Don't Believe The Hype: We're Losing Our Homes Too

Thursday, January 15, 2009

If the financial state of the economy hasn't hit you in some way - even if it means going to the dollar g-clubs - well - you're better off then most of us. And contrary to popular belief, we all didn't come to the country and two years later become multi-millionaires throwing wads of cash at naked circus animals for fun while we order insane amounts of wasabi just because we can:

The American Dream of prosperity and home ownership is collapsing on the borough’s South Asians as their mortgages balloon and banks move in to foreclose, deflating the stereotype of Asian prosperity, an advocacy group has found.

According to research conducted by two students of the Milano New School for Management and Urban Policy for the Jackson Heights-based CHHAYA Community Development Corp., South Asians made up the majority of homeowners facing new foreclosures in two Queens neighborhoods over the last six months and comprised a substantial percentage of those facing foreclosure in several others.

“A lot of research has indicated that Asians are not affected in the mortgage crisis,” said Seema Agnani, executive director of CHHAYA. “We wanted to find a way to dispel that myth.”

The nonprofit found that 53 percent of homes about to enter foreclosure proceedings in the Briarwood and Jamaica Estates area belong to South Asian families.
53% percent?