{"id":6819,"date":"2023-05-04T15:45:53","date_gmt":"2023-05-04T15:45:53","guid":{"rendered":"https:\/\/www.classvaluation.com\/?post_type=latest_news&p=6819"},"modified":"2023-05-04T15:48:12","modified_gmt":"2023-05-04T15:48:12","slug":"racial-bias-often-creeps-into-home-appraisals-heres-whats-happening-to-change-that","status":"publish","type":"latest_news","link":"https:\/\/www.classvaluation.com\/latest_news\/racial-bias-often-creeps-into-home-appraisals-heres-whats-happening-to-change-that\/","title":{"rendered":"Racial Bias Often Creeps into Home Appraisals. Here’s What’s Happening to Change That"},"content":{"rendered":"

Note from Class Valuation: Two Class Valuation<\/a> executives were interviewed by NPR to share their appraisal expertise. Click “view full article” to read what they have to say.<\/em><\/p>\n

Written by Jennifer Ludden<\/a><\/p>\n

Years of homeowner horror stories and a growing body of research has cast a harsh light on how frequently racial bias can skew home appraisals. It's an industry that's dominated by white men whose methods for valuing homes haven't changed much in decades.<\/p>\n

Now there's an intensified a push to diversify and to revamp the appraisal process in ways supporters say could limit\u00a0this discrimination<\/a>.<\/p>\n

The pressure comes from allegations like those of Tenisha Tate-Austin and Paul Austin, who announced a\u00a0legal settlement<\/a>\u00a0last week over what they believe was a racially biased appraisal. The Black couple were shocked in 2020 when a white appraiser valued their home in Marin City, Calif., at only $995,000 \u2014 far lower than a previous assessment. Tate-Austin recently told a\u00a0federal panel<\/a>\u00a0how they scheduled a do-over with a white friend posing as the owner.<\/p>\n

“Our friend Jan brought over a family photo,” she said. “We took down our family photos and replaced artwork so there was no trace of us in our own home, a term often referred to as whitewashing.”<\/p>\n

That appraisal came in at $1,482,500.<\/p>\n

Homeownership is the biggest source of wealth for many families, but a long\u00a0history of racism<\/a>\u00a0in real estate has shut out many Black, Latinx and other families of color. The Biden administration has\u00a0pledged<\/a>\u00a0a wide range of\u00a0actions<\/a>\u00a0to tackle appraisal bias.<\/p>\n

Change is also happening within the industry, as appraisers seek ways to replace judgment calls with concrete data, and even reconsider whether an appraiser needs to visit a home at all.<\/p>\n

VIEW FULL ARTICLE<\/a><\/p>\n","protected":false},"featured_media":2324,"parent":0,"template":"","meta":{"_acf_changed":false,"content-type":"","om_disable_all_campaigns":false},"news_category":[16],"class_list":["post-6819","latest_news","type-latest_news","status-publish","has-post-thumbnail","hentry","news_category-media-coverage"],"acf":[],"yoast_head":"\nRacial Bias Often Creeps into Home Appraisals. 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