s appreciation rate is lower than 70 percent of the cities and towns in the state.

Contact Rose Ogbonna at (301) 674-4542 rose.reobroker@gmail.com MAY 2022 | 113

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Investing in homeownership with the Asian American community

By Norman Green

Generally, the real estate market is very large, people who engage in this market understand that. You can’t lack some of the consumers who are looking for homes to buy or even business looking for a space to let. Knowing how to play in this market will help you a lot to escape the hands scammers looking for your cash.

When entering into the market, there are so

many choices that you will be subjected to, you can choose to branch with the residential real estate, commercial real estate or even the industrial real estate. But divert your attention from the last two and focus on the first, residential real estate. This is a market that has been growing steadily. Comparing it with the commercial real estate and industrial real estate, residential is taking quite sharp maneuvers and still appearing on top of the chart in terms of investment opportunities.

CHOOSE YOUR COMMUNITIES There are so many communities generally looking for a space to call a home. Making a smart choice here will help you emerge on the other end victoriously. One major focus is the Asian American. A community that has been MAY 2022 | 115

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valuation of the real estate market is one of the most important factor that you have to consider if you are looking to get into this industry. Knowing who to sell to, how to sell and why you should sell what you have, are important tools for evaluation you have to consider.

Culture is a key element that as an investor you will have to consider. Asian American community has a smart culture that you will develop a liking to. Much more on a perpetual growth, you have to learn how to serve the clients from their own cultural dimension.

Asian community culture is one very simple both to understand and to take advantage of.

Developing the kind of homes that meet the standards will help you maximize your performance on this market. Using the cultural context of the Asian American community, this could help you to effectively prosper in this market.

THE AAPI IN RELATION TO ASIAN AMERICAN HOMEBUYERS The AAPI are the initials standing for the Asian American and Pacific Islander, you must understand the role of this body to maximize your gains in this industry.

This body comprises of the 116 | MAY 2022

countries that make up the Asia islands- also called the Pacific islands. In total, the countries are 40. Currently, it is estimated that AAPI consists a population of not less than 19.5 million people. Here is the big fish that as an investor you must be willing to try and catch, by 2050, the general population of the AAPI is expected to rise by 134% meaning that, the population is growing creating a huge market for homes. The demand is rising.

Looking at the homeownership rates for the AAPI which the US Census Bureau began reporting as at July 2016, there is a

sluggish growth rate compared to other communities such as the Non-Hispanic Whites. As at the second quarter of 2016, the AAPI had the second highest rate of homeownership of any segment of the population, standing at 53.7% THE TOTAL PURCHASING POWER FOR THE AAPI On a general note, this looks great, the Asian American produced 2 million in loans and for the mortgages, this averaged to about $600 billion in originations. It is quite interesting because the average loan balance for this community is at about $300,000 making it

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predominant in most parts of the U.S. Dealing with the community is not that simple but at the same time, it is also not so hard. All you have to do is develop skills and the abilities to evaluate the size and the potential of growth, as far as investment in residential real estate is concerned, in the Asian American community.

one of the highest community.

By 2018, this community is expected to top $1 trillion making it the fourth largest state economy in the U.S after California, Texas and the New York. On the longer trend, this community has had its growth rate standing at 180% in a period of 14, 2000-2014. Proudly, this has almost tripled the Non-Hispanic Whites growth rate which is about 69%. If you look at the potential for business ownerships, there are about over 1.6 million Asian American owned business in the U.S. The data rose sharply between 2002-2007 by about 40%. This was according to the US Census Bureau Survey of Business Owners.

WHY YOU NEED TO CONSIDER THIS MARKET A POTENTIAL CONSUMER There are so many factors that will attract you to want to invest in a certain community but going with the cultural dimension, you are sure to be on the safer side. The Asian American community is known to be family oriented and non-confrontational in nature. The community highly values education and has a soft touch for fine arts. Basically they respect everyone and are guided by strong work ethic. The community is special in its own way and who wouldn’t want to sell his properties to such a community?

HOMEOWNERSHIP CONSTRAINTS FOR THE AAPI Every good thing has a dark side and no matter how hard you try to disguise it; it will surely come out in the open. There are some constraints to homeownership for this community. One of them being the aversion to debt. Moreover, to buy a home, most of the Asian American people feel that it is best that they feel ready and financially stable, making the process an eternity.

