FHFA: Encouraging Trend Seen In Efforts To Reduce Valuation Gaps
By KIMBERLEY HAAS
Officials at the Federal Housing Finance Agency say racial and ethnic valuation gaps in home appraisals are being reduced in a majority of states.
According to a blog published Tuesday, “Although an appraisal valuation gap continues to exist between white and minority population tracts, data indicate a reduced gap following actions by stakeholders and federal, state, and local agencies, including the release of the PAVE Action Plan.”
The federal Interagency Task Force on Property Appraisal and Valuation Equity was created in June of 2021 to tackle the problem of racial and ethnic bias in home valuations. It is comprised of 13 federal agencies and offices and is co-led by officials at the U.S. Department of Housing and…