Biden Calls Out Racial Bias Among Appraisers
Appraisers, you might want to “take a gander” at this article in the link below, because it indicates possible/probable changes coming.
I especially like the ‘extra training for appraisers’ to avoid discrimination/racial bias. Not.
In other words, appraisers are at fault for lower values in certain neighborhoods which are not as highly valued as others, and so we must be indoctrinated to be more sensitive.
Buckle up folks, as it’s going to be an interesting ride.
Excerpt from Biden Admin and housing
Biden also has called out discrimination in appraisals. To counteract low appraisals in minority neighborhoods, Biden says he’ll push for training to address racial bias among appraisers.
The appraisal industry’s standards-setting group accepts Biden’s assessment.
“While The Appraisal Foundation’s Uniform Standards of Professional Appraisal Practice has specifically prohibited discrimination since the first writing in 1989, it is clear that we must do more,” wrote Dave Bunton, president of The Appraisal Foundation, in a pre-election column.
The National Association of Realtors is similarly amenable to a focus on racial inequality in housing. “It’s the right thing to do,” Yun says.