‘One spicy neighborhood’ —Thousands of home appraisals may contain racially biased language, federal regulator finds
Despite policies meant to bar race-related bias in assessing property values, many home appraisers continue to make references to the neighborhood’s racial demographics in their assessments of a home’s value.
“From millions of appraisals submitted annually, a keyword search resulted in thousands of potential race-related flags,” FHFA senior examination specialist Chandra Broadnax and FHFA associate director James Wylie wrote in a blog post Tuesday. One wrote that an area was “originally founded as a whites-only city or sundown town” but had become “fairly diverse” with a “diverse school system.” Other appraisers noted how a neighborhood’s population had changed over time, citing gentrification.
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