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Black Couple Claims Half-Million Dollar Undervaluation

In a recent CBS News report, a black couple accused a licensed appraiser of racial bias and discrimination. The couple claims that their home was appraised for half a million dollars less than what it was worth due to the appraiser’s implicit racial bias. This is a disturbing trend that has been going on for far too long.
 


 
The couple had purchased their home for $1.4 million, but when they tried to refinance, the appraisal came back at only $900,000. They ordered a second appraisal, which came back at $1.5 million, proving that the first appraiser’s bias had led him to undervalue their home.

This isn’t an isolated incident. Studies have shown that homes in predominately black neighborhoods are consistently undervalued compared to those in predominately white neighborhoods, even when all other factors are equal.

To read more about this troubling case and the larger issue of racial bias in home appraisals, click through to the full article.

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10KblkApprais