The Biden administration is seeking to to tackle the decades-old problem of home appraisals undervaluing properties in Black communities, but the initial proposals are seen as incremental steps needing further action in the future.
A HUD-led task force that includes bank and housing finance regulators will convene later this month to begin a thorough review of the home appraisal process and recommend regulatory and legislative steps to reduce racial disparities. Some of the early ideas discussed include increased use of automated valuations to reduce opportunities for human bias and mandatory data reporting that could be used to root out bad ...