The lack of understanding about the importance of the credit history and the credit score is another factor that hinders homeownership for this community and their unwillingness to share their personal information might deter you from

investing in residential real estate with the Asian American community. These among many others, including language barrier are among the factors that real estate brokers do not want to deal with.

WORKING STEP TO STEP WITH THE AAPI COMMUNITY You must be focused to work with the AAPI community on a longer term basis and when dealing with them, you must explain the information clearly and concisely. You must also be willing to demonstrate the fact that you have their best interest in mind.

Never make an assumption about ethnicity, language capabilities, income, national origin experience and knowledge, doing so, you might be toasting your long term chances with this community. Most of the real estate agent assume that affirmation means Yes. To this community it might mean something else.

All these are the factors that you will have to consider when investing with this community.

Otherwise, it is one of the best consumers of the homes. In case you are wondering how to connect with them and become a part of them, the Asian Real Estate Association of America is one of the umbrella bodies that will help you become and agent and acquire deals for this community.

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Newburgh Market Analysis: Appreciation Trends for 2022

By Sandra Cotthaus (914) 213-1550 sondra10100@aol.com

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ew York is the largest metro area in the United States and includes the island of Manhattan, an eight county area, west long Island and Staten Island. It is the fourth largest in the world after Tokyo, Mexico City and Sao Paulo, Brazil. It is among the richest and one of the most complex places to live in America.

One of the cities that we’re going to be looking at in this article in terms of the real estate performance is Newburg.

Newburg is a mid-sized city that is located in the state of New York. It has a population of 28,856 people and 14 neighborhoods. It is the 52nd largest community in New York.

As a visitor of the city, one thing that you will notice quickly is the fact that many of the homes have a historic look to them as they were built pre-world war 118 | MAY 2022

II. This makes the city has a unique appeal making it one of the more historic cities.

In terms of job profiling, Newburgh comprises of both blue and white collar jobs.

But in overall, the city is made up of more service providers, sales and office workers and professionals. Many people living in Newburgh mostly work in offices and administrative support (12.64), sales jobs (10.47%) and in health care support services (8.46%).

For a city the size of Newburgh, it makes a lot of sense why there are so many people taking public transportation.

The Per-capita income of residents of Newburgh as of 2018 was $22,425 which is quite low compared to the state and relative to the national per capita levels. This equates to an annual $89,700 income for a family of four.

When it comes to diversity of the races in Newburgh, you find that it is a city that’s extremely ethnically-diverse. Many people in Newburgh describes themselves as belonging to a variety of racial and ethnic groups. The most prevalent group in the city are the people of Hispanic or Latino descent who make up 53.56 percent of the total population. Many people in Newburgh report their race to be white followed by the African Americans.

NEWBURG’S REAL ESTATE PROFILE The city of Newburgh has about 10,268 houses or apartments with a median cost of $249,750 according to the latest statistics from Redfin.

The company also reports that real estate prices in the city have gone up 11.0 percent compared to the same period last year (March 2022).

The most common housing type in Newburgh are the duplexes which account for

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40.24% of the city’s housing units. There are other types of housing units in the city including the single-family detached homes that account for 27.56 percent, large apartment complexes or the high rise apartments that account for 24.77 percent and a few row houses and other attached homes which also account for 6.94 percent. This combination of houses in a single city makes Newburgh one of the most compact and walkable city which in many cases translates to a lively downtown.

A characteristic of the city is that it is dominated by renter-occupied one, two or no bedroom apartments that account for 68.92 percent of the city’s residential rentals.

Over half of the city’s housing stock was built before the 40s

making the city’s housing the oldest overall in the country, but if you are not the person who is attracted by historic features and look of a place, you’ll be satisfied to know that the city has a range of ages of homes. About 14.50 percent of homes in Newburgh were built between 1970 to1999.

The only issue Newburgh market seems to be suffering from is vacancy rates. Fully 13.98 percent of the housing stock in Newburgh is classified as vacant. If this is not addressed, Newburgh homes and apartments can be a drag in the real estate market which might end up holding the real estate prices below the potential level of the market.

