Public Policy "NEWS"

Racism in real estate appraisals is a serious issue that has had a significant impact on homeowners of color. A 2018 study by the Brookings Institution found that black and Hispanic homeowners were more likely to have their homes undervalued by appraisers than white homeowners. This undervaluation can have a number of negative consequences, including making it more difficult for homeowners of color to sell their homes, refinance their mortgages, and obtain home equity loans. There are a number of things that can be done to stop racism in real estate appraisals. One important step is to increase diversity in the appraisal profession. According to the National Association of Realtors, only 5% of appraisers are black and 3% are Hispanic. By increasing the number of appraisers of color, we can help to ensure that appraisals are more fair and accurate. Another important step is to address the unconscious biases that can lead to racism in appraisals. Appraisers are trained to be objective, b...