Home appraisal in Black neighborhoods can undervalue houses by thousands because of lack of appraiser diversity, studies have found.
CHICAGO -- When a family friend considered selling their South Shore home, Andrew Howard knew he had to make an offer.
South Shore is a predominantly African American neighborhood in Chicago, and the appraisal seemed low. They appealed and the lender approved a second one. This time, the appraiser was African American. "If each individual or individuals in that area all are facing a loss of wealth to an appraisal that doesn't come back correctly, when you accumulate that it actually becomes a significant problem across our community," said Lutalo McGee, chair of the Illinois Realtors Discriminatory Appraisal Task Force."To know that these things are still in play that aggravate that wealth disparity is extremely challenging.
"We've been working with some lenders to change this at a systemic level," said Sarah Brune, Neighborhood Housing Services."There are many who are seeing this consistently and they do want to make change."
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