A report found that appraisals for home purchases in majority-Black and majority-Latino neighborhoods were roughly twice as likely to result in a value below the amount a buyer was willing to pay, compared to appraisals in predominantly white neighborhoods
Housing and Urban Development Secretary Marcia Fudge speaks ahead of Vice President Kamala Harris at an event to announce plans to address racial and ethnic bias in home valuations in the South Court Auditorium on the White House campus, Wednesday, March 23, 2022, in Washington. WASHINGTON. D. C. -- Michael Johnson and his wife wanted to expand the space in their Upper Arlington, Ohio home to accommodate their growing family when the pandemic kicked in.
The former U.S. Congresswoman said at a White House event to unveil a new report she co-authored on how to end racial bias in the home appraisals that her home in Warrensville Heights is undervalued because she lives in a predominantly-Black community. U.S. Sen. Sherrod Brown, an Ohio Democrat who chairs the Senate Committee on Banking, Housing, and Urban Affairs, applauded the report’s release. He plans to hold a hearing Thursday on strengthening oversight and equity in the appraisal process.
In addition to providing a place to live, Harris said owning a home provides financial security and the potential to build intergenerational wealth. However, undervalued appraisals diminish that capacity. The task force’s co-chair, White House Domestic Policy Advisor Susan Rice, said the task force’s role is to call attention to bias and “put in place meaningful changes that will diversify the industry and hold this kind of behavior to account and give us and give ... the public the tools to challenge these things and to say, ‘enough.’”
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