The collaboration is intended to address racism in the home appraisal industry.
The Department of Housing and Urban Development (HUD) announced its partnership with the National Association of Real Estate Brokers, which will officially launch in October. The purpose of the collaboration is to address the tendency for house appraisers to undervalue houses being sold by minority homeowners. This partnership will provide online training sessions to identify racial biases to eliminate discrimination within the home appraisal process.
HUD Secretary Marcia Fudge stated that minorities “have consistently had their homes under-valued because of racial appraisal bias, locking them out of opportunities to build generational wealth.“ She added, ”This partnership is a bold step toward remedying appraisal discrimination, closing the wealth gap, and achieving racial equity.”
As the Lord Leads, Pray with Us…
- For wisdom for Secretary Fudge as her department partners with the National Association of Real Estate Brokers to address racial bias in home appraisals.
- For HUD officials as they implement programs to enhance equality.
- For U.S. home appraisers to value homes without bias or partiality.
Sources: Department of Housing and Urban Development
