Home News Metro families say their homes were undervalued because they are Black – WSB-TV Channel 2

Metro families say their homes were undervalued because they are Black – WSB-TV Channel 2

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Atlanta — A home is the biggest investment for most Americans. For some, the value of their home creates wealth that spans generations and helps them get their kids off to college or even prepare for retirement.

But Subway Atlanta Homeowners Said Channel 2 investigative reporter Justin Gray They believe the home is valued tens of thousands of dollars lower than it really is because the family is black.

Douglasville homeowner Asmirh Davis said, “It’s a very well-known fact, especially in black communities, that our homes are vastly undervalued compared to white communities.

Davis told Gray that he had the house appraised to refinance the mortgage in June 2021.

That appraisal left her home worth less than it was worth in 2016. She completely renovated her home before asking her bank for her second appraisal.

Davis pulled a Muhammad Ali poster from the basement wall and a child’s drawing from the bedroom. The goal was to disguise the fact that Davis was black.

“For the second appraiser, we not only removed everything in the house, but my husband and myself,” says Davis.

She told Gray that a white neighbor took her place during the second appraisal.

“That’s almost a 30% increase from what we had just a few weeks ago,” says Davis.

“Are there any doubts in your mind what it was about?” Gray asked Davis.

“Of course,” said Davis.

More stories from the two investigators:

Sarah Hayden recently moved to Missouri. Photos of her family cover the walls of her new home.

After going through the same experience as the Davis family, she wrote down all her precious family memories at her home in Metro Atlanta.

“I arranged for my husband to move out. I arranged for a nanny to take my son out of the house during the assessment,” Hayden said.

After October 2021 ratings fell short of expectations, Hayden felt the need to cover up her biracial family.

“In less than 24 hours, I got my second valuation back and it’s back to $504,000.

This is a nationwide problem, not just here in the Atlanta subway. The Biden administration created a special task force, PAVE, to address this issue.

Melody Taylor, executive director of PAVE, said:

She told Gray that addressing the extreme lack of appraisal diversity is one of the top priorities in the action plan issued by the White House task force.

“The appraisal industry is loosely regulated and tends to have its subjectivity and biases built into various processes along the way,” said Taylor.

Atlanta real estate agent Amy McCoy has seen it happen to too many families, but said there are things homeowners can do.

“You have to report it. It’s like wanting to talk to your manager when a cheeseburger isn’t right,” McCoy said.

Hayden then filed a formal complaint with HUD’s Fair Housing and Equal Opportunity Office.

“That’s why I filed a complaint,” Hayden said. “Because we wanted other people to know that this happened to us. It can happen to anyone.”

Customers can also request a second evaluation from their bank, as both Hayden and Davis did.

“Having to take yourself out of it to get what you deserve is very demoralizing,” Davis said. “And that’s something that has to change.”

The Georgia Real Estate Commission and Appraisal Commission, as well as three national and state groups representing the appraisal industry, did not return channel 2 action news Request an on-camera interview for this article.

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