Mary Cummins, Real Estate Appraiser, Real Estate Appraisal, Los Angeles, California, Mary Cummins.

Mary Cummins is a real estate appraiser in Los Angeles, California with 38+ years of experience. Cummins provides real estate appraisals for banks, lenders, mortgage brokers, Appraisal Management Companies (AMCs), lawyers, Courts, factors and private parties for lending, lawsuits, probate, estate planning, divorce and all types of litigation. Cummins provides 1004, 1073, 1025 and other form reports, narrative reports and historical appraisals besides real estate research and appraisal advice.

Friday, June 2, 2023

Joe Biden, Kamala Harris Lie About Appraisal Bias to Get Votes by Mary Cummins Real Estate Appraiser

mary cummins, real estate appraiser, real estate appraisal, los angeles, california,joe biden, kamala harris, pave task force, real estate, appraiser,appraisal,income gap

The Biden Administration continues to promote the false narrative of the racist and biased appraiser to the American public. Yesterday the White House released an alleged "fact sheet" titled "Biden-⁠Harris Administration Takes Sweeping Action to Address Racial Bias in Home Valuations." This "fact sheet" basically states that Joe Biden has solved the wealth gap among whites, blacks and Latinos by "cracking down" on real estate appraisers. That is a total lie. The wealth gap is caused by the income gap and not appraisers. The wealth gap is wider today than when Biden Harris took office.

Research by American Enterprise Institute ( AEI Housing Center Response to Perry and Rothwell, 2021, https://www.aei.org/research-products/report/aei-housing-center-response-to-perry-and-rothwell-2021/ How Common is Appraiser Racial Bias https://www.aei.org/how-common-is-appraiser-racial-bias/ ) has shown using the government's own data that there is no racism in real estate appraisals. AEI has proven beyond a shadow of a doubt that the papers cited (Andre Perry) by Harris are fraudulent research with a false conclusion.

The real issue is income inequality and not appraisals. Whites make more money than blacks, Latinos. Because whites make more money they have more money (wealth gap) and buy more expensive homes in more expensive areas than blacks, Latinos. Home value is based on location. Appraisers are not appraising them differently! The data cited in the papers uses robot appraisals and not real live appraisers. This is all politics to garner votes from blacks and Latinos. FTR I'm a female Latino.

The "fact sheet" states the PAVE Task Force was announced on the centennial of the Tulsa Race Massacre. This news is released on the first day of National Homeownership Month after Biden/Harris announced their run for re-election. Clearly political staging and timing for maximum effect to reach target voters.

Biden stated the Task Force has been successful. In reality nothing has changed. Biden created a non-existent problem then stated he alone could fix it if elected. He was elected and now he claims to have fixed it in order to get more votes. Now he claims he's doing even more to fix the non-existent problem with new programs. Below are these "new" programs which are basically the same programs the PAVE Task Force, government announced months, years ago. He might as well add that he just ended slavery and just allowed women to vote.

1. Preventing algorithmic bias in home valuation.

The Administration has stated that physical living breathing appraisers are biased. They based this false conclusion by looking at valuations, not appraisals, made by robots who have never seen the homeowners or homes. The robots don't know the race, color, gender...of the homeowners. They also don't know the home's condition, true size, true bed/bath count, amenities, specific location in a neighborhood (on a busy road, next door to the dump) or if it even still exists.

Now the Administration states they will find a way to prevent these robots from being biased. The robots are not biased! They're robots. Homes are appraised by appraisers and robots using a math formula. They compare the subject property to be appraised to other very similar homes in the same exact area which have sold recently. That's it! No race is involved ever.

Some today feel that an older home in fair condition owned by a person of color in say South Los Angeles should be comprable in value to a new home in excellent condition in Beverly Hills owned by a white person. They feel that would be more "equitable." They have specifically stated they want to increase the value of lower valued homes owned by blacks by using home sales from different areas farther away in "white areas" which are worth more. This would make every appraisal as worthless as any loan based on that appraisal. The real estate industry, investment industry, stock market and our economy would crash if this were done. Even the Appraisal Institute which generally cozies up to the government said this makes no sense (https://mary--cummins.blogspot.com/2023/02/mary-cummins-comment-to-asc-bias.html ).

