Mary Cummins, Real Estate Appraiser, Animal Advocates, Los Angeles, California

Mary Cummins, Real Estate Appraiser, Animal Advocates, Los Angeles, California
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Showing posts with label andre perry. Show all posts
Showing posts with label andre perry. Show all posts

Wednesday, April 12, 2023

Andre Perry falsely states grocery stores are racist. More bad "research," by Mary Cummins


Andre Perry just released more false and misleading "research." Andre Perry believes that premium grocery stores are racist against black people. He "proves" his point by showing there aren't many premium grocery stores in predominantly black areas. Again, his "research" is bad science and misinterpreted results. People on the internet are using his "data" to attack grocery stores and rile up black people against whites. This is not peer reviewed or published research. Below is his linked article. 

https://www.brookings.edu/research/what-the-lack-of-premium-grocery-stores-says-about-disinvestment-in-black-neighborhoods/

Andre Perry states there are few premium grocery stores in mainly black areas. This is correlation and not causation. There are also few Louis Vuitton stores and Rolls Royce dealerships in predominantly black areas for the same reason. The reason is financial. There is research which proves whites make more money than blacks and Latinos in general. If a store chooses its location based on higher income, that area will more likely be more white than black, Latino. It's correlation and the income gap, stupid.

Premium grocery stores are in the business of making money. They want to make as much net profits as possible. They do this by locating their stores in an area which has the highest concentration of their most likely customers with the least amount of risk. They don't consider race. Below is an article about how Whole Foods chooses store locations to prove this. https://www.washingtonian.com/2015/07/14/how-whole-foods-decides-if-your-neighborhood-is-worthy/#:~:text=Whole%20Foods%20doesn't%20divulge,estate%2C%20population%20density%2C%20education%2C

From the article, "Whole Foods doesn’t divulge specifics about its real-estate decision-making, which it considers “proprietary.” Mid-Atlantic regional president Scott Allshouse at least offers this via e-mail:“We take a variety of factors into consideration, including availability and cost of real estate, population density, education, demographics, and the community’s interest in natural and organic foods. No one factor is most important.” Later in the article it states main factor is "education then commuter patterns, checking out competing grocery stores, and calculating their likely earnings."

Here's info on Trader Joe's locations. They tend to choose locations "located in cheaper parts of expensive areas." "The company is selective about new markets, taking a gander at median household income, education, population density, distribution efficiencies and labor force." " Stern and David Livingston, an expert in supermarket location research, said Trader Joe’s typically looks for median household income in excess of $100,000. The perfect storm, Livingston said, is high incomes and expensive homes within the first 2 miles of the potential site, with maybe a major university or large medical complex sprinkled on top." “They are not going to open a store based on a petition because everyone wants a Trader Joe’s,” Livingston said. “But only people who are educated and have high disposable incomes will actually support one.”

Grocery stores are not a government service or a nonprofit. They don't have to invest in poorer areas. They are a business. They don't care about race. They do care about safely making net profits. If an area has lots of potential clients but has high crime, theft, vandalism, they probably wouldn't choose it because net profits would be reduced by crime. Some shoppers might not even want to shop in a high crime area because they don't want to get mugged, robbed, car broken into, raped or killed. A good example of this is Whole Foods markets closing in a prime area of San Francisco. https://kesq.com/money/cnn-business-consumer/2023/04/11/whole-foods-closes-san-francisco-flagship-store-after-one-year-citing-crime-2/#:~:text=An%20enormous%20Whole%20Foods%20in,over%20the%20past%20six%20years. 

Instead of calling Whole Foods a racist piece of shit the County Supervisor said this about the closure. "San Francisco Board of Supervisors member Matt Dorsey said on Twitter that he was “incredibly disappointed” by the closure. “Our neighborhood waited a long time for this supermarket, but we’re also well aware of problems they’ve experienced with drug-related retail theft, adjacent drug markets, and the many safety issues related to them,” Dorsey wrote. Appearing on “CNN This Morning” Wednesday, Dorsey said he’s “seen a lot of issues of people acting out and shoplifting” at the store. “Fingers crossed we can turn things around here and I do have some optimism, but hopefully we can get this supermarket back open,” he said." Reducing crime in the area is the solution here not calling people racists. If you call Whole Foods racists, they may never want to open a store in that market area.

Per research there is a correlation between income, age, class, gender, race and increased street crime, see link below. Lower income, 15-24 age group, lower class, males, black then Latino commit most street crime per research. Lower income areas tend to have more 15-24 year olds, lower class, males, blacks and Latinos which commit more crime. More correlation. Increased crime levels is another reason why Trader Joe's would not want a store in a lower income area. Crime reduces sales, adds costs and eats into profits. https://open.lib.umn.edu/socialproblems/chapter/8-3-who-commits-crime/

Andre Perry's article looks at premium markets. Premium markets like Trader Joe's sell specialty items, organic food and higher priced items. It makes sense to be located in an area where people make more money. If you don't have a lot of money and went to Trader Joe's, you wouldn't be able to afford to buy as much food. You'd rather shop at the 99 cent store where I shop or Dollar General. There is plenty of good, healthy, affordable food at the 99 cent store. I buy beans, rice, fresh fruits, fresh vegetables at the 99 cent store at a better price than Ralphs, Trader Joe's and Whole Foods. I'd be pissed if I didn't have a 99 cent store not a Trader Joe's. Only uppity people like Andre Perry would demand a Trader Joe's. If you want to shop at Trader Joe's to buy $11 lavender flavored organic nuts, just go to one. If you can't travel, the 99 cent store is fine to buy regular nuts. People don't need specialty grocery stores. They just need to buy good affordable food. Next Perry will be whining that there's no Gucci store in low income areas.

I'm Latino and live in a predominantly Latino area because it's a poorer area in Los Angeles. We have a 99 cent store and a Ralphs. I eat good, healthy, cheap food and am happy. I don't want or need an expensive Whole Foods or Trader Joe's store. Maybe I should be like Andre Perry and yell that markets are racist against Latinos because I personally don't get what I want. Perry seems to always forget that his predominantly black areas (10% or more black) also have 90% poor Latinos, whites and others. He only cares about black people because he has a personal agenda. I read most of his book "Know your price" and he basically admits that he's racist against white people. He blames every problem on white people.

Maybe I should lie and state that all companies that don't cater to poor Latino me are racists against Latinos. I'd probably get a good following of poor angry Latinos who think all their problems are caused by others. I bet I could write a book about Latino hate and make money writing hate books, giving hate speeches and spewing racist lies to further divide our country just like Andre Perry. I would never do that because that would be dishonest and racist. Andre Perry is doing it because of his racism and he likes the money and false accolades. He needs to make more money so he can shop at more expensive Trader Joe's.

Mary Cummins of Cummins Real Estate is a certified residential licensed appraiser in Los Angeles, California. Mary Cummins is licensed by the California Bureau of Real Estate appraisers and has over 35 years of experience.


Mary Cummins, Mary K. Cummins, Mary Katherine Cummins, Mary, Cummins, #marycummins #animaladvocates #losangeles #california #wildlife #wildliferehabilitation #wildliferehabilitator #realestate #realestateappraiser #realestateappraisal #lawsuit real estate, appraiser, appraisal, instructor, teacher, Los Angeles, Santa Monica, Beverly Hills, Pasadena, Brentwood, Bel Air, California, licensed, permitted, certified, single family, condo, condominium, pud, hud, fannie mae, freddie mac, fha, uspap, certified, residential, certified resident, apartment building, multi-family, commercial, industrial, expert witness, civil, criminal, orea, dre, brea insurance, bonded, experienced, bilingual, spanish, english, form, 1004, 2055, 1073, land, raw, acreage, vacant, insurance, cost, income approach, market analysis, comparative, theory, appraisal theory, cost approach, sales, matched pairs, plot, plat, map, diagram, photo, photographs, photography, rear, front, street, subject, comparable, sold, listed, active, pending, expired, cancelled, listing, mls, multiple listing service, claw, themls, historical appraisal, facebook, linkedin DISCLAIMER: https://mary--cummins.blogspot.com/p/disclaimer-privacy-policy-for-blogs-by.html

Friday, January 6, 2023

"Appraisers the Convenient Scapegoats," comment by Mary Cummins Real Estate Appraiser

appraisersblogs, appraisers the convenient scapegoats,appraisersblogs, mary cummins, real estate appraiser, real estate appraisal,los angeles,california,aei, american enterprise institute, hud,racial discrimination,poc,andre perry
appraisersblogs, appraisers the convenient scapegoats,appraisersblogs, mary cummins, real estate appraiser, real estate appraisal,los angeles,california,aei, american enterprise institute, hud,racial discrimination,poc,andre perry 

Great article, "Appraisers the Convenient Scapegoats." It's happening yet again as home prices decrease. American Enterprise Institute (AEI) just warned the public in a December 2022 report "Government lending policies are encouraging lower-wealth, cash-constrained homeowners to give up their valuable current low-rate mortgages and use cash-out refinances to meet other financial obligations. This use of “the house as an ATM” particularly during this rising mortgage rate environment can pose inherent risks for borrowers."

And who will be blamed when these people refinance then can't afford the new payment because of the recessionary economy? Appraisers...again! We were blamed for the Great Recession aka Great Financial Crisis. Today they say that was actually because of "racial discrimination by appraisers."

These people are intentionally misinterpreting statistics. Yes, POC are more likely to lose their homes in foreclosure but it's not the fault of appraisers. It's a fact POC make less income than whites. People with less money buy less expensive homes. Politicians should fix the income inequality if they really care about POC. They won't because that's too hard and it's easier to blame appraisers. Because of income inequality POC have less wealth, fewer assets, higher debt and no generational wealth. They generally put a low down payment with the help of government loans. They were also encouraged by the government to get student loans to "get an education to increase income and wealth" which hasn't worked. They just ended up more in debt. The government is actually the one making these people more poor by causing them to lose what little money they have.

