Asians, many of them living in foreclosure-ravaged California, suffered the sharpest drop in homeownership last year, eclipsing declines felt by whites, blacks and Hispanics, according to new Census data. The Associated Press reports that the decline was surprising, because Asians tend to earn more than other minority groups and have less debt. The median annual household income for Asians was just over $70,000 last year, higher than for any other racial group. But one out of three Asian homeowners lives in California, which has seen foreclosure rates skyrocket and home values plummet since the housing bubble burst. The U.S. homeownership rate fell to 66.6 percent last year, the lowest in six years. Homeownership for Asians fell 1.24 percentage points last year to 59.4 percent.