The best way to make sure AVMs aren't biased is to not use them for appraisals, loans or specific research. While they aren't biased against people they are biased against market value. The issue is GIGO i.e. garbage in, garbage out. In this case it's not enough data goes into the formula. They don't know or consider condition, view, upgrades, amenities, actual size.... This makes homes in inferior areas in poor condition worth more than market value. Homes with excellent views, upgrades, amenities...end up worth less than market value. All the AVMs today state they are never to be used as an appraisal. Then don't use them for an appraisal. Oddly enough the government is trying to make their own AVM but it's not accurate either.

2. Empowering consumers to take action against appraisal bias.

The PAVE Task Force announced months ago that they developed an appeal process for appraisals. This is false. Reconsideration of Value (ROV) has always existed. If you don't like the value of an appraisal, ask for an ROV. Give the appraiser three sold comparables of very similar homes in the same exact area which have sold recently and they will consider them. Based on my experience the borrower incorrectly thinks their home is worth more because one down the street or farther away sold for more. When they send me the comps they are either twice the size, in a totally different far away neighborhood or they never sold. A lot of this misinformation is caused by AVMs such as Zillow's Zestimate which is extremely inaccurate. Again, AVMs don't see the homes. We all know that Zillow is inaccurate.

Zillow over values homes in lower value areas. The problem is lower value areas have fewer sales. Zillow keeps going wider in their search to find recent home sales. They end up using higher value sales in superior areas farther away which have more sales. This is the cause of most ROV requests. This is also part of the cause of the many media articles about real estate appraiser bias. The borrower says "Well, Zillow said my home is worth x. You said it's worth less so you're clearly a racist who should be cancelled, sued and attacked!"

3. Increasing transparency and leveraging federal data to inform policy and improve enforcement against appraisal bias.

The PAVE Task Force released data on appraisals for government backed loans. The government has always done this and legally must do this. Now they state they're releasing more data. Most importantly this data has been used to show that appraisers are not racist, biased in their appraisals, see linked research above.

4. Breaking down barriers to entry into the appraisal profession.

Biden Administration likes to say there are too many white appraisers and he's solved that. Others like Cy Richardson with the National Urban League have actually said "appraisers are pale, male and stale" which is actually racism, sexism and ageism wrapped up in a pithy phrase. There is almost a similar amount of white appraisers as there are real estate agents yet no one complains about the agents. Biden states it's because it's too difficult to become an appraiser for blacks, Latinos. It's just as difficult for all appraisers who have also been complaining about the difficult appraiser trainee program for many years even before Biden was the President. Appraisers were working on a PAREA type program long before it was announced by the government.

If you want to be a new appraiser you must be a trainee under a licensed appraiser for many hours. While I agree that the experience is great it's difficult to find an appraiser to be your mentor. Appraisers have nothing to gain and everything to lose by doing this. I've written an article about this. PAREA allows new appraisers to use other experience to become appraisers. While I support PAREA this is old news previously released by various appraisal agencies.

Kamala Harris is the go to person on this issue because she's biracial and courted the black vote when she ran for President. Remember when she said she'd give $60,000,000,000 60 billion to Historically Black Colleges HBCs if elected? She was elected VP and could do that but she didn't. She's definitely not a real estate expert. After the fact sheet was released Kamala Harris released her version of the news to the media. “Home appraisals are meant to be fair and objective estimates of the market value of a property. However, far too often, they are not,” Vice President Kamala Harris said Thursday on a press call. “Black homeowners are more likely to have their homes undervalued than other homeowners. And homeowners in majority Black and majority Latino neighborhoods are almost twice as likely to be undervalued.”

