New Freddie Mac report finds concerning difference in appraisals.
The White House released an action plan last week to address racial bias in the home appraisal process. The Interagency Task Force on Property Appraisal and Valuation Equity (PAVE) announced that a report compiled by Freddie Mac found that many real estate appraisals in black and Latino communities fall below the contract price offered for the property as opposed to the estimates on properties in predominantly white communities.
“Bias in home valuations limits the ability of Black and brown families to enjoy the financial returns associated with homeownership, thereby contributing to the already sprawling racial wealth gap,” the White House stated. The program is intended to increase accountability in the appraiser profession through federal data and policy.
As the Lord Leads, Pray with Us…
- For the president and his administration to seek God’s guidance in addressing racial discrimination.
- For wisdom for government officials as they implement policies to enhance fair home valuations.
- For the members of Freddie Mac as they gather and assess information on homeownership.
Sources: Reuters, The White House
