It is my opinion that what is good for the goose, is good for the gander. Should frivolous suits be filed, the attorney and the claimant should be held liable for the same atrocity against the appraiser. Then fined and sanctioned. They must be able to think of the consequences and not just look for the gold.

Absolutely correct. However, I don’t think the proponents of the current trend of ‘equity’ demands are concerned with market efficiency or investor requirements.

Im unwilling to concede even a tongue in cheek concession of replacing a non existent, alleged discrimination with actual discrimination.

Social “Justice” Warriors (SJWs) aren’t looking for justice at all. If they were they wouldn’t be relying on feel good euphemisms in lieu of facts. Nor would they believe that an entire race of people are incapable of competing on an equal footing…despite extensive proof to the contrary.

SJWs are looking for control. They want penalties against one race for no other reason than that race is different than their own. In itself, that defines their own racism.

No one achieves equality by penalizing other innocents. Certainly no one gains respect that way.

I’m proud of my profession. I’m proud of our ethical standards too. I have never seen or heard of racism affecting how a property is appraised. Not in over 34 years.

I know we will collectively continue to be unbiased as appraisers with or without new laws.

Accordingly I will not lend credibility to any of the unsubstantiated appraisal-racism claims. Nor will I treat them as meriting serious concern or remediation.

When appraisers value a property under rent-control, we discriminate against current market rate sales or properties that are exempt. When we value affordable housing, we discriminate against market based sales. When we value tax advantaged properties (Mills Act, for example), we discriminate against properties taxed at market value. All of these involve pre-existing conditions that distort the market imposed by a governmental authority for a societal benefit (presumably). It would naturally follow then, that we will have to invoke a quota system in selecting market data under a new push to eliminate racial discrimination in appraisals. Moreover, we will have to overlook the fact that market participants themselves . . . discriminate.

Helen,

With all due respect, Biden has had the last 47+ years to listen and learn/make amends for (his previously supported/implemented) disastrous policies that have directly disenfranchised many. His party pushed a platform this past election on identity politics and they lost house seats for it for a variety of reasons.

There’s no altruism or honest search to be educated. Surely that’s not what politicians are interested in….if they were, they wouldn’t be politicians. It’s a simple saying but I think it applies. When you start pointing a finger at others don’t forget the three pointing back at you.

Don’t hold out very much hope that the politicians at the top have any clue regarding the differences of fact vs fiction. This is a remarkable episode… If Biden can be this wrong on health policy, imagine what direction lending regulation can take…

Andre Perry and the Brookings Institute are incorrect, as is Biden. They don’t get what goes into doing an appraisal, the process and how value is derived. I watched the hearing on this. It’s ignorance on their psrt to make the assertion. And ignorance requires education . Biden is open to being educated. We need to let the public know how what we do, and how, to change public opinion…..via tv ads, via newspaper articles. We do not discriminate. Are there any appraisers that do? In rare occasions, maybe. But rarity does not mean we all do. And allegations that we are biased in any way is so contrary to how we are taught to value that it is negligent on their part to asset that we are.

Grace, Trump is not creating appraisal policy in Illinois. What a state does during a Presidents administration has little, to nothing, to do with the current President. Biden has, on this own website, attacked the appraisal industry with accusations of racism.

Per joebiden.com/housing
“Tackle racial bias that leads to homes in communities of color being assessed by appraisers below their fair value. Housing in communities primarily comprised of people of color is valued at tens of thousands of dollars below majority-white communities even when all other factors are the same, contributing to the racial wealth gap. To counteract this racial bias, Biden will establish a national standard for housing appraisals that ensures appraisers have adequate training and a full appreciation for neighborhoods and do not hold implicit biases because of a lack of community understanding. An objective national standard for appraisals will also make it harder for financial institutions to put pressure on appraisers to their benefit.”

Trump is not calling us racist. Joe Biden, Andre Perry, and like-minded leftist activist are.

Dave, Biden is not the President yet. This is being done under Trump. Problem is that neither of them know what we do and what the process is. They need to be educated…..over and over again until it sinks in.

Disparate impact doesn’t require any direct evidence or proof. We can be found to be in violation based upon statistical analyses that have NOTHING TO DO WITH OUR APPRAISAL. “A court can find that residents of a certain area have values 10% to 15% lower than other areas and that this somehow constitutes discrimination.’ No wrongdoing by an appraiser required.

I’m DONE with all FHA appraising. Great job Illinois! As other states follow by jumping on this currently favorite PC issue and stupid regulatory micro-management even fewer of us are going to be willing to assume this unreasonable added risk.

I have never known an appraiser to perform with or express any racial bias in an appraisal. In creating a solution for a non-existent problem, Illinois has severely limited the number of (sensible) appraisers willing to risk their licenses and income to politically motivated courts and legislation.

They just did school choice vouchers, finally. Let’s give that some time to work before we rush headlong demanding the government get more involved. As usual, when the government gets involved, it takes a challenging situation and makes it worse. I’m confident the buyers will recognize the market for what it is, and I’ll merely need to report on existing figures. Honk if I’m paying your 5 star hotel rent.

We eschew anything race related because of everything already on the books; I would point your attention to – (unless justified by legitimate rationale) – although the Vashtu would seem legitimate I would argue that based on the definitions for Market Value and HBU analysis (based on Legal Permeability, Physical Probability, Financial Feasibility, Most Probable), analysis on the market should be based on ‘many’ market participants not certain sects so they would probably ding you on that logic (if I’m thinking like them).

That said, just virtue signal back and read the room. As referenced above, there is a heavy amount of laws on the books baring discrimination. The loudest voices tend to have the least to say and in this case are furthering a damaging and false narrative.

Appraisal doesn’t happen in a vacuum, Peter, great article snippet on this.