When these people refinance, they take out and spend all their home equity while increasing their monthly payment sometimes above their ability to easily repay it. The government even tells them it's a great way to get rid of expensive credit card debt which encourages more credit card debt. Values go down and they owe more than the home is worth. When you have no emergency savings, other assets, home equity and have an emergency, you will lose your home in foreclosure.

It's not the fault of appraisers! Politicians, other say these lies to win votes and support from POC and low income people. They created this non existent racial problem just so they can say "I alone can fix it." They hire like minded people to run HUD and other government programs. These people encourage and spread the false "government backed" narrative. They promote Andre Perry's fake "paper" about racial disparity in home ownership. Years back we were just "deal killers." Now we're all allegedly "racists." 

The "racist old white male real estate appraiser" is a false narrative. The public doesn't seem to realize the real correlation between race and home valuation is race = income = wealth = value of home you can afford to buy and own. It's not race = home value made by racist old white male appraiser. The causation of the value of black, brown owned homes is INCOME and not RACE as proven by independent research by AEI and others. Same goes with cars. More white people own expensive cars than black, brown for same reason. Maybe they should blame Kelly Blue Book for the difference in values between a mint 2022 Rolls Royce and a 1985 Ford Escort in poor condition with 300,000 miles. Maybe Kelly Blue Book should be called a RACIST instead of a software program. The data people cite in this case didn't even come from old white male appraisers. It's a software program that doesn't know race or color. People just prefer to believe their house is worth less only because of a racist old white male appraiser. If people want to fix the problem, fix the income gap between white and black, brown. Attacking appraisers doesn't solve the problem. #realestateappraiser #falsenarrative #homevalue #homevaluation #realestateappraisal #race #income #wealth #generationalwealth 


Cummins Real Estate Services, American Enterprise Institute, #appraisersblogs #marycummins #realestateappraiser #realestateappraisal #AEI #HUD #appraisers #discrimination


Mary Cummins of Cummins Real Estate is a certified residential licensed appraiser in Los Angeles, California. Mary Cummins is licensed by the California Bureau of Real Estate appraisers and has over 35 years of experience.


Mary Cummins, Mary K. Cummins, Mary Katherine Cummins, Mary, Cummins, #marycummins #animaladvocates #losangeles #california #wildlife #wildliferehabilitation #wildliferehabilitator #realestate #realestateappraiser #realestateappraisal #lawsuit real estate, appraiser, appraisal, instructor, teacher, Los Angeles, Santa Monica, Beverly Hills, Pasadena, Brentwood, Bel Air, California, licensed, permitted, certified, single family, condo, condominium, pud, hud, fannie mae, freddie mac, fha, uspap, certified, residential, certified resident, apartment building, multi-family, commercial, industrial, expert witness, civil, criminal, orea, dre, brea insurance, bonded, experienced, bilingual, spanish, english, form, 1004, 2055, 1073, land, raw, acreage, vacant, insurance, cost, income approach, market analysis, comparative, theory, appraisal theory, cost approach, sales, matched pairs, plot, plat, map, diagram, photo, photographs, photography, rear, front, street, subject, comparable, sold, listed, active, pending, expired, cancelled, listing, mls, multiple listing service, claw, themls, historical appraisal, facebook, linkedin DISCLAIMER: https://mary--cummins.blogspot.com/p/disclaimer-privacy-policy-for-blogs-by.html

Monday, October 24, 2022

ABC Will be Airing False, Misleading "Our America: Lowballed" December 2022 by Mary Cummins Real Estate Appraiser



UPDATE:  Here is link to full video I believe. I haven't seen it yet but will. https://abc7news.com/video/embed/?pid=12499947

ORIGINAL: Appraisers need to be ready to counter this false and misleading series from ABC titled "Our America: Lowballed" coming in December by Julian Glover. Glover is the self proclaimed "race reporter" for ABC7. Read the pitch on this page linked below. It says white appraisers "lowball" and "rob" Blacks and Latinos. They say it's based on ABC's research but it's actually based on Andre Perry's false error filled non peer reviewed paper. People with less money buy less expensive homes! Blacks and Latinos have less money because of the income gap! Appraisers aren't lowballing the public! Fix the income gap! 

This is reckless journalism at its worst. I've emailed Julian Glover the truth with evidence many times but he's not interested in facts. He's only interested in hate filled sensationalist articles. I doubt he interviewed any appraisers for the series. I also contacted Maxine Waters' office trying to set up a meeting but she refused. I contacted Marcia Fudge as well about the inaccuracies in her reports and statements. No reply.

The pitch shows they will not be stating the truth or using independent statistics like American Enterprise Institute. Andre Perry's paper used inaccurate Zillow statistics! AEI debunked Perry's "research." ABC is doing this for ratings to sell advertising for money. Julian Glover is doing it for self promotion. He's covered a couple of these stories in California and asks people to send in related tips. Below is the link to a pitch they sent to a real estate website manager asking them to promote their false and misleading narrative https://appraisersblogs.com/lowballed-it-is-open-season-on-appraisers

This is ABC's false narrative. '"Our America: Lowballed" follows Black and Latino families as they fight for fair home values after lower than expected appraisals. ABC's 18-month long investigation explores appraisal discrimination and solutions to a problem potentially costing families billions in equity.'

The show covers cases which I have researched in great detail. Research by a real estate appraiser with almost 40 years of experience shows there was no lowballing or discrimination in these cases. The homes were appraised for market value based on similar local sales. The show covers the following cases I covered. I recognized the people. There was another person I didn't recognize and they don't list the properties. I'll try to find out and post it later.

Paul and Tenisha Austin v Miller lawsuit 20 Pacheco, Marin, California

Carlette Duffy, Indianapolis, Indiana

I think it includes the story about Cora Robinson and her daughter which Julian Glover and I covered.

In the video: Vice President Kamala Harris, Andre Perry, Maxine Waters, Paul & Tenisha Austin, Marcia Fudge, Carlette Duffy. When it comes to the issue of real estate appraisers lowballing all of these people are not telling the truth. Andre Perry's research was busted by American Enterprise Institute. I researched Marcia Fudge's false story about being lowballed herself which she restates in this series. She was comparing her much older lower quality ranch home to a totally new development across the highway. Carlette Duffy is crying in the video. Did nobody bother to research the fact that she's cried racial discrimination in the past in a lawsuit against the government and lost? The linked article above proves the original appraisal was correct in Duffy's case. Her house was a burned out shell that someone did a quick redo when it should have been demolished.

All real estate appraisers need to speak out before, during and after this misleading series is released. I know it's difficult because you will be attacked. You will be called a "racist" just for commenting "hello." It would be safer to use a nom de plum so they don't attack your home, family and business. 

#ouramericalowballed #julianglover #ABC #realestateappraiser #realestateappraisal #discrimination #bias #hud #kamalaharris #marciafudge #paulaustin #tenishatate #carletteduffy #andreperry #maxinewaters #realestate #appraisal #appraiser #lowball #fanniemae #freddiemac 

Mary Cummins of Cummins Real Estate is a certified residential licensed appraiser in Los Angeles, California. Mary Cummins is licensed by the California Bureau of Real Estate appraisers and has over 35 years of experience.


Mary Cummins, Mary K. Cummins, Mary Katherine Cummins, Mary, Cummins, #marycummins #animaladvocates #losangeles #california #wildlife #wildliferehabilitation #wildliferehabilitator #realestate #realestateappraiser #realestateappraisal #lawsuit real estate, appraiser, appraisal, instructor, teacher, Los Angeles, Santa Monica, Beverly Hills, Pasadena, Brentwood, Bel Air, California, licensed, permitted, certified, single family, condo, condominium, pud, hud, fannie mae, freddie mac, fha, uspap, certified, residential, certified resident, apartment building, multi-family, commercial, industrial, expert witness, civil, criminal, orea, dre, brea insurance, bonded, experienced, bilingual, spanish, english, form, 1004, 2055, 1073, land, raw, acreage, vacant, insurance, cost, income approach, market analysis, comparative, theory, appraisal theory, cost approach, sales, matched pairs, plot, plat, map, diagram, photo, photographs, photography, rear, front, street, subject, comparable, sold, listed, active, pending, expired, cancelled, listing, mls, multiple listing service, claw, themls, historical appraisal, facebook, linkedin DISCLAIMER: https://mary--cummins.blogspot.com/p/disclaimer-privacy-policy-for-blogs-by.html

Tuesday, March 29, 2022

March 29, 2022 Hearing "Devalued, Denied, Disrespected: How Home Appraisal ... by Mary Cummins

Devalued, Denied, and Disrespected: How Home Appraisal Bias and Discrimination Are Hurting Homeowners and Communities of Color, Maxine Waters, Mary Cummins, Tobias Peter, AIE, Fannie Mae, Freddie Mac, Andre Perry, PAVE Task Force, Committee on Financial Services, bias, racism


"Devalued, Denied, and Disrespected: How Home Appraisal Bias and Discrimination Are Hurting Homeowners and Communities of Color." Tobias Peter is doing a great job hammering home facts and actual research. Sadly some politicians are ignoring the facts and running with the fake research and misleading analysis by Andre Perry, Freddie Mac and Fannie Mae cited in the PAVE report. So is private activist group Fair Housing Alliance. It's clear they know they are hurting blacks, Latinos, poor people and single mothers with their actions. Government actions based on the false research is causing financial damage to poor people. Beyond sad and heartbreaking. Appraisers see the results of this. I appraised pre-foreclosure, foreclosure homes during the great recession. 

