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Widespread Racial Bias Found in Home Appraisals



Publicly released by the Biden administration for the first time, 47 million appraisal reports by the Federal Housing Finance Agency between 2013 and 2021 contain evidence that homes in predominantly white neighborhoods were appraised three times higher than homes in neighborhoods where the majority of homeowners were people of color. In an experiment to test the racial bias in hope appraisals after receiving a home appraisal for $472,000, Johns Hopkins professors Nathan Connelly and his wife Shani Mott removed any personal items from their home that indicated their race and asked their white friend to pose as the homeowner. The second appraisal they received priced their home at $750,000. The wealth gap in America is based on multiple factors, including racial inequity; the intentional difficulty Black and brown people face prevents opportunities to build generational wealth for their communities. To read more, please visit: https://www.nytimes.com/2022/11/02/realestate/racial-bias-home-appraisals.html?smtyp=cur&smid=tw-nytimes

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