APPRECIATION RATES OF HOMES IN NEWBURGH Notably, the appreciation rates for homes in Newburgh

have been below the national average for the last decade. In fact the average annual home appreciation rate in Newburgh during the period has been just 3.13 percent which is lower than 80 percent of the US communities.

According to NeighborhoodScout, for the last 12 months, Newburgh market has appreciated at 18.55 percent slightly above the national average. In the latest quarter, the city’s appreciation rate has been 7.26 percent which translates to an annualized rate of 32.36 percent.

When comparing Newburgh to the rest of New York, the latest annual appreciation rate is higher than 50 percent of other cities and towns in New York.

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New Haven Real Estate Market Outlook:

Appreciation Trends

By Steven Rivkin (203) 982-4985 srivkin@planetrealtyct.com

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he 2020 housing market saw the nation record some of the highest volumes in home purchases ion recent history. It was the year that marked massive price increases in the real estate sector sending massive shockwaves that up to date we are still feeling the impacts. The people who were lucky to get into the market before it went haywire are reaping the biggest benefits.

The increase in sales volume pre and during the covid-19 season were accompanied by two main factors that would later shape the 2021 housing market; •

Inventory shortages.

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Home value increase.

These two factors have caused the home prices 120 | MAY 2022

to skyrocket beyond reasonable limits in most markets and New Haven Connecticut is no exception.

NEW HAVEN OVERVIEW New haven is a larger medium-sized coastal city in the state of Connecticut. It has a population of about 134,023 people and 32 neighborhoods.

It is the largest community in Connecticut. One feature you’ll love about this town is that it has a large stock of pre-world war II architecture which makes it one of the nation’s more historic cities.

In terms of demographics, Blacks and Latinos are the most prevalent in the city accounting for 31.2 percent followed by whites who account for 29.5 percent of the population in the city. The Asian community make up 4.9 percent of the city while the American Indian and Alaska Natives

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account for 0.3 percent.

3.95 percent of the city’s stock.

Interestingly, the city is neither blue-collar nor white-collar but instead a mix of both. In overall however, the New Haven is a city of professionals, service providers and a sales and office workers. Many workers in New Haven work in teaching (10.99%) office and administrative support (9.44%) and sales jobs (7.94%).

The city is dominated by renters who mostly prefer one, two or no-bedroom apartments.

74.05 percent of New Have’s houses are rental and it makes sense because the majority of people living in New Haven are singles with no families yet.

Another interesting fact about the city is that a high number of residents are young, single and upwardly mobile professionals. This makes the city a hotspot for relocating single professionals as they have a chance to meet and socialize and have fun with each other.

Given that the city is nautical which simply means that parts of the city touch the ocean or are somewhat historic, it is often a tourist destination city attracting visitors and locals alike.

THE MARKET PROFILE There are 49,177 houses or apartments and a median cost of homes of $265,233 according to Zillow. In the past year, homes have appreciated by 17.6 percent.

In terms of the market composition, we see a lot of duplexes, homes converted to apartments or other small apartment buildings. These make up for the largest share of homes in New Haven accounting for 42.63 percent of the city’s housing units. The other types of housing units in New Haven include large apartment complexes or the high rise apartments which account for 33.89 percent, single-family detached homes which account for 19.40 percent and a few row houses and other attached homes which account for

In terms of age, many homes were primarily built before 1939- almost half of the housing stock in New Haven was built around that time. Data shows that at least 47.74 percent of homes were built around that time. This makes the housing stock in New Haven some of the oldest in the country. That’s not to say there aren’t newer homes as we see that homes built between 1940 and 1969 account for 26.59 percent followed by those built between years 1970 and 1999 which account for 17.74 percent.

Vacancy rates in New Haven is proving to be a problem for the market. At least 11.68 percent of the housing stock in city is classified as vacant. If left unchecked, the vacancy rate in New Haven could be problematic pulling the market down.

APPRECIATION RATE IN NEW HAVEN The annualized rate of appreciation in New Haven averages at 3.77 percent annually. The appreciation rates in the city have been so strong and remain strong that even during the recession period the city’s real estate continued to appreciate in value faster than most of cities and communities. If you look at the latest 12 months, New haven’s appreciation rates continue to be some of the highest in America at 17.76 percent which is actually higher than 88.55 percent of cities and towns in the country.

