Posted To: MND NewsWire

A cluster of stories about appraised values of homes in minority areas hit the national news earlier this summer and now Freddie Mac has released an analysis of the smoke/fire variety. The company says it found appraised values are more likely to fall below the contracted sale price of a home in census tracts with a higher share of Black and Latino households, resulting in what is known as an appraisal gap. This is precisely what was alleged in news reports. Further, the extent of that gap increases as the percentage of persons of color living in the census tract grows. Freddie Mac based its analysis on 12 million appraisals it received as part of the home purchase process between 2015 and 2020. “An appraisal falling below the contracted sale price may allow a buyer to renegotiate with a seller…(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.
Published On: September 21, 2021 / Categories: Mortgage News /

Subscribe To Receive The Latest News

Curabitur ac leo nunc. Vestibulum et mauris vel ante finibus maximus.

Thank you for your message. It has been sent.
There was an error trying to send your message. Please try again later.

Add notice about your Privacy Policy here.