: Property appraisers valued an interracial couple’s home at $310,000 when they met the Black homeowner — but gave their white partner a $350,000 valuation

by | Oct 29, 2022 | Stock Market

Interracial couples were assigned different appraisal values for their homes in the Baltimore, Md., area depending on the skin color of the partner who greeted the appraiser and whether the house was “whitewashed,” a new study from the National Community Reinvestment Coalition shows. In one case, a single row house was valued at $350,000 when the appraiser met only with their white homeowner in an interracial relationship. The person’s Black partner received a valuation of $310,000 — given by a separate appraiser who met only with them, according to the NCRC, which said it chose the appraisers randomly and scheduled their inspections on different days, but as close together as possible.

For each test, two full appraisals using two different appraisal companies were conducted, with the white partner presenting a “whitewashed” home where any evidence of their Black partner, including family photos and cultural items, had been removed. The Black partner, on the other hand, presented a “blackwashed” home, removing signs of the white partner.   “The discrimination we found in the appraisals system undermines Black wealth-building and almost certainly violates the law,” Jesse Van Tol, president and CEO of the NCRC, a nonprofit based in Washington, D.C., said in a statement. “It is unacceptable for appraisers to undercut the value of homes and conduct themselves less professionally when d …

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