A Black and Latino couple in Oakland recently received $75,000 in restitution after their home was appraised for $250,000 less than its true value. This incident showcases ongoing racial bias in the appraisal industry, similar to a notable 2021 case that underscored disparities for a Black Marin County family. Despite previous investigations into discrimination, these systemic issues persist, as seen through another appraiser's punitive settlement. The California Civil Rights Department emphasizes the need for accountability among appraisers and lenders to combat housing discrimination.
"The appraisal was $254,000 lower than another appraisal done just eight months prior, for the same house, highlighting ongoing racial bias in home appraisals."
"Communities of color continue to confront the multigenerational harms of housing discrimination… Appraisers, lenders and brokers have a responsibility to prevent discrimination in real estate transactions."
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