Black Homeowners Face Discrimination in Appraisals

[VALU8]

Of course it's well known the black people read over their home appraisal with a fine toothed comb, unlike everyone else who just go to the value line. Get real Joe. People scream racism to get their way

No one likes to pay a considerable amount of money only to be told they aren't going to get what they want... Even if a report is immaculate, straight from the heavens, and it doesn't say what they wanna hear, they are going to pick it apart, cry, scream (we've all received THOSE phone calls, I'm sure... ), pretty much do anything they can to get what they want. YOU DIDN'T PUT A COMMA BEFORE THIS INSUBORDINATE CLAUSE, INCOMPETENCE!

 

[Meandering]

Something else to consider,

not all that long ago, hybrid appraisals were all the rage,

oh and ghee those "inspectors" that appraisers were relying upon as providing "credible" information..........

Yup, the only ones in the process not required to take fair housing law classes.

But aside from that,

appraisers are being called racists, simply because of the profession they are engaged in.

And while it may be true that there are few appraisers who are not "white" it is also true that those folks are being included as "racists" simply based on their chosen profession. Consider how that stereotype is being applied to "people" simply based on their profession. Really, really think about that.

But in the real world,
if a property was undervalued,

where is the ROV and the CU comps and the letter from the GSEs?

Oh, didn't happen? Nobody reviewed the reports, and the reports were not uploaded to CU?



Don't get suckered into an emotional response, because the larger picture, is that others can make the money you are making now................


.

 

[Joe Flacco]

Of course it's well known the black people read over their home appraisal with a fine toothed comb, unlike everyone else who just go to the value line. Get real Joe. People scream racism to get their way



It IS about the rage of the day, nothing more.

You are missing the point. People don't like appraisals. They don't understand it and they don't like it.

I disagree with you anyways. I think some people experience or observe discrimination often so even when something is not discrimination they might question if it is discrimination.

 

[reviewer]

Back to the very beginning post.

The case study presented at the Congressional subcommittee hearing in June 2019 was not the same one that was presented in the NYTimes. The one presented in Congress was by the Brookings Institute. The NYTimes cases were not (there were more than one).

I was at that Congressional subcommittee hearing. What a roller coaster. Wagner (AI) and Bunton (TAF) were there testifying. It was the one where Joan Trice couldn’t name the three approaches to value but wanted to run the appraisal world because it needed fixing (by her).

Racism exists. Assuming each and every appraiser out there comes from a place of racism is smearing the profession.

 

[DTB]

I disagree with you anyways. I think some people experience or observe discrimination often so even when something is not discrimination they might question if it is discrimination.

I think some people perceive discrimination often, even when something is not discrimination they will question if it is discrimination.

 

[Bobby Bucks]

There is nothing new with these type of complaints, it’s yet one more area where the Goody Proctor dance accusation can be made and the burden of proof is on the accused. I would not be surprised to see a mandatory CE class on sensitivity training and a new software form, the ROV/BLM .

 

[djd09]

Homes in black and Hispanic neighborhoods in Harris County were valued at significantly lower rates than comparable homes in similar white neighborhoods.
In contrast, Howell said, algorithms like the one utilized by Zillow to estimate home values do not take neighborhood composition into consideration. Instead, these algorithms draws comparable properties in comparable neighborhoods from across the metropolitan area without regard to racial context. In turn, Zillow consistently estimates much higher values for homes in largely black and Hispanic neighborhoods than did the Harris County Appraisal District. The values for homes in white neighborhoods were more or less the same. This or similar algorithms could be used in Harris County to eliminate some of the discriminatory effects of the current appraisal process.

Study: How Houston's Appraisal Industry Reinforces Racial Inequality | Kinder Institute for Urban Research

kinder.rice.edu

appraise it too high and you are a number hitter working with a scum bag broker

appraise it too low and you are a racist

avms do not discriminate

 

[Renee Healion]

Back to the very beginning post.

The case study presented at the Congressional subcommittee hearing in June 2019 was not the same one that was presented in the NYTimes. The one presented in Congress was by the Brookings Institute. The NYTimes cases were not (there were more than one).

I was at that Congressional subcommittee hearing. What a roller coaster. Wagner (AI) and Bunton (TAF) were there testifying. It was the one where Joan Trice couldn’t name the three approaches to value but wanted to run the appraisal world because it needed fixing (by her).

Racism exists. Assuming each and every appraiser out there comes from a place of racism is smearing the profession.

What was the name of the panelist you saw? What was the name of the person quoted in the last paragraph of the NY Times article? Same guy. Yes the FL case, subject of a complaint and viral on social media with 25000 me toos, came a year after the hearing. First the paper and the hearing, then the book and promotion, then the FL case June 2020 appraisal and August 2020 NYTimes.

From the Congressional notice
The Subcommittee on Housing, Community Development and Insurance will hold a legislative hearing titled, “What’s Your Home Worth? A Review of the Appraisal Industry” tomorrow, June 20th, 2019 at 2:00 p.m. with witnesses:

• David S. Bunton, President of The Appraisal Foundation
• Stephen S. Wagner Senior Appraiser of Terzo & Bologna, Inc. on behalf of the Appraisal Institute
• Jeff Dickstein, Chief Compliance Office of Pro Teck Valuation Services on behalf of the Real Estate Valuation Advocacy Association
• Andre Perry, David M. Rubenstein Fellow, Metropolitan Policy Program, and the Brookings Institute
• Joan N. Trice, Founder of Collateral Risk Network

From the current NY TImes article
” Mr. Perry said. “White appraisers carry the same attitudes and beliefs of white America — the same attitudes that compelled Derek Chauvin to kneel casually on the neck of George Floyd are shared by other professionals in other fields. How does that choking out of America look in the appraisal industry? Through very low appraisals,” he said.

Come on, the only appraiser quoted in the article was not even interviewed for the article. It was her response to the charges at the hearing you attended. The source for the reporter is pretty clear to me. At least identify who is smearing the entire profession--no, make that the white appraisers. It is one guy.

I remember the camera panning to observers at that hearing. We remarked here that those had to be appraisers because they could hardly stay in their seats. If I recall right you guys raised your hands when asked if there were appraisers there. And so did Joan who had no license to make that claim that day.

 

[Renee Healion]

snip

appraise it too high and you are a number hitter working with a scum bag broker

appraise it too low and you are a racist

avms do not discriminate

No one even asks people making these claims if they own Zillow stock.

In the NYTimes comment section, I replied to a person who made this claim, saying you can hold an appraiser who signs their name to account but good luck holding a program, author unknowable, to account.

 

[djd09]

No one even asks people making these claims if they own Zillow stock.

Racism has no home here — and we have work to do

Zillow founder and CEO Rich Barton shares his company's commitment and action plan to support groups that address systemmatic racism, in housing and beyond.

www.zillowgroup.com