By just looking at the last 12 months, the short term investors have reaped good returns on their investments in New Haven as the appreciation rates in the latest quarter were 5.73 percent equating to an annual appreciation rate of 24.96 percent.

Comparing New Haven to the rest of the state, the annual appreciation rate is higher than 60 percent of other cities and towns.

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POWER MORTGAGE

3 Ways Mortgage Lenders can attract more AAPI Homebuyers

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t the moment, many individuals from the AAPI community are becoming homeowners; however, they still face some barriers in their processes toward home buying or rental. One factor that has affected the AAPI community is that they are still being viewed as non-Americans, hence, they do experience challenges in the home buying process. Even though not all individuals from the AAPI community face the ‘non-American’ issue, it is worth mentioning it because it is a form of discrimination that has been sidelined. It is worth noting that there are other factors that affect the home buying process for individuals in the AAPI community and it’s not just the ‘non-American’ issue. On that note, the following three ways can be helpful for mortgage lenders in attracting more AAPI home buyers; •

Mortgage lenders companies to have loan officers who understand the AAPI community all through (culture and language) – this is the most practical example because having a loan officer who understands the culture and needs of the AAPI will be an added advantage towards convincing a

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member from the AAPI community to buy a given house. On the same note, loan officers who have mastered the AAPI community language skills will be at ease while serving the customers, or even serving them better. According to (Lai, 2019), inadequate English proficiency is also a major issue that affects some individuals from the AAPI community; hence, having forms like residential loan application forms translated into a given language will be helpful in aiding the community to understand the detailed requirements.

Generally, the borrower characteristics will be understood, and, customer service will be at its best. There’s a higher probability that the AAPI community will be at ease with a mortgage company that has officers who understand their culture and even various aspects surrounding their needs.

Offer credit education to the AAPI community – research has it that members within the AAPI community don’t have substantial credit scores as they have

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unlimited use of the credit system. In such a situation, the mortgage lenders can tap this untapped potential by educating members of this community on how their credit scores work and how it will help them secure a mortgage. Therefore, since most members of the community are ‘mortgage weak,’ they can’t be in a position to buy homes as the history of their credit cannot bring out satisfactory credit scores (Kong, 2021). Grabbing the opportunity to give credit education will be an easier way to attract the AAPI community as they will be convinced about the direction the process is taking, and, it resonates with quality customer service.

Implementing down payment assistance programs – a greater percentage of AAPI communities live in high-cost regions which have higher down payment schemes. With such high rates of down payments, they need more time to save for such, hence, it would be appropriate if mortgage lenders companies come up with a payment assistance program that will aid members of this community to an

extent that they don’t consume a lot of timesaving for the down payment. On the same note, the down payment assistance program will always help individuals achieve financial stability (Hyun Choi & Ratcliffe 2021). Under such incentives, low-income homebuyers within the AAPI community will have the upper hand in understanding and managing the entire process. The essence is to ensure the process is not too expensive to the extent that they may give up with savings.

Generally, mortgage lenders can implement the above-mentioned strategies because they are the main challenges the AAPI community is facing or experiencing when it comes to homeownership/buying. Implementing them will be a major step toward motivating the community in understanding and appreciating home buying.

Additionally, the strategies mentioned above can be amalgamated to achieve the desired outcome since they are interdependent.

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POWER HEALTH

Creating Awareness around Cancers, Hepatitis B, and Diabetes

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arious incentives have been put in place to help the AAPI community combat cancers, Hepatitis B, and Diabetes.

Through these incentives, more so aimed at creating awareness, a large proportion of the AAPI community has received help at various levels. The importance of creating awareness of such diseases is far-reaching as it is intended to ensure the lives of these individuals are maintained at a healthy level even though they are vulnerable to such diseases. To begin with, according to the article ‘Asian Americans and Cancer’ by (Rogel Cancer Center, 2019) cancers 124 | MAY 2022

are common in Asian American communities, and, other studies have found that Asian Americans have lower rates of cancer screening in the United States. Therefore, from such statistics, it is imperative that the community get to know how vulnerable they are to cancers and the need to adopt various lifestyle programs that ensure they prevent cancer.