What Kamala Harris stated is false per research using the government's own data. One anecdotal article by Fannie Mae stated there were more appraisals under contract value in lower income areas that have more blacks and Latinos. The correlation is not race. It's lower income borrowers buying lower valued homes. Fannie Mae even stated their calculations were not research and there was no conclusion as to cause.

USA Today went on and included more absolute lies in their article. They even cited Junia Howell whose research is as flawed as Andre Perry. Again, homes in predominantly white areas are worth more than predominantly black, Latino areas because whites make more money, have more money and buy more expensive homes in more expensive areas. Based on Joe Biden's, Kamala Harris' logic, a new Rolls Royce with zero miles should sell for the same as a 1980 Ford Escort with 500,000 miles. They both have four wheels. To value them differently is clearly racism and bias. The government should sue Kelly Blue Book and the car industry for valuing them differently. (sarcasm)

While I support an honest and fair appraisal industry I don't support the false narrative of the racist white male appraiser. It's a lie. While racism, racists exist it has not affected appraisal values. I also don't support the promotion of the false narrative for votes or any other agenda. I'm a Democrat and will vote for Joe Biden, Kamala Harris again. They do more good than bad but I'm absolutely against their actions on this made up issue. It's very harmful to appraisers and the industry. Appraisers are getting cancelled, death threats, harassed over the Administration using appraisers as scapegoats for the income gap. It's the income gap, stupid! Fix the income gap and leave appraisers out of it. They won't fix the income gap because it's too expensive. Maybe the politicians don't want to even fix it.

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

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Mary Cummins

Mary Cummins of Cummins Real Estate Services has been in real estate since 1983, over 35 years. She is licensed by the Bureau of Real Estate Appraisers. Mary Cummins was an agent and broker licensed with the California Department of Real Estate selling residential income, commercial buildings, raw land and homes for Merrill Lynch Realty in Beverly Hills and Westside Properties in Los Angeles before concentrating on appraisals. Mary Cummins currently provides real estate appraisals, expert witness testimony, historical research, legal real estate research for mortgage brokers, banks, lawyers, factors, insurance companies, financial consultants and private individuals. Mary Cummins was born and raised in Southern California. Cummins attended Beverly Hills Good Shepherd Catholic School and Beverly Hills High School. Besides being on the Dean's list, Mary Cummins was a top ten national swimmer and competed on the men's water polo team. Mary Cummins began college at the age of 15 attending the University of Southern California on scholarship, majoring in Psychology/Sociology. http://www.animaladvocates.us http://www.facebook.com/AnimalAdvocatesUSA

Thursday, June 1, 2023

Marina City Club has no Budget for Needed Repairs by Mary Cummins Real Estate Appraiser

Marina City Club, deferred maintenance, no reserve funds, Marina del Rey, Los Angeles, California, Mary Cummins, real estate appraiser, real estate appraisal, loan, mortgage, can't get a home loan, this is my photo of the project.

Ever since the Surfside condo collapse in Miami, Florida everyone is worried about the condition of older condos. Condos near the ocean deteriorate faster than condos away from the ocean because of the salt air, low lying areas, soil and possible water intrusion. One condo project which is mentioned frequently in regard to this issue in Los Angeles, California is the Marina City Club in Marina del Rey, California.

The Marina City Club Towers were first built around 1976 to 1978. They are composed of three main towers and a few other surrounding units which front the boat docks. There are about 600 units. They were converted to condos in 1986 because of rent control and other factors. These were good quality units with tennis courts, a gym, hair salon, restaurant, pools, rec rooms... They're located on Los Angeles County owned leased land fronting the boat docks. The land is filled land.

The project is now about 50 years old. All condominium home owners associations HOAs must maintain proper reserve funds to repair and replace the components of the building over time. For example, if a water boiler lasts 30 years, the HOA must save 1/30th the cost of a new water boiler every year from HOA fees so they have enough money to replace it at the end of 30 years. The same goes with all major components of the building.

