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.
- Secretary Marcia L. Fudge, U.S. Department of Housing and Urban Development
PAVE Interagency Task Force Overview
- Melody Taylor, PAVE Executive Director; Regional Director, HUD’s Office of Fair Housing and Equal Opportunity
- Lisa Rice, President and CEO, National Fair Housing Alliance
Discussion: How Racial Bias in the Home Valuation Process Contributes to Racial Wealth Disparities in the United States
- Alanna McCargo, Senior Advisor, Housing Finance, Office of the HUD Secretary – Moderator
- Svenja Gudell, Chief Economist, Zillow Group
- Noerena Limón, Senior Vice President, Public Policy and Industry Relations, National Association of Hispanic Real Estate Professionals
- Michael Neal, Senior Research Associate, Urban Institute
- Andre M. Perry, Senior Fellow, Brookings Metropolitan Policy Program
Update on U.S. Housing Market Conditions
- Kevin Kane, Chief Housing Market Analyst, Economic Market Analysis Division