The Department of Housing and Urban Development (HUD) is hosting a Property Appraisal and Valuation Equity (PAVE) training event to shed light on racial bias within the real estate appraisal process Sep. 21 at Rockhurst University.
The event promises to be an insightful discussion about the systemic disparities that have left Black and Latino families with appraisals far below their property’s true value.
Event Details The Impact: Racial Bias in Real Estate Appraisals
Thursday, September 21, 2023 | 6 to 8 p.m., Rockhurst University Arrupe Hall Auditorium | 5351 Forest Ave, Kansas City, Missouri
Uncovering Appraisal Disparities
Recent data analysis conducted by ABC Owned Television Stations has exposed the stark disparities in home appraisals based on race, revealing that Black and Latino families often receive estimates up to $500,000 less than expected.
The analysis, which examined more than 50 million home loans and refinance applications, found that predominantly Black neighborhoods are nearly five times more likely to be under-appraised than their white counterparts. Moreover, home-purchase loans in Black communities are over twice as likely to receive under-appraised valuations.
A Documentary Screening and Expert Panel
In response, HUD is hosting a PAVE training event, with a screening of the documentary “Our America: Lowballed.” The documentary provides a compelling visual narrative of the real-life consequences of appraisal bias in marginalized communities.
Following the screening, a distinguished panel of public and private sector experts will take the stage to dissect the issue further. The expert panel will consist of:
- HUD Great Plains Regional Administrator Ulysses Clayborn and
- HUD Fair Housing and Enforcement Regional Director Natasha Watson
- Beverly Easterwood, Owner/President of HDC Consulting Group, Inc.,
- Terrell Walls, Board President of KC NAREB, and
- Jerry Newsome, President of United Appraisals, LLC.
Equipping the Community
The event’s primary goal is to raise awareness about appraisal bias that persists in the real estate industry despite regulatory efforts to combat it. Attendees will walk away knowing what appraisal bias entails, how it can negatively affect their households, and, most importantly, what steps they can take to challenge and rectify biased appraisals.