When house valuations are not comparable Plan to combat prejudice unveiled by the Biden administration - BigTallFans

The Biden administration announced a number of reforms to combat racism in the home appraisal process

requiring banks to ensure their algorithms are not racially biassed, making information about the race

appraisals public, and urging states to lower barriers to entering the predominantly white appraisal profession.

These reforms were motivated by growing evidence of discrimination against Black homeowners.

Home appraisals are meant to be fair and objective estimates of the market value of a property.

However, far too often, they are not,” Vice President Kamala Harris said Thursday on a press call.

Black homeowners are more likely to have their homes undervalued than other homeowners.

homeowners in majority Black and majority Latino neighborhoods are almost twice as likely to be undervalued