Racism and the lack of diversity in the appraisal business

Claims about racial bias in appraisals are not new but there are now reports the pandemic has made the situation worse. Recently, researchers digging through millions of appraisals from the Federal Housing Finance Agency found, yet again, evidence of systematic racial bias from appraisers. In a conversation with Jonathan Miller, president and CEO of appraisal firm Miller Samuel, he says this type of discrimination is likely to be as prevalent in New York City as it is in rest of the country and blames the lack of diversity in the appraisal business is a key driver of this bias.

 

Related links:

Employed persons by occupation, sex, race, and gender (U.S. Bureau of Labor and Statistics)

The persistent evaluation of white neighborhoods as more valuable than communities of color (Eruka)