Mind the gap: Recent news stories about Black homeowners securing higher appraisals by pretending to be white point to bias in how homes are valued. But the issue goes beyond individual appraisers, and is part of a systemic issue known as “appraisal discrimination” or the “racial appraisal gap.”
The Appraisal Institute, an international professional association representing the real estate appraiser profession, is finally acknowledging that prejudice exists within the industry to some extent. The group is taking steps to address the problem, including increased training on unconscious bias and expanded diversity initiatives. But public comments from the organization's president have stopped short of labeling racism in the industry as systemic. And experts say nothing less than a total overhaul of how appraisals are conducted may be required to reverse the current disparity, CityLab's Brentin Mock writes. Today on CityLab: What It Will Take to Close the Race Gap in Home Appraisals
