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Register (ACFR) issues a regulation granting it official legal status.įor complete information about, and access to, our official publications Informational resource until the Administrative Committee of the Federal This prototype edition of theĭaily Federal Register on will remain an unofficial PROPERTY EVALUATOR FOR MAC PDFEach document posted on the site includes a link to theĬorresponding official PDF file on. The documents posted on this site are XML renditions of published Federal Register, and does not replace the official print version or the official ![]() It is not an official legal edition of the Federal The research does not explain what's causing the gap.This site displays a prototype of a “Web 2.0” version of the dailyįederal Register. The appraisals reviewed were submitted between January 2015 and December 2020. PROPERTY EVALUATOR FOR MAC HOW TO"If you have an authority like Freddie issuing this report, there should be some type of follow-up and guidance on how to hold people accountable."įreddie Mac's data was based on appraisals of single-family homes in the top 30 metropolitan areas in the nation. "It's going to force the industry to really reckon with its members and reckon with racism," he said. The report also points to a role for automated property valuation services as a way to combat racism, added Perry, author of "Know Your Price: Valuing Black Lives and Property in America's Black Cities." "It's the utmost authority on housing, and they're basically saying there's appraiser bias that's robbing people of wealth." "What you have is arguably the most data-rich organization issuing a scathing report about appraisers," Brookings senior fellow Andre Perry told CBS MoneyWatch. Housing discrimination experts say Freddie Mac's analysis highlights the widespread racial bias in home appraisals. The second appraisal came in as $557,000. The couple then decided to remove pictures of their family and replace them with photos of White people before getting a second appraisal, USA Today reported. ![]() In Ohio, Black homeowners Erica and Aaron Parker reportedly had their home appraised for $465,000. The homeowner, Carlette Duffy, is now suing the appraiser who she said undervalued her property, the Indianapolis Star reported. ![]() PROPERTY EVALUATOR FOR MAC MACTo some extent, the data collected by Freddie Mac - which buys mortgages from commercial banks to help lower the costs of borrowing to buy a home - validates the many anecdotal claims of discrimination that Black and Latino homeowners say they have experienced for years.Īn African-American homeowner who had her home in a historic neighborhood in Indianapolis appraised for $110,000 even though the true value was closer to $259,000. are 44%, 47% and 74%, respectively, according to St. PROPERTY EVALUATOR FOR MAC FULLMichael Bradley, a senior vice president for Freddie Mac, said in a statement that the gap "could also mean families might miss out on the full wealth-building benefits of homeownership or may be unable to get the financing needed to achieve the American Dream in the first place."Īs of April, the Black, Hispanic and White homeownership rates in the U.S. The differences suggest there's an "appraisal gap" among homeowners of color and it exists across the nation, Freddie Mac officials said. That figure compares to 7.4% of homes in White neighborhoods and as 9.4% of homes in Latino areas, the analysis found. Researchers found that 12.5% of homes appraised in Black communities were valued at less than the original cost of constructing the home. The government-chartered mortgage giant's analysis includes more than 12 million home appraisals and pinpoints where in the U.S. The appraisal value of homes in predominantly Black and Latino neighborhoods is oftentimes much lower than that of houses in mostly White communities, according to a recent analysis from Freddie Mac. ![]()
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