In order to analyze the market value of owned homes by race we have broken the national population into the following categories:
We look at the data from the year 2006 since older data is not readily available. What we find quite naturally is that since 2006 represented the height of the real estate bubble, the average market value of owned homes has declined for folks of all races nationally. While the average market value of an home owned by Asians in 2006 was approximately $300k nationally, these homes have also seen the most drop in both dollar and percentage terms and in 2010 the value of the average home owned by folks of Asian was actually approximately $215k representing a drop of almost 29%.
While the market value of the home owned by the average black family stood at $93k on in 2006 was the lowest on average between all the three categories, in the year 2010 these homes declined by only 18.2% on average and also had the lowest dollar value decrease amongst all the three categories. Homes owned by white folks on declined the lowest in these five years from $191k on average to $163k representing a decline of 14.4%. We think that the high presence of Asians in the nation's metropolitan market explains the reason for the substantial decline in the average market value of homes owned by folks with Asian ancestry. As we know from experience, the metropolitan areas of the nation's housing stock experienced a much larger increase in market value followed by an equally large drop as compared to the nation on average.
Business owners like Jose and Diana who are in the real estate industry need to be cognizant of these national trends and ensure that they recognize the trends in their local target markets and adjust their product offerings and positioning accordingly.
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