NAR Report Paints a Different Picture
The study also shows the appraisal was the LOWEST scored item on the list of discriminatory practices…
On February 23, 2022, NAR published the “2022 Snapshot of Race and Home Buying in America” report. The study examines homeownership trends and challenges by race and location to explain current racial disparities in the housing market. Using data from the 2021 Profile of Home Buyers and Sellers, the report looks at the characteristics of who purchases homes, why they purchase, what they purchase and the financial background for buyers based on race.
The study noted that for those who said they witnessed or experienced discrimination in a real estate transaction, nearly a third of Black respondents (32%) said they faced stricter requirements because of their race. That compares to 19% of White respondents, 16% of Hispanic respondents and 4% of Asian respondents. Approximately one-third of Black and White home buyers (32% each) and almost a quarter of Hispanic home buyers (23%) said they witnessed or experienced discrimination with the type of loan product offered. Nearly half of Black respondents (46%), Asian respondents (48%) and Hispanic respondents (50%) said they were steered towards or away from specific neighborhoods. That compares to 35% of White respondents. Approximately a fifth of Black respondents (19%) and White respondents (17%) said their purchase offer were denied for possibly discriminatory reasons.
The study also shows the appraisal was the LOWEST scored item on the list of discriminatory practices. 5% of Black respondents said they faced discrimination in home appraisal. That compares to 9% of Asian respondents, and 6% of Hispanic and White respondents. Of these respondents, how many of them met the appraiser in person? How could the respondents have faced discrimination based on race considering appraisers rarely meet the buyers to find out their race? These reported numbers even though the lowest on the list, appear to be inflated.
We suspect these findings will not be something that the Congresswoman Waters would want to see. Nonetheless, it’s an eye opener, and the picture gets really clear when you read the findings. We applaud NAR for making it public. We strongly suggest everyone reads it in it’s entirety. Piece it all together and the real picture emerges. Racial disparities in the housing market have little to do with the appraisal profession. Despite the fact that to hear the Congresswoman, one would think we appraisers, systemically and system wide, are all out here lowballing house values to oppress minorities just for the fun of it, and that we are the primary cause of the “wealth gap”.
The facts presented paint a picture so far removed from the false narrative that is being perpetrated against us. It’s night and day.
Neighborhood Residents and Discrimination in Transactions by Race/Ethnicity
| Black / AfricanAmerican | Asian / Pacific Islander | Hispanic / Latino | White/Caucasian | |
| Ways you witnessed or experienced discrimination in a real estate transaction |
||||
| Steering towards or away from specific neighborhoods |
46% | 48% | 50% | 35% |
| More strict requirements for myself | 32 | 4 | 16 | 19 |
| Type of loan product offered | 32 | 13 | 23 | 32 |
| Purchase offer denied for possibly discriminatory reasons |
19 | 39 | 26 | 17 |
| Refusal of home owner or agent to show property to particular classes |
13 | 17 | 6 | 4 |
| Appraisal of home | 5 | 9 | 6 | 6 |
| Other | 8 | 17 | 23 | 26 |
- Outrage Over Connect by ValueLink’s New Monthly “Junk Fee” - November 27, 2024
- ARCC Discussion Exposes GSEs Agenda to Reduce Appraisal “Friction” - November 22, 2024
- FHFA’s Appraisal Waivers Expansion - October 29, 2024
Thought so
I emailed the study to Maxine Waters since I’m sure this will not be covered by mainstream media.
How did you email the report to Waters? I want to do the same, but she, and the rest of ’em, hide behind their firewalls unless you are in their districts. Funny how that works, no?
Yeah I know, it’s absurd.
Just go to https://waters.house.gov/contact/email, use zip 90003-4562. You’ll be directed to her contact page.
I’m assuming the “Steering Away” is being done by the real estate agents ?
Facts no longer matter in the new world. While this may all be 100% true and accurate, it probably will not matter.
Modern Amercia will tell you…..if you are white….you must be a racist.