I'm taking notes best I can as I'm sick from a vaccination. Pics from the meeting which ran 10:00 a.m to 1:30 p.m. I'll post more later. Video below.

One thing which is abundantly clear is that some of the Representatives don't even know who some of the speakers are. They keep asking private AMC Dean Kelker why he/they don't recruit people in college to automatically be appraisers. He keeps saying they need a license and experience. They think he is part of the government oversight of the industry when he's not.

Maxine Waters is also losing her judgment. She thinks "Realtists" which are just members of the minority organization National Association of Real Estate Brokers should be allowed to be "assessors," think she means appraisers, with no education, license or experience whatsoever. It would be discrimination to allow only this specific group to be appraisers automatically. It also makes no sense and would violate federal and state laws yet she says she's going to do it.

Lisa Rice from the private organization the Fair Housing Alliance keeps citing Andre Perry's false and misleading paper like the bible. She knows it's false yet she uses it to promote her personal agenda which is funds, grants for her nonprofit. She doesn't care that she's hurting poor people and POC. 

Pledger Bishop of the private organization Appraisal Institute AI is being political. He keeps saying we're working on diversity yet he has nothing to show for it. Representatives keep thinking he's part of government. He's not. He has no power to do anything. 

Many Representatives just get up there and use their five minutes to promote themselves and their political campaigns. Many cite Andre Perry's false and misleading paper even though they've been given Tobias Peter's AEI report showing the actual facts. Home values are directly related to income. Certain socio-economic factors correlate with buying power such as income, credit score, marital status, having children under 18... As I've been saying people buy the homes they can afford in the areas they can afford. Appraisers, Appraisals don't set values. The market does.We merely report it.We most certainly do not devalue homes. AEI's report shows that appraiser bias, discrimination is not a wide spread or systemic issue. Home value is a math formula. 

Pledger Bishop, The Appraisal Institute, AI


Tobias Peter, AEI, American Enterprise Institute, PAVE report, research, Andre Perry paper debunked


Video 3 hours 31 minutes starts at 4 min 30 seconds

https://www.youtube.com/watch?v=vFMs5sTOHhc

Mary Cummins of Cummins Real Estate is a certified residential licensed appraiser in Los Angeles, California. Mary Cummins is licensed by the California Bureau of Real Estate appraisers and has over 35 years of experience.


Mary Cummins, Mary K. Cummins, Mary Katherine Cummins, Mary, Cummins, #marycummins #animaladvocates #losangeles #california #wildlife #wildliferehabilitation #wildliferehabilitator #realestate #realestateappraiser #realestateappraisal #lawsuit real estate, appraiser, appraisal, instructor, teacher, Los Angeles, Santa Monica, Beverly Hills, Pasadena, Brentwood, Bel Air, California, licensed, permitted, certified, single family, condo, condominium, pud, hud, fannie mae, freddie mac, fha, uspap, certified, residential, certified resident, apartment building, multi-family, commercial, industrial, expert witness, civil, criminal, orea, dre, brea insurance, bonded, experienced, bilingual, spanish, english, form, 1004, 2055, 1073, land, raw, acreage, vacant, insurance, cost, income approach, market analysis, comparative, theory, appraisal theory, cost approach, sales, matched pairs, plot, plat, map, diagram, photo, photographs, photography, rear, front, street, subject, comparable, sold, listed, active, pending, expired, cancelled, listing, mls, multiple listing service, claw, themls, historical appraisal, facebook, linkedin DISCLAIMER: https://mary--cummins.blogspot.com/p/disclaimer-privacy-policy-for-blogs-by.html

Saturday, March 26, 2022

AEI Reply to Pave Report, Andre Perry's misleading research and Freddie Mac's paper

Joe Biden, HUD, Marcia Fudge repeatedly cite Andre Perry's misleading paper on race and home values. Perry's paper is not published or peer reviewed research. It's deeply flawed in its execution and analysis. Race is not related to home valuation. Socio-economic status is related to income which is related to race which is related to the value of a home bought by a POC. Blacks make less money than whites. People with less money buy less expensive homes. The value of those homes are not being reduced by appraisers, appraisals or AVMs. 

This is a very well researched and written reply to Andre Perry's misleading paper. Perry conflates race with socio-economic status. SES is income, marital status, % single mothers with children under 18...) If you adjust for SES, the differences disappear. If you compare whites with low and high SES, the gap appears. This proves it's not a race issue but an income, SES issue. 

It's vitally important to know the real cause of the wealth gap between black and white so a proper solution can be applied. I've been stating that we need to fix the income gap to fix the wealth gap. Helping people with lower SES pay for a down payment won't help them down the line if they don't have enough income to easily make the mortgage payments. You just set them up for failure and bigger financial losses. This research is from Edward Pinto and Tobias Peter of from American Enterprise Institute (AEI).

https://www.aei.org/wp-content/uploads/2021/03/Impact-of-Race-and-Socio-Economic-Status-on-the-Valuation-of-Homes-by-Neighborhood-3.18.21-final-revised-1.pdf

https://www.aei.org/research-products/report/aei-housing-center-response-to-perry-and-rothwell-2021/

This research brings up more flaws in Andre Perry's paper than I stated in my article about the research. Most importantly Perry intentionally did not include income stating it wouldn't affect the results. When income is included the value gap shrinks by half. Perry didn't include other important SES factors such as % single mother with children under 18. Everyone knows how expensive and difficult it is to work and raise young children as a single mother of any color. Perry also didn't include lot size, condition of neighborhood, condition of home, location next to natural amenities... I would bet Perry did this intentionally in order to show the results he desired. This is why his research was not published or peer reviewed. Perry's paper is advocacy for his own agenda masquerading as science and facts. Thankfully AEI took it upon themselves to independently review the research. 

Other interesting findings from their report.

"We find that with higher incomes, Black borrowers increasingly chose neighborhoods, in which the Black share of residents is lower." "If Black and White neighborhoods are identical in every aspect except for price and their racial makeup (as Perry et al. claim), then why are Black buyers not taking advantage of lower priced homes in Black neighborhoods? It must be that Black buyers understand that White neighborhoods do have more amenities and those who can do so are willing to forego the “cheaper” homes in Black neighborhoods in order to get those amenities."

Income and marital status matter. "The Black homeownership (HO) rate is much lower than the White HO rate, but the difference gets smaller as income grows. The HO rate for White or Black married households (HH) is much higher than for unmarried White or Black HH."

"There is a big disparity by marital status between Blacks and Whites. Unmarried Black HH comprise 70% of Black HH, and the vast majority are below area median income." Their research has also shown more integration and increased income among blacks over time.

"Diagnosing the causes of the home value gap, along with a recognition of decreasing racial and ethnic segregation and increasing Socio-Economic Status (SES) stratification, helps in the consideration of appropriate policy solutions that will increase financial security and shrink the SES gap."

They offer some sound solutions at the end of the report.This is the type of real scientific fact based data that Joe Biden and HUD needs to see and use. Using Perry's report harms POC and will not help them. Perry is harming black people with his dishonest paper. I only posted the first part. Click the link to see the full article with data, charts and statistics. 

"On March 23rd, the Interagency Task Force on Property Appraisal and Valuation Equity and, which is composed of thirteen federal agencies and offices, released its report entitled “Action Plan to Advance Property Appraisal and Valuation Equity: Closing the Racial Wealth Gap by Addressing Mis-valuations for Families and Communities of Color.”

Commentary on PAVE’s conclusion:

PAVE concluded that “Homeownership is often hindered by inequities within current home lending and appraisal processes, which research shows disproportionately impact people in communities of color.”

As noted in the Executive Summary, the report largely rests on three studies for its conclusion: (i) a report by the Brookings Institution, (ii) a note by Freddie Mac, and (iii) a blog post by FHFA.[1] In our work, we have issued lengthy critiques that discredit the first two studies (see our rebuttal to Brookings and to Freddie Mac) and now take the opportunity to respond to the FHFA study.[2] Here is a summary of our findings:

The Brookings and Freddie Mac studies are not based on rigorous data analysis. Most importantly, they conflate race with socio-economic status (SES), i.e. income, buying power, marriage rates, credit scores, etc. Race-based gaps found in the Brookings and Freddie Mac studies either entirely or substantially disappear when adjusting for differences in SES. Furthermore, our analyses show that similar gaps are present in majority White or White-only tracts across different SES levels, raising serious questions regarding a race-based explanation.[3] We also addressed a rebuttal from the Brookings authors to our critique. We found that Perry and Rothwell’s (2021) rebuttal to our critique supported our claim of omitted variable bias, failed to rebuke our methodology, and never addressed our case studies. We also presented solutions based on our findings. The Freddie Mac study took pains to state that its research was both “exploratory” and “preliminary”. Yet PAVE accepted Freddie Mac’s findings at face value, even though research by Fannie Mae provides a likely, non-race based explanation for the valuation discrepancy found by Freddie Mac. It is worth noting that Fannie Mae’s explanation casts a favorable light on the appraisal industry.

This conflation by both Brookings and Freddie Mac is of critical importance. While there is agreement regarding the symptoms observed by PAVE–racial and ethnic differences in the homeownership rate, the financial returns of owning a home, and median wealth levels–ascertaining the causes and workable solutions requires a competition of ideas.[4] PAVE excluded research that was inconvenient or inconsistent with the desired narrative and conclusion.[5]"

Read the rest here. 

https://www.aei.org/research-products/report/comments-on-the-pave-report

Mary Cummins of Cummins Real Estate is a certified residential licensed appraiser in Los Angeles, California. Mary Cummins is licensed by the California Bureau of Real Estate appraisers and has over 35 years of experience.