After the Surfrider condo collapse the owners and tenants of the Marina City Club condos became worried that their building could collapse and they could die. They started talking about the deferred maintenance they've noticed in the project. This caused people to revisit many recent articles about the project's lack of reserve funds for needed repairs. Los Angeles County became involved because they own the land on which the project was built. Part of the land lease states the project must be maintained properly and in a safe manner. Condo owners pay a HOA fee and a land lease fee for each unit. The fees are about $1,000/month for HOA fees and $700/month for the land lease. There's an extra fee to use the other club facilities which can run $700/month. This is all before you pay the mortgage.

In order to buy a home you generally put 20% down and finance the rest through the bank. A bank will only finance a property with a 30 year mortgage if they think it will last another 30 years. A bank will only finance a condo if there are no major repairs needed and there are sufficient reserve funds, i.e. 70%+ to pay for all repairs projected. If a project only has about 8% or they need $50,000,000 to fund their reserves, this is where you have a problem with the project. This is especially so when remaining life on the major components is zero years. It's now deferred maintenance. Any sane bank after reviewing facts about the project would reject it. You'd have to pay cash for the property. Property value could go lower based on the needed repairs and reserve issues.

I am not sharing any private information about the property which I obtained through any appraisals I've ever done in the project. All of this is public knowledge or came from friends who live in the building. If you are thinking of buying a condo here, PLEASE, get a copy of the HOA budget which lists needed repairs and reserve amounts. They must give it to you. Read the "Reserve Study Executive Summary" made by the HOA Essex Marina City Club LP.

Currently the condo owners can't and won't agree to a large special assessment. Most of these condo owners are older 75+. They're now on fixed incomes. They probably thought they wouldn't be around by the time the building needed the repairs. That time is unfortunately now.

*Just for clarification I'm not saying I think the building will collapse. I am saying that it appears based on public documents to have deferred maintenance with insufficient reserve funds to make the repairs.

I've been a real estate appraiser since 1983 which is 40 years now. I've appraised the Marina City Club Towers many times since it was built 1970-1978 and later converted to condos. I've visited my friends there many times even when it was first apartments before they converted to condos. I've been in the building a few times within the last year. My friends who own units in the building gave me a copy of a more recent budget. Below are a few public articles and documents.

https://therealdeal.com/la/2022/02/24/marina-city-club-condo-towers-deemed-safe-for-now-due-for-big-repairs/

"Los Angeles County ordered the structural engineering study last summer after residents voiced concern about public safety at the 10-acre complex of 600 condominiums in three, 16-story towers and a three-story, 101-unit apartment building.

The Marina City Club includes swimming pools, tennis courts, boat slips, restaurants, a fitness center and offices on land owned by the county. Deferred maintenance at the aging complex was estimated last year to require between $80 million and $140 million in repairs.

The new engineering study found cracks in walls and cement, signs of water intrusion in parking garages, “spalling” and crumbling concrete, as well as water-damaged rooftop decks.

Cement fastenings to handrails along walkways and on private balconies also were deteriorated, creating a safety hazard, the report said.

But the report by Saiful Bouquet Structural Engineers of Pasadena found no danger of imminent collapse.

“No significant structural damage was observed,” the 14-page engineering report concluded. “It is our opinion that the majority of damages observed were a result of normal wear and tear of the structure and/or moisture/water intrusion in the building envelope.”

