Congress woman calling you racist again, another nail after 3.6.

[Tom D]

Ayanna Pressley has highlighted that Black-owned homes in the U.S. are valued 18% less on average than comparable white-owned homes, a disparity rooted in systemic racial bias in the appraisal process. This devaluation results in significant wealth loss—estimated at up to $2.3 billion for Black homeowners in Boston alone—due to appraisals that undervalue properties in Black neighborhoods, even when homes are identical or nearby.

After witnessing story after story of Black and Brown homeowners having to adjust their entire lives to obtain the proper value for their homes, Congresswoman Ayanna Pressley (D-MA) is taking action. On Friday (Nov. 21), one day before National Housing Day, Pressley introduced the Appraisal Modernization Act, aiming to ensure equity and eliminate biases against Black and brown individuals in home valuations. Raphael Warnock (D-GA) is leading the companion legislature in the Senate.

“It is a damning injustice that Black and brown folks have to whitewash their homes to get a fair shake during the appraisals process,” Pressley exclusively told theGrio about her motivations to file the bill. “Our families are being shortchanged in a housing market that is built to disregard our worth, our lives, and our livelihoods. Our bill would confront this head-on.”

Racial USPAP for systemic racist whiteness. Guilty until proven more guilty.

 

[chad hampton]

She sounds like your typical ignorant congressman. Limited intellect, no real-world experience, and certainly no RE knowledge. If you can't figure out why homes in traditional black areas of town sell less than the white areas, I don't know what to tell you. Maybe take a day and drive around. She probably not even qualified to be a walmart greeter let alone a representative in congress.

I just checked out her wikipedia page. It's exactly what I expected. It's a shame congress isn't filled with 535 educated people with high level business experience. Instead, it's fill with about 500 freak shows and 35 qualified individuals.

 

[J Grant]

I thought this admin was done with DEI? Nobody is listening to this anymore, who cares what a congresswoman says...it is hardly the problem facing appraisers now.

 

[shrubberyvaluation]

It is nothing new on the Democrat side. Next thing she will complain about is that houses are not affordable, and that is also our fault. We are the scapegoat for their failed policies.

 

[shrubberyvaluation]

If this were true savvy investors would be looking for homes owned by minorities to get a better deal, but that's not a thing. I mean think about it a white investor buys a home, does nothing and sells it for 18 percent more.

 

[jay trotta]

IMO-the only time appraisers had any weight was prior to 2007.......since then it's all been downhill, unless you do No work for lenders.

 

[OSU Beavers]

I thought this admin was done with DEI? Nobody is listening to this anymore, who cares what a congresswoman says...it is hardly the problem facing appraisers now.

Did NOT earn It is being purged on an agency by agency basis

https://www.transportation.gov/briefing-room/trumps-us-transportation-secretary-sean-p-duffy-doubles-down-purging-dei-our-skies

The AMCs, underwriters and AI checkers continue to beat us over the heads with a long list of secret no-no words. At the same time those same reviewers are looking at aerial photos and complaining that there are too many warehouses, railroad tracks, abandoned cars, gas stations or commercial uses in close proximity to the subject!

The Cueball Congresswoman is just looking for something to complain about. Wait until the foreclosures start and we see $10 HUD houses in neighborhoods that just wont sell again.

 

[shrubberyvaluation]

Did NOT earn It is being purged on an agency by agency basis

https://www.transportation.gov/briefing-room/trumps-us-transportation-secretary-sean-p-duffy-doubles-down-purging-dei-our-skies

The AMCs, underwriters and AI checkers continue to beat us over the heads with a long list of secret no-no words. At the same time those same reviewers are looking at aerial photos and complaining that there are too many warehouses, railroad tracks, abandoned cars, gas stations or commercial uses in close proximity to the subject!

The Cueball Congresswoman is just looking for something to complain about. Wait until the foreclosures start and we see $10 HUD houses in neighborhoods that just wont sell again.

Anyone supporting these morons is doing nothing to help, it doesn't help consumers or appraisers. It is meant to scapegoat for the failed policies of Democrats. The Biden administration had a commission to demonize us for using comps within the same neighborhood as a subject.

 

[ucbruin]

Good grief, youngsters....
In 1987 when I started appraising....
My appraiser friend who got me into the industry....
Told me appraisers are always blamed for crap in the RE market....
Especially when the market drops....
You guys appear so surprised....

 

[Fernando]

Why don't the GSEs with all their data have a study to see if there's any basis in biased appraisals? The data is out there ...unless it's true.