Mary Cummins, Mary K. Cummins, Mary Katherine Cummins, Mary, Cummins, #marycummins #animaladvocates #losangeles #california #wildlife #wildliferehabilitation #wildliferehabilitator #realestate #realestateappraiser #realestateappraisal #lawsuit real estate, appraiser, appraisal, instructor, teacher, Los Angeles, Santa Monica, Beverly Hills, Pasadena, Brentwood, Bel Air, California, licensed, permitted, certified, single family, condo, condominium, pud, hud, fannie mae, freddie mac, fha, uspap, certified, residential, certified resident, apartment building, multi-family, commercial, industrial, expert witness, civil, criminal, orea, dre, brea insurance, bonded, experienced, bilingual, spanish, english, form, 1004, 2055, 1073, land, raw, acreage, vacant, insurance, cost, income approach, market analysis, comparative, theory, appraisal theory, cost approach, sales, matched pairs, plot, plat, map, diagram, photo, photographs, photography, rear, front, street, subject, comparable, sold, listed, active, pending, expired, cancelled, listing, mls, multiple listing service, claw, themls, historical appraisal, facebook, linkedin DISCLAIMER: https://mary--cummins.blogspot.com/p/disclaimer-privacy-policy-for-blogs-by.html

Wednesday, March 9, 2022

Some Lenders promoting false "racist appraiser" narrative to optimize profits via AVMs, by Mary Cummins real estate appraiser

mary cummins, real estate appraiser, los angeles, califoria, lender, amc, avm, hybrid appraisal, racism, bias, discrimination, bettermortgage, urban league, andre perry, house canary, zillow
mary cummins, real estate appraiser, los angeles, califoria, lender, amc, avm, hybrid appraisal, racism, bias, discrimination, bettermortgage, urban league, andre perry, house canary, zillow

Like most businesses lenders want to optimize their profits. One way to make more money besides charging more is to pay less in costs and fees. One way for the lender to do that is to pay the appraiser less or just get rid of them and use a free or very inexpensive Automated Valuation Method (AVM). 

I personally don't care if a lender or borrower wants to use an AVM. There is enough business out there for appraisers because not all appraisals are for loans and not all government insured loans allow AVMs. They generally don't allow them in higher risk situations such as high loan to value (LTV) ratio, cash out, lower credit score ... 

My only issue with the use of AVMs instead of a full inspection appraisal has to do with the borrower. The borrower could get a lower value, resulting smaller loan and pay more for that loan due to higher LTV ratio i.e. risk, if the property is better than average for the neighborhood. AVMs are biased against properties that are anything other than average in every respect.

AVMs assume average condition, location, view, quality...  (Ref 1). If you're buying a better than average home for the area, higher quality, fully remodeled, in a better location in the neighborhood with a great view, the value will come in lower than true market value with an AVM. If you're buying a home priced less than most in the area in fair condition with no view or upgrades, an AVM will give you a higher value and a higher loan amount. You could end up upside down with no equity if you accept a higher loan. 

My issue is with lenders and others who are using and promoting the false "racist white appraiser" narrative to market themselves and AVMs as less biased just to increase their profits. They are glomming onto misleading data and false media articles to use for their marketing purposes at the expense of the borrower and the reputation of appraisers. Yes, racist appraisers exist but not all valuations are based on racism and bias. Below are some quotes used by lenders and others to promote this false narrative. 

House Canary. "HouseCanary hopes its tech can help solve appraisal bias."

https://www.housingwire.com/articles/housecanary-hopes-its-tech-can-help-solve-appraisal-bias-can-it/

Their true agenda shines through in the article, "While a typical appraisal could cost $400 to $500 and take several weeks, HouseCanary says it can perform a “condition-informed evaluation” within one to four days, for $100." Who cares if it costs the lender less. The lender doesn't pass on these savings to the borrower. The lender will charge any fee they think they can get. I've had borrowers contact me and ask why their appraisal was $1,100. I only got paid $350. They also asked about the $300 charge for a review appraisal. There was no review appraisal. I've bought and sold properties. I've found plenty of junk fees that would have gone to the lender. Even if a lender tells you there are no points, appraisal fees, you are paying it in the rate. Nothing is free except maybe the AVM at least for the lender. 

An inaccuracy in the article, "There’s nothing about an appraiser that’s better than someone you’ve literally trained (to inspect, measure, take photos of a home) for a few days." 

Appraisers bring years of experience to the table. I've appraised over 20,000 properties and have taken over 1,350 hours of education. We can see major defects and other things which would negatively affect value. Someone with only a few days of training will miss a cracked foundation, water damage in the basement or attic, uneven floors, tilting walls, mold, unpermitted addition, additions not done to code, additions that don't meet basic health and safety code for the city, county, state; missing safety features, area which is not ANSI legal gross living area GLA, evidence of a meth house, manufactured house verses stick built, effect of nearby power station, industrial properties, within 500 feet of a freeway, flight path, a skim coated floor to cover uneven floors, evidence of asbestos... A licensed appraiser would probably call for inspection by a licensed expert for major issues if they saw it. This could save a buyer hundreds of thousands of dollars down the line if they read a full inspection appraisal report. There's no inspection report to read in an AVM. If you had a hybrid appraisal with a non-appraiser inspecting it, you don't get an inspection report that could tell you more about the true condition. The appraiser hasn't seen the property, comparables or exact neighborhood in a hybrid appraisal.

Appraisers can also see items which add to value such as degree of view (180 degree ocean view, peek-a-boo canyon/tree view, view of the side of an apartment building), specific location in a tract development (on a hill, cul-de-sac, busy corner, near industrial), quality of construction, specific types of very good materials... 

A typical appraisal generally doesn't take several weeks unless you're in some rural areas. This is another misnomer used to argue for cheaper AVMs. An AVM would still be faster unless you ordered a rush appraisal to be completed in 24-48 hours. A hybrid appraisal takes the same amount of time as a full appraisal. A wait of a few days for a full appraisal would be worth it to the buyer, borrower. 

BetterMortgage. Better Mortgage uses race to sell loans and promote themselves as "diverse." "Several studies have shown that people tend to subconsciously associate with their own race more positively, and 96.5% of all real estate appraisers are white. Between 2015 and 2020, appraisal gaps came up at a rate of 15.4% for Latino-majority neighborhoods, and 12.5% in areas with a majority of Black homeowners.

If an appraiser’s evaluation feels off, don’t be afraid to get a second appraisal. It also helps to work with companies that are committed to diversifying their team. Starting next month, Better will be hiring and training a pipeline of 120 in-house appraisers who are representative of the communities they serve."

The numbers above came from a Freddie Mac study that compared appraisal values to AVMs appraised values and the contract price. (It was Fannie Mae who compared to their AVMs). In some areas the appraisal values were lower than Freddie Mac's own AVMs and contracts and in other areas they were higher. The Freddie Mac study stated they don't know the cause of the differences. "First, our analysis has not yet determined the full root cause of the gap." Danny Wiley of Freddie Mac stated "We have not reached any conclusion for cause of the gaps or correlation." The gap could have many causes such as revitalizing areas and condition. AVMs assume average condition, average everything. Perhaps the homes appraised by appraisers over AVM values were in better condition than average, better than average location, better than average view, upgrades...

BetterMortgage never hired or trained those diverse appraisers. They instead soon after the press release fired 900 people then 3,000 more. It was all talk to drum up business and investors. 

https://better.com/content/what-you-should-know-about-home-appraisals/

Urban League. Urban League is not a lender but they have been promoting the same false narratives and the misleading paper because it supports their beliefs. Racism and bias exist but not all appraisers, appraisals are biased. "AVMs could correct for racial bias from appraisers evaluating homes and the conditions in majority-Black neighborhoods." "Automated valuation models, or AVMs, hold great promise for reducing the costs of and increasing the accuracy of home valuations. They allow financial institutions to estimate a home’s value with a reduced role for human opinion. By limiting the human element, estimating a home’s value should become less expensive and more accurate." "Many housing experts believed that widespread appraisal bias contributed to the housing crisis. In-person appraisals are susceptible to charges of racial discrimination and human bias."

Appraisal bias had nothing to do with the great recession. The great recession had to do with deregulation and a market bubble. Lenders offered no doc high risk loans to anyone and everyone. Some had low teaser rates which adjusted to high mortgage payments which people could not afford. After the bubble burst, values dumped and people let their homes go back to the bank. Appraisers get blamed for every financial crisis from the S&L crisis, great recession and now appraisal gaps. These issues have never been the fault of the appraiser. Appraisers don't make values. We merely report them as the messenger.  We are just the usual scapegoat. 

https://www.urban.org/sites/default/files/publication/103429/how-automated-valuation-models-can-disproportionately-affect-majority-black-neighborhoods_1.pdf

One important issue here is the alleged research upon which the "racist appraiser" narrative is based. It's just a personal paper written by Andre Perry. It was not published or peer reviewed independent research. The false summary of this paper is that most black owned homes are "appraised" for less than white owned homes by an average of $46,000 each. Appraisers and appraisals have allegedly "devalued," "stolen money" from black homeowners which is totally false.

This data was based on AVMs and not valuations by appraisers. There were no appraisers involved in the research yet people are stating this proves appraisers are racist. On top of this the data came from failed inaccurate Zillow. Everyone knows the "a" in "Zillow" stands for accuracy. Zillow is probably the least accurate AVM out there. The data actually just shows that people with less money buy and own homes which cost and are worth less than people with more money. They buy what they can afford. They never adjusted for home location or income, net worth of homeowner in the data. Research has shown that whites make and have more money than black people, POC. Income equality is the real issue which must be solved not appraisers and home valuations. Whites also buy more expensive cars. Did appraisers and Kelly Blue Book's online AVM "steal" money from cars owned by POC? No. They buy less expensive cars to begin with.

