Homeownership is integral to building household and intergenerational wealth. However, bias in the home valuation process – including human bias, algorithmic bias, and lender redlining – hinders wealth creation and contributes to racial wealth disparities in the United States.
On July 29, 2021, the U.S. Department of Housing and Urban Development (HUD) will host an event to discuss how bias in the home valuation process and the lack of diversity in the appraisal industry overall contributes to racial wealth disparities. HUD’s Office of Policy Development and Research will host this event which will be opened by HUD Secretary Marcia L. Fudge who will discuss President Biden’s recent charge to HUD to lead a new Interagency Task Force on Property Assessment Valuation Equity, or PAVE. An expert panel will reflect on home appraisal bias and the related but distinct systematic devaluation of homes in minority neighborhoods, delving into topics including the potential for automated valuation models to help identify appraisal bias, Fair Housing implications, and the interagency governmental intersections of this issue that PAVE will explore. Please join our diverse group of experts from research, industry, and government for this PD&R Quarterly Update.
PAVE Interagency Task Force Overview
Discussion: How Racial Bias in the Home Valuation Process Contributes to Racial Wealth Disparities in the United States
Update on U.S. Housing Market Conditions
Thursday, July 29, 2021
2:00-4:00 pm EDT