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REPORT: FINDING OF BIAS IN HOME VALUATIONS FAILS BY OWN MEASURE
VENTURA, Calif. (August 11, 2023) – In an updated refutation of the findings of Brookings Institution researcher Andre Perry, Edward Pinto and Tobias Peter of the AEI Housing Center demonstrated just how broken the Brookings research was. Perry’s 2018 research, titled “The Devaluation of Assets in Black Neighborhoods,” pinned the nation’s racial wealth gap on 80,000 state-licensed real property appraisers.
Unfortunately, these now-discredited findings have been levered by housing-industry lobbyists, partisan policymakers, agitators and grievance groups to malign the nation’s 80,000 real property appraisers and hollow out America’s mortgage underwriting safeguards. A dataset provided to Pinto and Peter earlier in the year by Perry allowed the AEI Housing Center to fully refute the latter’s conclusions.
While their original refutation was still largely correct, Pinto and Peter have now updated their key findings and takeaways using the new dataset. To the surprise of no one, their redacted study found that what Perry et al. had characterized as race-based differences in home valuations were almost entirely due to socio-economic status, not racial bias by real estate appraisers.
Using the dataset and Perry’s own methodology, Pinto and Peter created a simple case study of so-called “entirely white” tracts (tracts demographers rate as 97.5% white or greater). In those tracts, racial animus, by definition, is ruled out as a factor. The duo then compared high and low socio-economic status in these so-called all-white neighborhoods and found differences as large as – or even larger than – the ones Perry et al. incorrectly attributed to racial bias.
“I’m still surprised that some people were surprised when I pointed to the fact that if a highway was built for the purpose of dividing a white and a black neighborhood or if an underpass was constructed such that a bus carrying mostly black and Puerto Rican kids to a beach or it would’ve been in New York was designed too low for it to pass by,” Buttigieg said.
The secretary of transportation confirmed that the roads are indeed
racist and that the solution will be to tear them down."
Pete just trying to do his job. The F2 key 'concerns' will fuel the data set for the next bogus GSE study and hearing. Soon academics, PAVE and trolls will be saying, "Roads are racists, everyone knows that, its proven by studies and reports." And so it goes.