Today's political climate has clearly changed. "The country is in a time of racial reckoning, heightened by a summer of protests against systemic racism and police brutality following the death of George Floyd in police custody." Floyd's death "sparked the largest racial justice protests in the United States since the Civil Rights Movement." "According to data from various sources, the Black Lives Matter movement is now the largest movement in US history." While racism exists and must be banished from our nation the pendulum has now swung to the extreme side. In this new light anything and everything is automatically "racist" today before even looking at the facts. Some have even been weaponizing race and other issues for their own agenda. 

The other misleading information about alleged "racist appraisers" comes from false media articles. One major one which finally made it to the courts is Austin v Miller. In this widely publicized media article and lawsuit the Plaintiffs argue that using similar homes which have sold in the same neighborhood as their home to value their home is "racist" and "biased." Austins wanted the appraiser to use comps "in the whiter areas" over a mile away instead of the "black area." These are exact quotes from the lawsuit linked above. Per law and the appraisal itself values are based on similar sales in the same neighborhood. The appraiser was not biased. 

Here are a couple of other false and misleading case, Carlette Duffy in Indianapolis, Indiana and Cora Robinson in Oakland, California. Based on my research the second appraisals were incorrect and higher than market value. They used comps from superior areas much farther away from the subject. 

Every appraisal value you don't like is not the result of a racist appraiser intentionally low balling you because of your race, color, ethnicity... Full inspection appraisals are not inherently racist or biased. AVMs are not racist but they are biased against any home other than an average home. Median and average home sold prices are built into the AVM formula, the algorithm. 

Racism is very real. Some people are absolutely racist and express that in their behavior. We all must fight racism. Wasting time on a non-racist issues takes away from real issues of racism and bias. Using the false "racist biased appraiser" narrative to promote AVMs, hybrids to make money at the expense of other people is wrong. 

I read the below article published the day after I wrote this article. People are noticing the anti-appraiser agenda. Jeremy Bagott of Appraiser Blogs, Certified General Real Estate Appraiser at Bender Rosenthal Inc., former newspaper man. 

https://appraisersblogs.com/anti-appraiser-agenda-follow-the-money

References

Ref 1 Corelogic, "AVMs assume all properties are in similar average market value.condition. They cannot adjust values down for disrepair or damage. Similarly, they cannot adjust values up for good upkeep or cosmetic upgrades, such as new carpet or paint. The AVM has no knowledge of the condition of a particular property."

 https://www.corelogic.com/wp-content/uploads/sites/4/downloadable-docs/about-automated-valuation-models.pdf

Mary Cummins of Cummins Real Estate is a certified residential licensed appraiser in Los Angeles, California. Mary Cummins is licensed by the California Bureau of Real Estate appraisers and has over 35 years of experience.


Mary Cummins, Mary K. Cummins, Mary Katherine Cummins, Mary, Cummins, #marycummins #animaladvocates #losangeles #california #wildlife #wildliferehabilitation #wildliferehabilitator #realestate #realestateappraiser #realestateappraisal #lawsuit real estate, appraiser, appraisal, instructor, teacher, Los Angeles, Santa Monica, Beverly Hills, Pasadena, Brentwood, Bel Air, California, licensed, permitted, certified, single family, condo, condominium, pud, hud, fannie mae, freddie mac, fha, uspap, certified, residential, certified resident, apartment building, multi-family, commercial, industrial, expert witness, civil, criminal, orea, dre, brea insurance, bonded, experienced, bilingual, spanish, english, form, 1004, 2055, 1073, land, raw, acreage, vacant, insurance, cost, income approach, market analysis, comparative, theory, appraisal theory, cost approach, sales, matched pairs, plot, plat, map, diagram, photo, photographs, photography, rear, front, street, subject, comparable, sold, listed, active, pending, expired, cancelled, listing, mls, multiple listing service, claw, themls, historical appraisal, facebook, linkedin DISCLAIMER: https://mary--cummins.blogspot.com/p/disclaimer-privacy-policy-for-blogs-by.html

Friday, October 29, 2021

Sellers, Buyers set home values NOT Appraisers - by Mary Cummins Real Estate Appraiser

Sellers, Buyers set Property Values NOT Real Estate Appraisers, Mary Cummins, Los Angeles, California, real estate appraiser, real estate appraisal

UPDATE: I tweeted my article to Andre Perry. After he made a few ridiculous replies which only showed how much he doesn't know about appraisers and appraising he blocked me. Thank god I just swallowed my sip of iced tea or I would have spit it all over my computer monitor laughing :-D This guy can dish out bad statistics, bullshit and racism but can't take simple facts. 

FTR Andre Perry has stated many times that Appraisers are racist and biased. Here are some quotes. He stated this as a fact when it's not. From written testimony from U.S. House of Representatives Committee on Financial Services. "And we’ve witnessed viral news stories revealing how appraisers value Black and white homeowners differently." He's one of the main people spreading those false media articles about alleged bias which I researched and about which I wrote articles. 

"We don't want to lay the complete blame on the loss of home values on appraisers," said Perry. "They are certainly an important trigger but the same attitudes that appraisers have, so do [some] lenders, real estate agents and other people in various markets." Many more citations below.



Andre Perry, Brookings Institute, Know your price, valuing black lives and property in america's black cities, andrew m perry, andre montel perry, @andreperryedu #andreperry, brookings, book, racism, bias, real estate, appraisal, avms, research, paper, black, white, race
Andre Perry, Brookings Institute, Know your price, valuing black lives and property in america's black cities, andrew m perry, andre montel perry, @andreperryedu #andreperry, brookings, book, racism, bias, real estate, appraisal, avms, research, paper, black, white, race


Andre Perry, Brookings Institute, Know your price, valuing black lives and property in america's black cities, andrew m perry, andre montel perry, @andreperryedu #andreperry, brookings, book, racism, bias, real estate, appraisal, avms, research, paper, black, white, race
Andre Perry, Brookings Institute, Know your price, valuing black lives and property in america's black cities, andrew m perry, andre montel perry, @andreperryedu #andreperry, brookings, book, racism, bias, real estate, appraisal, avms, research, paper, black, white, race

Andre Perry, Brookings Institute, Know your price, valuing black lives and property in america's black cities, andrew m perry, andre montel perry, @andreperryedu #andreperry, brookings, book, racism, bias, real estate, appraisal, avms, research, paper, black, white, race
Andre Perry, Brookings Institute, Know your price, valuing black lives and property in america's black cities, andrew m perry, andre montel perry, @andreperryedu #andreperry, brookings, book, racism, bias, real estate, appraisal, avms, research, paper, black, white, race

In the intro of his book Andre admits to having anger management issues with people with whom he disagrees. He said he "verbally assaults" people. He stated "My life "which has been beleaguered with unpredictable outbreaks of rage, largely stemming from reminders of past feelings of vulnerability and worthlessness. Minor disagreements with lovers, friends, colleagues, and strangers often turned into blowout arguments, for reasons unknown to them." The intro of his book also shows that his main focus in life seems to be that white people have done him and black people very wrong basically destroying everyone's lives, family and specifically their money. He stated his father died in prison and his mother abandoned him and his brothers with the local baby sitter. It does sound like a tough life that has affected his view of life and others. He stated his goal in life is to show that the main problem in this world is white people. Read the intro to his book and come to his own conclusion. The intro is online and free. 

ORIGINAL: Everyone knows the "fair market value (of a house) is the price at which the property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or to sell and both having reasonable knowledge of relevant facts." This is the basis of our world economy and free market society. Everyone agrees with this except hate monger Andre Perry who blames lower property values on "racist white appraisers." 

Andre Perry just wrote another crazy article about racism and real estate. Someone needs to contact the editor at the Brookings Institute about allowing flawed statistics, misleading research and the promotion of racist hate mongering in their name. 

Andre Perry has never let facts and data stand in the way between reality and the racist narrative he's created and actively promotes. He believes everyone in the US is responsible for home values in areas which are mainly "black," i.e. over 50% black per his own criteria, being lower than areas that are mainly "white," i.e. 1% or less "black." He actually only compared a few extremely different areas. This article proves that Perry's paper is based on extremely misleading data selection and biased comparisons which were then used to invent a false and misleading racist narrative. Note that his paper has never been peer reviewed or published in a journal article. It would never pass peer review. A "refereed (peer-reviewed) journal is reviewed by expert reviewers as a quality-control measure." I just checked Perry's resume and he has no peer reviewed articles or papers on his false racism in appraising theory.

In the article Andre Perry wrote "Lower home prices in Black neighborhoods reflect how much we value their residents." Nope. Home prices reflect the price agreed upon by a willing seller and buyer. It has nothing to do with the value of residents. The Appraiser also has nothing to do with the home price or value. A seller could sell his home for $100,000. If the buyer pays cash, there's no appraiser or appraisal. Seller and buyer set the price which is later publicly shared by Zillow, RedFn and MLS. Those sales set the market price for similar homes. Seller and buyer alone control that price and value

Now if the buyer wants a home loan, he'll probably need a real estate appraisal. The purpose of the appraisal is so the bank knows there's enough equity in the home to pay off the loan in case the borrower defaults on the loan. I could appraise that home for $10,000,000,000,000,000,000,000,000,000,000,000,000 and the sale price stays the exact same at $100,000. The home still sells for $100,000. THE APPRAISER AND APPRAISAL DON'T AFFECT THE PRICE OR VALUE! This proves that Andre Perry does not understand the concepts of value, price, real estate, economic principles, basic math...or common sense. His "paper" includes almost every single major statistical error possible. Why does anyone believe this guy or that meaningless paper? It has less merit than an op-ed.

