Appraisals are essential in determining property values, with recent developments revealing the prevalence of errors that adversely affect homeowners. Nearly 1 in 4 homeowners who dispute appraisals receive higher valuations, indicating significant inaccuracies. Major lenders continue to uphold borrower-friendly review processes from the Biden administration despite previous regulatory rollbacks. Appraisal bias significantly affects minority homeowners, leading to widespread under-valuation in Black and Latino neighborhoods, which has resulted in billions of dollars in lost equity and limited wealth accumulation. Accurate appraisals are vital for mortgage approvals and access to homeownership opportunities.
Nearly 1 in 4 homeowners challenging appraisals receive higher valuations, indicating a significant rate of appraisal errors that affect many homeowners.
Research indicates that minority homeowners face significant appraisal bias, with properties in Black and Latino neighborhoods often receiving lower valuations than those in predominantly white areas.
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