One of the programs that have largely contributed to the awareness of cancer within the AAPI community is “The Center to Reduce

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the Leading Causes of Death in the AAPI community

Cancer Health Disparities” (CRCHD). Through their awareness programs, they offer training to equip individuals with various research skills on matters of cancers, and in conjunction with “The Asian American Network for Cancer Awareness and Training,” (AANCART ) education efforts have been direct towards mitigating cancer at various levels (Chen et al., 2018). On the other hand, Hepatitis B is also another disease that the AAPI community is susceptible to, and, just like for cancer, various incentives have been put in place to aid the community fight the disease. At least 1 out of 12 of the AAPI get infected with the hepatitis B virus (Valdiserri, 2021). Thus, creating awareness is such an important aspect that will help the community because it will go a long way in helping others know how susceptible they are to the virus. The AAPI community has been encouraged to always go for testing to determine their health status or even put them under a suitable treatment plan. The “Know Hepatitis B Campaign” has been at the forefront in increasing awareness of the disease among the AAPI community (CDC, 2021). The major issues that the campaign addresses are; • • • •

How vulnerable Asian Americans are to Hepatitis B Availability of treatment options Individuals who should get tested for the virus The probability of not knowing about the infection

Therefore, the program has been significant in addressing issues on hepatitis B among the AAPI community, and, it has had a significant milestone as other private urgencies offer their support to help the community prevent the killer disease.

When it comes to diabetes, a study by (King, 2012) mentions that diabetes has been on a continuous rise among Asian Americans (AA), part of the AAPI community. With such a worrying rise, there’s a need for awareness because it will help the individuals change their lifestyles or even take care of some aspects that make them vulnerable to the disease. The goals of diabetes awareness among the AAPI community majorly focus on; increasing the level of awareness among adult Asian American individuals, getting data on the risk factors associated with diabetes and their prevalence, and providing education on how to control diabetes. From the goals above, it is evident that the awareness has the right intentions and an incentive such as education on the disease will make people more aware of the risk factors and adopt various strategies that may be useful in lowering their susceptibility.

Summarily, the AAPI community is vulnerable to Hepatitis B, Cancers, and even Diabetes.

Through the various incentives that have been discussed above, the community will be in a better position to fight the diseases when more resources (which are being provided at the moment) are brought in to increase awareness of the diseases.

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Home Ownership

by Eric Lawrence Frazier MBA Home ownership brings stability to individuals and families who have never had a dwelling place that they could call their own. There is something special about owning real estate that is unlike anything else on earth you can own.

Real Estate you own is not like cars that decay over time and you have to replace them.

Real Estate you own is not like clothes that go out of style and you have to buy new ones.

Real Estate you own is not like expensive vacations or experiences that only last a moment in time.

Real Estate you own is not like an apartment where the landlord may increase the rent until it’s no longer affordable.

Real Estate you own is not like staying at your parents house where you know can’t stay forever.

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Home ownership is the beginning of wealth that increases over time and becomes your estate & legacy Home ownership is the pride of a mother nurturer and the kitchen her domain Home ownership is the pride of a father provider and protector of his territory and family.

Home ownership is the foundation of permanence and the place where life happens, birthdays celebrated, deaths mourned.

Home ownership is the place you build memories that can never be taken from you.

Memories etched in walls and concrete, experienced in rooms and floors, Memories living in trees and shrubs planted by your hand.

Howe ownership is the manifestation of you - your style, your colors, your smell, your stuff, your junk, your memories, your yard and your spaces, your life.

It’s the height markers on your first child’s bedroom wall.

It’s the hearts drawn in the concrete slabs when you pour your patio floor It’s the birthday parties, and anniversaries in the living room and kitchen.

It’s the back yard barbecue with friends, neighbors and family contentions it’s the high school and college graduation, and wedding receptions Its’ the family nights and block parties and the fellowship of family connections

Home ownership It’s more than real estate. Land, brick and mortar, wood frame construction and chicken wire.

It’s more than money saved, gifts recieved and grants obtained It’s more than the debt you incur to buy it.

It’s more than the payments you make to own it.

It’s more than the appreciation that comes with keeping it over time.

It’s memories, it’s family, and it’s life that can happen in one place Until you say it’s time to move.