If Perry wants to blame someone for lower home values in some black areas he needs to blame the buyers of those homes which are mainly black per his "research." He should tell those greedy (sarcasm) buyers to pay $1,000,000 for that $100,000 home if they "value their residents." "Don't be a cheap bastard! Pay the seller more than what that home is worth! Do it for the good of the community!" (sarcasm) You sell a few homes for $1,000,000, they're all worth $1,000,000, right? Sadly, no.

FTR I attended the 2019 meeting Perry mentioned in his article. That was the first time I encountered Andre Perry and his lack of real estate, economics or statistics knowledge. 

From Perry's article. Notice he speaks about himself in the third person. Who does that? He doesn't even know that the Appraisal Institute is just a private org that doesn't certify or regulate the appraisal profession. I added what is in parenthesis.

"In 2019, one of this blog’s authors (Andre Perry) testified in Congress along with representatives from the Appraisal Institute and the Appraisal Foundation, two organizations that help certify and regulate appraisal professionals. When Rep. Al Green of Texas asked the panel to raise our hand if we believe “discrimination plays a role in the devaluation of property in neighborhoods that are predominated with minorities,” I was the only one who raised a hand."

I decided to go find this video to refresh my memory as I was working while listening, watching the original hearing. Andre Perry is a liar. See the video below. The guy directly behind him also raised his hand so 2/26 people. He was not the only one. Perry also lied about the question. This is the real question, "Do you believe that invidious discrimination, invidious is harmful, (full definition: Treating a class of persons unequally in a manner that is malicious, hostile, or damaging; unfairly, unjustly discriminating) plays a role in the devaluation of property in neighborhoods that are predominated with minorities but more specifically black people? If you do believe this, raise your hand. If you think black people are being discriminated when their property is being appraised, would you kindly raise your hand." Andre Perry raised his hand. This shows he is specifically talking about appraisers appraising properties and not AVMs here. AVMs are not appraisals. This is why Appraisers are upset. He accused us of invidious discrimination besides bringing up and widely sharing anecdotal media articles about alleged discrimination by appraisers. 



All the real estate experts with many years of experience and multiple degrees in real estate did not and do not agree with Andre Perry. This shows that Perry does not know what he's talking about. I also would not have raised my hand. The property in question is not, was not devalued. There is no discrimination in property valuation because it's based on a math formula. Most Appraisers never see the buyer, seller or know their race. It's just an address to us. The robot appraisals don't see anyone or anything, not even the property. Andre Perry's paper is based on robot appraisals and prices agreed upon by sellers and buyers. Appraisers had nothing to do with the data he used. I'm not saying racism doesn't exist. It does. It's just not an influence in real estate appraisal especially robot real estate valuations like Zillow.

Perry states that homes in black areas are worth $48,000 less than in "similar" white areas. Then what explains the differences among the values in white areas? It can't be discrimination against black people because they're white. Same thing happens in brown areas. What explains the lower value of a white owned home in a black area? Again, the owner is white and not black. Will all the white and brown people with lower home valued be compensated by any new government initiatives or reparations for low valued homes? Perry has been talking about using his $48,000 figure as a measure of reparations for black people. What about the rest of us suffering from low priced homes? I don't even own a home. Will all people who don't own homes, even homeless people also be getting a check? 

In the article Perry talks about the Indiana and Florida media articles about alleged racism in real estate appraisals. Recently he said those were just media articles and we don't know if it was racism or not. He even said recently he's never said appraisers were racist and he doesn't feel they are. Now he's back to promoting the idea of racist appraisers again! This guy will say whatever the audience in front of him wants to hear. He doesn't even know his own truth. He's that insecure.

His recent article is about the "Brookings and Ashoka Collaborative Innovation Challenge." They're offering money which he will most likely reward to a like minded friend who promotes his racism. Stuart Yasgur the VP & Global Leadership Group Member represents Ashoka #stuartyasgur . The prize is supposed to go to the person who solves the problem of homes in specific black areas being worth less than homes in specific white areas. I may send in a solution to the problem. My solution is that the problem as defined by Andre Perry doesn't exist. He created it. I solved it. Poof, it's gone. Where's my check?

#andreperryedu #stuartyasgur #brookingsinstitute #ashoka #racism #hatemonger #marycummins #realestateappraiser #realestateappraisal #brookings #race #bias #appraisal

Mary Cummins of Cummins Real Estate is a certified residential licensed appraiser in Los Angeles, California. Mary Cummins is licensed by the California Bureau of Real Estate appraisers and has over 35 years of experience.


Mary Cummins, Mary K. Cummins, Mary Katherine Cummins, Mary, Cummins, #marycummins #animaladvocates #losangeles #california #wildlife #wildliferehabilitation #wildliferehabilitator #realestate #realestateappraiser #realestateappraisal #lawsuit real estate, appraiser, appraisal, instructor, teacher, Los Angeles, Santa Monica, Beverly Hills, Pasadena, Brentwood, Bel Air, California, licensed, permitted, certified, single family, condo, condominium, pud, hud, fannie mae, freddie mac, fha, uspap, certified, residential, certified resident, apartment building, multi-family, commercial, industrial, expert witness, civil, criminal, orea, dre, brea insurance, bonded, experienced, bilingual, spanish, english, form, 1004, 2055, 1073, land, raw, acreage, vacant, insurance, cost, income approach, market analysis, comparative, theory, appraisal theory, cost approach, sales, matched pairs, plot, plat, map, diagram, photo, photographs, photography, rear, front, street, subject, comparable, sold, listed, active, pending, expired, cancelled, listing, mls, multiple listing service, claw, themls, historical appraisal, facebook, linkedin

Thursday, July 15, 2021

Property Valuation, Appraisal Bias, & Black Homeownership - notes by Mary Cummins, real estate appraiser

Mary Cummins, Andre Perry, Pam Perry, Christy Bunce, Jefferson Sherman, Property Valuation, Appraisal Bias, & Black Homeownership, Appraisal Institute, real estate appraiser, appraisal, real estate
Mary Cummins, Andre Perry, Pam Perry, Christy Bunce, Jefferson Sherman, Property Valuation, Appraisal Bias, & Black Homeownership, Appraisal Institute, real estate appraiser, appraisal, real estate


July 15, 2021 11:00 a.m. PST Over 500 people attended. 

Topic: Property Valuation, Appraisal Bias, & Black Homeownership - Zoom meeting.

Description: The New American Dream & Freddie Mac webinar series continues to discuss the challenges to increase Black Homeownership and potential solutions.

What will you get out of this by attending? We will look at appraisals and property valuation and how to overcome potential bias in this arena. We have a powerful group of expert panelists to share insights and their organizations efforts to bridge the gap in Black Homeownership.

Moderator: Christy Bunce, Chief Operating Officer of New American Dream Funding (Bunce)

Panelist: Dr. Andre Perry, Brookings Institution (A Perry)

Panelist: Jefferson Sherman, MAI, AI-GRS Appraisal Institute (Sherman)

Panelist: Pamela Perry, Vice President, Single Family Equitable Housing, Freddie Mac (P Perry)

My comments in ( ). Here is the video. 

-------------------

Zoom meeting notes by Mary Cummins, Los Angeles, California real estate appraiser.

Bunce:  Our company supports lending for minorities and black people.

Sherman: Bias is human. No profession is immune.

A Perry: My research used the Zillow list price of homes and census data. I controlled for crime, education, walkability and there was still a difference in value (between primarily black verses white neighborhoods). The black owned homes were under priced by 23%. This loss of value is not about only appraisers but also lenders and agents. Appraisers have something to do with the loss of 23% (of value of black owned homes). There are biased appraisers media articles show. Structural bias is in the system even though most say there is no racism in appraising. (This article shows that Andre Perry's research is fatally statistically flawed as he committed every grave statistical error.

P Perry: There are 3.4 million black Americans that qualify for a mortgage but have no mortgage. We must eradicate barriers to tens of millions of black people. We have a housing shortage. Black people live on land in areas which will be uninhabitable due to climate change. Fannie Mac recognizes there is an issue based on data from our appraisals. 

Bunce: What research is Freddie Mac doing on valuation? 

P Perry: A lot. There are appraisal gaps. We have a treasure trove of data on appraisal gaps. We did research sales price verses valuation. 2015 to 2020 data showed appraised value lower than contract price for minorities. (2015 to 2020 prices increased. Makes sense past sales would be lower than current contract prices) The appraisers opinion of value more likely to fall below contract price in black and hispanic areas. ("Hispanic" is a racist term. Most prefer Latino including myself) Black and hispanics receive lower values than whites regardless of where home is located. The findings are troubling. The gap is large but we are uncertain of the root cause. The average distance of the comp from the subject is shorter in hispanic, black areas than white areas. (Because less expensive homes are generally in more dense areas. The homes are generally smaller on smaller lots. I see this appraising homes in these areas. I don't have to search as wide to find enough comps)

A Perry: Value verses price. Value is socially constructed, a social construct. Humans determine value. Price is the contract price, what it sold for, a fact.

P Perry: "A few white folk move in (to a black area) and suddenly value spikes." (People are being priced out of more expensive areas and going to less expensive areas which tend to have more people of color. It's the revitalization stage of the real estate cycle which some call "gentrification." It's just affordability economics. This causes prices to increase in less expensive areas.)

Bunce: We as lenders see many appraisals and need to understand this. 

Sherman: Value and price are different. Value is an economic concept, an opinion, subjective, not a science, not a fact. Price is fact, list price, contract price. There will be a difference in opinion of value among appraisers. Competent appraisers should reach about same conclusions.