Only racists continue to see racism.
Dumbest comment ever. You want to claim people that encounter racism are racist while exonerating the actual racists. The report states the lowest number of complaints are in the appraisal process not that it never happens in the appraisal process. If you look at the report in totality you can see all the possible hurdles people may face in the homebuying process. Some of which have nothing to do with a person’s financial ability to purchase a home. People seem to think all the racism in the world disappeared or never existed. We are not that far removed from when minorities could not buy a house in a lot of areas. Things have gotten much better and continue to improve but to think racism doesn’t happen in the appraisal process is a willful attempt to turn a blind eye to it happening. And that says a lot about you as a person.
Wallace: “How are we going to get rid of racism and…?”
Freeman: “Stop talking about it. I’m going to stop calling you a white man, and I’m going to ask you to stop calling me a black man. I know you as Mike Wallace. You know me as Morgan Freeman. You don’t want to say, `Well, I know this white guy named Mike Wallace.’ You know what I’m saying?”
love and respect that man
“Making it a bigger issue than it needs to be is the problem here.”
Don Lemon: “Do you think race plays a part of wealth distribution or a mind set?”
Morgan: “No You and I, we’re proof. Why would race have anything to do with it? Put your mind to what you want to do and go for that. It is king of like religion to me. It is a good excuse for not getting there.”
While it may be true that racism still exists let’s take this in context.
First racism is color blind, it has no eyes. It’s an equal opportunity affliction…it afflicts all groups as some within any population have this human flaw. Secondly, while it does it still exist with the exhaustive efforts this country has made (likely exceeding such efforts in nearly all if not all other parts of the world) and the progress this country has made and continues to make it is a very small minority of folks who still think that way, and fewer who act on it. Sports, movies, TV, music, the presidency, the current administration cabinet members, city mayors, news and talk show hosts, the list goes on & on. Minorities are deeply woven into the fabric of America in every regard despite making up about 13% of the population. A Martian would not believe the 13% figure if they spent a day here in America observing the areas noted above. One need only objectively observe. The focus here however is narrow. It’s that the appraisal profession has been accused of systemic, system wide, widespread racism in the appraisal process. The narrative is that this is happening with the frequency of rain drops in a rain storm and so bad that all minorities need to duck for cover when the boogie man appraiser shows up, and that appraisers have made it a central focus of their work on creating a “wealth gap” and are largely responsible for it. There simply is no objective evidence to support such a claim. Is there an appraiser out there who’s a racist? Yep. Is it one amongst many thousands? Yep.
Let’s not let the truth get in the way of an agenda.
https://www.fanniemae.com/research-and-insights/surveys/national-housing-survey
Fannie is also pushing that article on their front page today. High housing price is a barrier to home ownership. Rapid housing price increase has to be the most challenging most upsetting most darn awful thing I could have ever imagined for where we live. High prices suck absolutely and completely. In times of plenty, things are supposed to cost less not more. This is globalism. Are you sure you want to renew the subscription?
https://datausa.io/ That’s the best research site you’ll ever find. Save it.
https://www.amazon.com/Through-Wormhole-Morgan-Freeman-Complete/dp/B00THG6KFC
While there may be racists in the profession, I haven’t met one. When you let the market dictate the pricing and you form your opinion based on that, then that is the only answer.
The house doesn’t change things I will hit your value for, that funky doggie or cat pee smell that permeates everything. You living next to a junkyard but homeowners change the house not so much.
Remember: “ONLY” white people are allowed to be racists here in America. Forget we fought a Civil War costing 740,000 lives and over a million casualties in order to end slavery. Forget busing, forget welfare: housing, health care, & food that is lavished on the poor in this country. Let’s focus on THAT ONE couple and their 997,000 dollar home because a white woman didn’t hit the 1.4 million dollar mark they were expecting………let’s do that. I just completed a 9,800sqft high bank marine waterfront log home on acreage. Appraiser #1: 2.2 million. Appraiser #2 5.3 million. Both white…..they must be racists.