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Its study said the lender will continue to examine “the full root cause of the gap.” Housing industry takes aim at appraisal gapįreddie’s study reflects new attention to the racial gap by big players in the housing sector.
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What’s more, as the concentration of Black or Latino residents in census tracts increases, the appraisal gap increases, Freddie Mac found.Īnd the culprit doesn’t seem to be a small number of unenlightened appraisers - a large portion of appraisers who completed appraisals in both minority and non-minority areas generated statistically significant gaps, Freddie Mac said. While 12.5 percent of homes in mostly Black areas were appraised for less than the contract price, just 7.4 percent of homes in mostly White tracts experienced appraisal shortfalls. Its study found that homes in mostly Black and Latino census tracts were assigned appraised values lower than the contract price more frequently than homes in White tracts. Valuing a home is an imprecise art, of course, so Freddie compared appraised values to the purchase prices that buyers had agreed to pay. A measurable racial gapįreddie Mac’s study added data points to claims that appraisers might subconsciously undervalue homes in non-White neighborhoods. “This is a persistent problem that disproportionately impacts hundreds of thousands of Black and Latino applicants,” said Michael Bradley, Freddie Mac’s senior vice president of modeling, econometrics, data science and analytics. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money.ī is an independent, advertising-supported publisher and comparison service. The content created by our editorial staff is objective, factual, and not influenced by our advertisers.
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