A Perry: There is an intrinsic value of whiteness which we see when a white person stands in for black owner (in the appraisal inspection). This shows that appraiser sees higher home value if the home has a white owner. HUD, government should do tests for this effect.

Sherman: Let me explain the appraisal process and appraisers. Appraisers are asked to appraise for market value based on specific requirements. How do we improve black areas. Maybe there are other types of values that should be measured. A value that excludes the location could be applied to certain lending situations for disadvantaged neighborhoods. We (appraisers) do use value, investment value, terms you, Andre Perry, are not familiar with. If the government, legislation determines there are different types of value to measure, we'll do it. We are flexible. We appraisers are willing to participate in other value methods.

Bunce: Appraisals, appraising is not a science. If it were more science and less opinion, we can use data and science to remove bias.

A Perry: I met Sherman talking about AVMs on Capitol Hill. Software developers may also have bias besides lenders, appraisers. Credit score, education, crime matter but there is additional penalties to black areas. Black people have lower credit scores because they have less access to wealth. We were denied access to wealth. We have no (savings) so must take on debt. This leads to a lower credit score. (Credit scores are based on math. The lower the score, the less likely someone is able to pay back a loan. The less savings you have, the more likely you are to default on a loan. The credit score is to help the lender determine risk. Defaulting on a loan hurts the lender and the homeowner) My aim is to improve the community, not blame this or that group. (He has specifically blamed appraisers)

Bunce: There is no blame. We just must make all aware of the issues. Does the sales comparison approach carry forward past effects of historical redlining?

Sherman: The sales comparison approach is the most applicable to value. Buyers have choices. They compare one property to another to choose what to buy. Appraisers do the same. Recent sales transactions represent the best way to appraise property. Banning it would have negative dramatic effect on home values. It would fuel an asset bubble. Maybe one can add a value besides appraisal value for future value in revitalizing areas.

Other approaches of value. The cost approach. I'm an instructor. The cost to build a new house minus depreciation plus the value of land is the cost market value. We consider three types of depreciation, (1) physical. (2) Functional depreciation. An old style floor plan with one bedroom through another doesn't work today. (3) External depreciation, influences. Is the subject near a noxious use industrial area? The cost approach isn't the answer to your question. (Besides the fact that land value is based on location and sales market approach. It's generally determined by extraction method). The answer is markets have to change. How can we change the nature of neighborhoods. We need public and private partnerships and legislation.  If we (as real estate appraisers) don't do our jobs correctly, people will get hurt. (Lenders and homeowners could lose money in foreclosures causing negative ripple effect on overall market, real estate market of the neighborhood and negative financial effect on minority families. 2008 bubble anyone?). Over all (improper home values) put family wealth at risk. There will be more foreclosures. The appraisal must be accurate for all to prosper. (The appraisal protects the lender and homeowner from loss)

Bunce: Freddie Mac has millions of appraisals. Freddie can investigate the appraisal gaps. What are you doing? (to P Perry)

P Perry: I agree. The appraised value is an opinion. The appraiser has discretion. How does this impact minority communities? We want more consistent valuations. Maybe we'll use some AVMs. We won't just tech our way out of it. Intrinsic racism is causing valuation issues. 

Bunce: AVMs, automated valuation models. Hybrids can eliminate bias and discrimination? Thoughts?

Sherman: I echo Dr Perry. AVM is multiple regression model, algorithm analysis of sales. The software writer can be biased. We don't eliminate bias that way. Our appraiser members (of the Appraisal Institute) are the gold standard in the industry. Our members may use AVM as an additional tool. The real gold standard is a live appraiser who physically examines the property and subject market.

A Perry: We will call for the hybrid approach. If a property falls below market rate (contract price?) it should trigger another appraisal, an AVM. We must hold appraisers accountable. Appraisers must explain the lower rate. Appeals are hard to come by. 90% of appeals are denied. We need a backup when something goes wrong. If someone feels low-balled, get a white person to stand in for them. Is it individual bias or just a bad appraiser. Is it individual bias or a structural problem. It's a structural problem if you use the price comparison approach. It can be mitigated by using data. 

Bunce: This is what New American Dream funding does (company plug). Other lenders should do the same. When we have appraisals that don't look right, the value is not coming in, it's way lower than sales price, we run an AVM to have that data to compare. That helps us talk to the appraiser. That is the fair and right thing to do. (It's also could be perceived as undo influence on an appraiser which could cause the lender to lose their license. The Dodd Frank Act was to help prevent undo influence over appraisers and the value)

P Perry: We test if hybrids offer more subjective value. AVMs are part of the solution to eliminate bias in appraisals. Appraisals should be more uniform. There should also be standardize testing of AVMs. (AVMs vary widely. Even the range price of each AVM value varies widely by over 25%. AVMs include MLS GLA which is generally larger than actual GLA)

Sherman: Diversity in appraisers and appraisals. We are supporting various minority programs to increase minorities in appraisers such as the minority in women scholarships program. We are trying to improve our diversity and understanding of the community. (Whites make up 85.4% of Appraisal Institute members. Males make up 75% of members even though the US is 50% males).

A Perry: We are doing an ashoka partnership. It's a housing development challenge with $1M prize for a valuable solution.

Bunce: There is no time for an extensive Q & A. New American Dream lending has recorded the meeting which will be available to view later.  Over 500 people attended. This is an important issue we are focused on. 

Bunce's screen then flashes to a photo of the black Florida couple, woman who stated they were racially discriminated against in a media article. After that a promotional video for the company played with only black people. It appears the company may be using this issue to sell mortgages. Many have been doing the same. 

Mary Cummins: I wrote these notes to the best of my ability. I'll post the link to the one hour video Zoom meeting when it's available. 

Below is a copy of the chat.

From Tiarra Hill to Everyone:  11:03 AM

Hello Everyone!  We are excited to have your attention regarding these hot topics. My name is Tiarra Hill a native North Carolinian, mother of twin teenage boys, a Sr. Loan Consultant and a member of the New American Dream Initiative.  I have been in banking and finance for almost 20 years and my passion is helping clients with their goal of homeownership.  


Today our panel will discuss Black Homeownership and how it is impacted by Property Valuation and Appraisal Bias.  We are taking questions during the last 10 minutes of the program, but feel free to interact in the chat with myself, Elexia Bostic or LaMonica McDuffie, Loan Originators at New American.

From Pastor Letty Butler to Everyone:  11:04 AM

Hello Everyone!

From Tiarra Hill to Everyone:  11:04 AM

Andre M. Perry is a Senior Fellow with the Brookings Metropolitan Policy Program, a scholar-in-residence at American University, and a columnist for the Hechinger Report. Perry is the author of the new book “Know Your Price: Valuing Black Lives and Property in America’s Black Cities,” which is currently available wherever books are sold. A nationally known and respected commentator on race, structural inequality, and education, Perry is a regular contributor to MSNBC and has been published by The New York Times, The Nation, The Washington Post, TheRoot.com and CNN.com. Perry has also made appearances on CNN, PBS, National Public Radio, NBC, and ABC. Perry’s research focuses on race and structural inequality, education, and economic inclusion. Perry’s recent scholarship at Brookings has analyzed Black-majority cities and institutions in America, focusing on valuable assets worthy of increased investment.

From LaMonica McDuffie to Everyone:  11:04 AM

Greetings!  My name is LaMonica McDuffie.  I am a Loan Consultant, a member of the New American Dream Initiative and I consistently provide a 5-star experience for all of my homebuyers.  Over the last year I helped 72 families achieve their dream of homeownership. 


Our discussion today will cover Property Valuation and Appraisal Bias as it pertains to Black Homeownership.  We are taking questions during the last 10 minutes of the program, but feel free to interact in the chat with myself, Tiarra Hill, or Elexia Bostic.

From Me to All Panelists:  11:05 AM

Hello from Mary Cummins real estate appraiser in Los Angeles, California.

From Elexia Bostic to Everyone:  11:06 AM

Jefferson L. Sherman, MAI, AI-GRS, of Highland Heights, Ohio, is the 2021 immediate past president of the Appraisal Institute. He also will continue to serve in 2021 on the Appraisal Institute’s Executive Committee and on its policy-setting Board of Directors, in addition to serving as National Nominating Committee chair. He served as the organization’s vice president in 2018 and as president-elect in 2019.

Sherman has served nationally on the Board of Directors, Finance Committee, Nominating Committee, Education Committee, International Relations Committee and Strategic Planning Committee (2017). He has served nearly continuously on the Region V committee since 1993, including many years as its parliamentarian. He also has served in chapter roles, including twice as an Appraisal Institute chapter president in Ohio, and has worked on two successful chapter merger teams. Sherman is principal of Sherman Valuation & Review, LLC, in Willoughby Hills, Ohio. He has taught courses for the Appraisal Institute since 1992 in 10 states and in Saudi Arabia. He also has served on two course development teams and was chief reviewer for the apartment appraisal course.

From Elexia Bostic to Everyone:  11:06 AM

Sherman has been a real estate professional for 45 years, including as a broker in Colorado and then in Michigan. His practice concentrates on the eminent domain field with emphasis on litigation review. He opened his original appraisal business, Johnson and Sherman, Inc., in Willoughby, Ohio, in 1990. The firm changed to Sherman-Andrzejczyk Group, Inc. in 2000 transitioning to Sherman Valuation & Review in 2019. During his years as a Realtor, he twice served as president of the Battle Creek (Michigan) Board of Realtors and was named Realtor of the Year in 1982.

