The Biden Regime’s HUD Released a Report on “Racial and Ethnic” in Housing Appraisals
Jose Nino
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Earlier this month, the Housing and Urban Development (HUD) issued a report that HUD’s Interagency Task Force on Property Appraisal and Valuation Equity submitted, in which it asserted that “racial and ethnic bias” exists in minority home appraisals.
According to Penny Starr of Breitbart News, “Biden announced the task force one year ago on the anniversary of a tragedy that has nothing to do with housing.”
The Task Force has HUD Secretary Marcia Fudge and Domestic Policy Advisor Ambassador Susan Rice serving as co-chairs.
The Task Force was instructed to “(i) evaluate the causes, extent, and consequences of appraisal bias and (ii) establish a transformative set of recommendations to root out racial and ethnic bias in home valuations.”
The task force argues that the entire home appraisal process is oozing with racism for houses being sold on the real estate market.
One part of the report noted the following:
A study of appraisal commentary (the free-form narrative section of an appraisal report, reflecting the appraiser’s reasoning for the property valuation opinion) revealed that appraisers sometimes make racial and ethnic references. For example, the study found that one appraiser wrote that a majority-white area was “not especially diverse ethnically,” and another appraiser noted that residents of a “predominantly Hispanic” neighborhood have “assimilated their cultural heritage” into the neighborhood.
A widespread pattern of undervaluation in communities of color can impact an entire neighborhood. Each instance of a lower purchase price becomes a candidate for the next appraiser to choose as a comparable sale for the next appraisal in the community, carrying the impact of the lower value forward.
Over time, even a slight imbalance of undervaluation can have a significant effect on the property values in a community, and hence on the accumulated wealth of homeowners in that community. This effect can hinder families in that community from leveraging equity to pay for college, pay for repairs, or use as a buffer during a financial hardship. Reduced property values can also diminish the property tax revenue that funds the maintenance and improvement of community schools and amenities.
The report outlined five “task force commitments:”
- Strengthening guardrails against discrimination in all stages of residential valuation.
- Enhancing fair housing/fair lending enforcement and driving accountability in the appraisal industry
- Building a diverse, well-trained and accessible appraiser workforce
- Empowering consumers to take action again bias
- Giving researchers and enforcement agencies better data to study and monitor valuation bias
“I live in an all-black community, my lot and house are bigger, yet my home is valued at $25,000 less than the house two doors down from me which is an all-white community,” Fudge declared in the report. “The Biden-Harris Administration acknowledges that communities of color like mine have lost billions of dollars solely through the appraisal process. We’re committed to taking meaningful action to increase homeownership and generational wealth for all.”
The woke State is all-encompassing as it tries to find any activity under the sun that is allegedly plagued by racism. As a result, such maladies must be corrected through diversity quotas, wealth redistribution, and other measures that divert resources from otherwise productive members of the Historic American Nation.
What the wokes ultimately want is a Zimbabwe-style scenario where the mass confiscation of private property becomes national public policy. To prevent this scenario from taking place, the Right must get serious about purging woke individuals from the bureaucracy and ultimately downsizing many of these agencies to prevent them from being used as blunt instruments against heritage Americans.
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