From Tiarra Hill to Everyone:  11:09 AM

Andre M. Perry is a Senior Fellow with the Brookings Metropolitan Policy Program, a scholar-in-residence at American University, and a columnist for the Hechinger Report. Perry is the author of the new book “Know Your Price: Valuing Black Lives and Property in America’s Black Cities,” which is currently available wherever books are sold. A nationally known and respected commentator on race, structural inequality, and education, Perry is a regular contributor to MSNBC and has been published by The New York Times, The Nation, The Washington Post, TheRoot.com and CNN.com. Perry has also made appearances on CNN, PBS, National Public Radio, NBC, and ABC. Perry’s research focuses on race and structural inequality, education, and economic inclusion. Perry’s recent scholarship at Brookings has analyzed Black-majority cities and institutions in America, focusing on valuable assets worthy of increased investment.

Since the COVID-19 pandemic began, Perry has documented the underlying causes for the outsized number of coronavirus-related deaths in Black communities. Perry’s Brookings research has illuminated how certain forms of social distancing historically accelerated economic and social disparities between Black people and the rest of the country. Perry also mapped racial inequities in housing, income, and health to underscore how policy discrimination makes Black Americans more vulnerable to COVID-19.

From Tiarra Hill to Everyone:  11:09 AM

A native of Pittsburgh, Pa., Perry earned his Ph.D. in education policy and leadership from the University of Maryland College Park.

From LaMonica McDuffie to Everyone:  11:12 AM

Hello Sonia! Great question we will get an answer for you!

From LaMonica McDuffie to Everyone:  11:18 AM

Pamela Perry is vice president of equitable housing in the Single-Family Client and Community Engagement division. She focuses on increasing Freddie Mac’s thought leadership and impact to eradicate disparities in homeownership and expand wealth for Black American families, while creating solutions for communities of color more broadly. She also oversees Single-Family’s strategic innovation to support the organization’s mission to break through historical barriers to realizing a more equitable housing system for Black Americans.


Prior to this role, Ms. Perry was a senior associate general counsel in Freddie Mac’s Legal division. For nine years, she partnered with colleagues across Freddie Mac, regulators and housing advocates in promoting fair lending and access to credit for minority borrowers. 


Before Freddie Mac, she advised on solutions for complex transactions with firms such as J.P. Morgan Chase & Co. and the government of District of Columbia, where she served as deputy attorney general overseeing cou

From Nora Guerra to Everyone:  11:20 AM

Dr. Andre Perry's work is published in his book: Know Your Price: Valuing Black Lives and Property in America's Black Cities. 

From LaMonica McDuffie to Everyone:  11:21 AM

The devaluation of assets in Black neighborhoods

The case of residential property https://www.brookings.edu/research/devaluation-of-assets-in-black-neighborhoods/

From Tony Panciera to Everyone:  11:22 AM

^Also, strong recommendation of Dr. Perry's Book: Know Your Price https://www.brookings.edu/book/know-your-price/

From LaMonica McDuffie to Everyone:  11:23 AM

Know Your Price: Valuing Black Lives and Property in America’s Black Cities https://www.brookings.edu/book/know-your-price/

From Caitlin Green to Everyone:  11:24 AM

^I second or third that. A 2021 favorite read of mine.

From Craig Gilbert to Everyone:  11:24 AM

For Dr. Perry: 1. What is the difference between Value and Price?; 2.  Why don't buyers pay more in minority neighborhoods if 23% under priced? 3. Can appraisers require buyers to pay higher prices in minority neighborhoods? 4. What are your thoughts on Gentrification, where minorities complain that outsiders are running up prices in their neighborhoods and they can no longer afford to buy? 5. If appraisers over-value properties, and borrowers receive loans that exceed values, thereby reducing equity, is this a good thing for creating wealth?

From Susan Allen to Everyone:  11:30 AM

Can you please post or distribute a link to the Freddie research study Pam referenced? Thank you!

From roderick smith to Everyone:  11:31 AM

Will a copy of this recording be emailed out to attendees?

From Nora Guerra to Everyone:  11:33 AM

The Freddie Mac study that Pam just referenced is not yet published since we are finalizing our research. Once it is published it will be available on our website at Freddiemac.com 

From Elexia Bostic to Everyone:  11:35 AM

1. How did you hear about this event?

From LaMonica McDuffie to Everyone:  11:36 AM

What other topics would you like to discuss pertaining to increasing Black Homeownership?

From Tiarra Hill to Everyone:  11:37 AM

Did you think the information shared today was useful?

From Astrid Taylor to Everyone:  11:39 AM

I would like to see how the credit scoring models may be biased and how mortgage lending can use alternative credit for qualification instead of relying solely on credit scores from the 3 credit bureaus.

From Patricia Benavides to Everyone:  11:40 AM

As a new  Trainee,  I am interested in concepts or traits  that  can increase the trust or relationship of homeowners, in particular,  black homeowners and appraisers.   In other words, where can a Trainee begin? 

From Craig Gilbert to Everyone:  11:41 AM

Can the inclusion of Census Tract Numbers in appraisal reports work against borrowers in minority neighborhoods?

From Elexia Bostic to Everyone:  11:41 AM

Have you had an adverse experience with an appraisal?  If so, please tell us about it.

From Rachel Meadows to Everyone:  11:42 AM

I work for Councilwoman Cherelle Parker in Philadelphia. In April, she held a hearing to examine the race gap in home appraisals and its impact on homeownership and wealth accumulation in Philadelphia. After the hearing, she has now created a local Task Force to further look at this issue. The Task Force will 1) gather data at the local level, and 2) make recommendations for the local, state, and federal levels. Are any of the panelists aware of other cities that are also looking at this issue? It would be great to connect with another city/other cities to share information/best practices.

From Patricia Benavides to Everyone:  11:48 AM

@Rachel Mead- would you be able to post  a link to read more about Councilwoman Cherelle Parker's

 initiative?

From angela holman to Everyone:  11:48 AM

Homes are currently overpriced despite the CMA's supporting these overpriced homes.  We have a bubble.  

From Craig Gilbert to Everyone:  11:48 AM

Please ask Dr. Perry to answer the questions posed to him

From Rachel Meadows to Everyone:  11:49 AM

@LaMonica - Re. this question: What other topics would you like to discuss pertaining to increasing Black Homeownership? Here are some answers: Addressing aging housing stock or housing stock that needs modernization (aka housing preservation), access to loans via private banks (Philly had to create a government program to address this issue), ensuring that heirs view the home as an asset and not a liability, tangled titles (aka estate planning), predatory lending, reverse mortgages, foreclosures, ensuring a healthy balance in neighborhoods between homeowners and renters, staving off an influx of investor-owned rental properties, assisting new homeowners with purchasing homes, and for some neighborhoods, the need for neighborhood-wide succession planning (some neighborhoods in Philly consist of primarily older homeowners who won’t be around in 10-15 years)

From Dean Zantow to Everyone:  11:49 AM

The appraisal body of knowledge addresses the social construct, as Jeff said, through the concept of Public Interest Value. Generally, the analysis of public interest value tends to be driven by social,  political, and public policy goals rather than economic principles. From the 15th Edition of the Appraisal of Real Estate. 

From Rachel Meadows to Everyone:  11:52 AM

@Charles Lowery - my email address is rachel.meadows@phila.gov

@Patricia Benavides - Here are some article’s re. Councilwoman Parker’s work:

https://whyy.org/articles/home-appraisals-drive-americas-racial-wealth-gap-95-of-phillys-appraisers-are-white/

From Tiarra Hill to Everyone:  11:52 AM

Did you think the information shared today was useful?

From Rachel Meadows to Everyone:  11:53 AM

https://whyy.org/articles/philly-council-moves-to-hold-hearings-on-race-gap-in-philadelphia-appraisals/

https://philly.metro.us/council-considers-racial-bias-in-home-appraisals/

From Me (Mary Cummins) to All Panelists:  11:56 AM (I also sent in the question ahead of time)

Question to Andre Perry: The data in your "Devaluation of Assets in Black Neighborhoods" report was derived from the median Zillow listing price per square foot and the American Community Survey ACS data. Both of those values come from the owner, seller of the property and not real estate appraisers. They're also not the sales price or "valuation" of the property.


At the June 20, 2019 House Finance Committee a Committee member asked the panel of  real estate appraisal experts and also you if they thought real estate appraisers whom you state are mainly white discriminate against black homeowners when appraising their homes. You were the only person who raised your hand stating that appraisers discriminate against black homeowners.


What evidence do you have which supports your claim that white real estate appraisers discriminated against black homeowners and devalued their homes in your report?

From Patricia Benavides to Everyone:  11:56 AM

@ Rachel Meadows-  THANK YOU  for the articles!!

From LaMonica McDuffie to Everyone:  11:57 AM

We have 75 questions posed to you all from attendees and we are trying to answer the trends but will get responses to everyone.

From Andre Perry  to Everyone:  11:57 AM

LaMonica McDuffie to Panelists and Attendees (2:57 PM)

We have 75 questions posed to you

From LaMonica McDuffie to Everyone:  11:57 AM

So if you don't see your answer immediately don't be alarmed!

From Nora Guerra to Everyone:  11:57 AM

Brookings-Ashoka Challenge: https://challenge.economicarchitectureproject.org

From Kermiath McClendon to Everyone:  11:58 AM

^DOPE!

From Archie Emerson to Everyone:  11:59 AM

Great Job Everyone

From Elexia Bostic to Everyone:  11:59 AM

Thank you all for attending.  You can watch the replay on FB at https://www.facebook.com/newamericandreamteam

From Patricia Benavides to Everyone:  11:59 AM

Thank you for the conference- very informative!

From Andre Perry  to Everyone:  11:59 AM

Thank you everyone: Stay in touch @andreperryedu

Mary Cummins of Animal Advocates is a wildlife rehabilitator licensed by the California Department of Fish and Game and the USDA. Mary Cummins is also a licensed real estate appraiser in Los Angeles, California.


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