It recommended Marina City Club operator Essex Property Trust, a publicly traded apartment firm, make the needed repairs to the three 16-story condo towers, parking structures and apartments."

https://darik.news/florida/marina-del-rey-condo-towers-are-structurally-strong-but-in-need-of-repair-says-engineering-study-press-enterprise/524046.html

https://www.ocregister.com/2021/07/09/decay-and-disrepair-mar-life-at-aging-marina-del-rey-condo-towers/

https://www.latimes.com/california/story/2021-07-01/after-florida-building-collapse-l-a-county-inspects-marina-del-rey-condo-tow

Public References but not complete list

Marina City Club - Tennis, spa, sauna, gym, restaurant, hair salon

https://www.marinacityclub.net/

Marina City Club condo docs- Ground lease, Bylaws, CC&Rs, Condo sublease,

http://www.marinacityclub.com/httpdocs/DLLinks.htm

Full legal description, APNs, plat maps, building plans, unit layouts. Subject has no specific APN.

http://www.marinacityclub.com/Documents/CondoPlan1987.pdf

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Mary Cummins

Wednesday, May 31, 2023

Jennifer Lopez JLo and Ben Affleck just bought Wallingford Estate at 2571Wallingford Dr Beverly Hills, California by Mary Cummins

Jennifer Lopez JLo and Ben Affleck buy Wallingford Estate in Beverly Hills for $60,850,000. The home is located at 2571 Wallingford Dr, Beverly Hills, California 90210. This is the City of Los Angeles aka Beverly Hills Post Office. It's not Beverly Hills.

It was originally listed in 2018 at $135,000,000 then $85,000,000 then .... then $74,995,000. It was also listed for rent for $300,000 and $350,000 per month. The home is approximately 30,000 sf on a 226,513 sf lot per MLS. It could only be 22,163 sf per tax with 8 beds, 12 baths. The actual address is 2543 Hutton Dr. and 2543 1/2 Hutton Dr. Per one of the more recent listings,

"One of the most private and secured estates in Beverly Hills 90210 with stunning mountain views. The newly rebuilt & expanded Wallingford estate is spread over a 5-acre exclusive promontory. A one-of-a-kind indoor sports complex w/ basketball, pickleball, gym, boxing ring, sports lounge & bar all celebrate an active lifestyle & the love of sports. Located just 8 minutes from the BH Hotel & 20 minutes from Van Nuys private airport, both entrances can only be accessed through private/gated streets. Exquisitely designed & built w/ impeccable taste, the sophisticated & stylish estate infuses today's technology w/ magnificently refined rooms. Totaling approx. 46K SF under roof & approx. 38K SF under A/C & boosting 12 bedrooms & 24 bath, approx. 5K SF guest penthouse, caretaker house, 2-bdrm guardhouse, 10 car garage & parking for 80. The biggest zero edge pool in BH perfectly frames the extensive grounds & views. Additional property on private street also available separately."

It's only called the "Wallingford Estate" because it's on Wallingford Dr. The owner builder of the current home was Jeoung Lee. I do see a Jacob Wizman as the owner when it was being built. The architect was Richard Schwartz. It was built by Dover Hills Construction. Engineer was Leon Iancu.

More recent photos from the MLS.

It was originally built in 1997-2000 and listed for sale in 2016 for $29,000,000 as 8 bed, 15 baths, 22,000 sf. The RealAVM value is $2-4 million :-D There was another home built there in the 70's which replaced one built 1947 by A.C. Pillsbury. That was a caretaker's house and a barn. The newer home was in French Provincial style and was built for Ilhie and Jeoung Lee, Paul D. Jeoung . The home was 124' x 106' with an unfinished basement and subterranean garage. I think they illegally added basement size to home size. They call it a basement because it's cheaper, easier to get permits but it's not legally gross living area. There is an ADU which is the caretaker unit which was once a storage barn. Just found a permit where they converted the basement to an ADU or at least tried to.

2019 permit for FULLY SPRINKLERED TWO STORY ACCESSORY LIVING QUARTERS W/ ATTACHED GARAGE. IRREG SHAPED BUILDING 132'-4" X 113'-3". I believe it was built previously and just permitted at this time.

It's in a homeowners association and is accessed off the end of a cul-de-sac. GPS 34.11887000139121, -118.43406722770074 APN 4382-009-005 . Tract is PM 1768 Parcel B.

Below are the basic plans for the home. They added foundation pilings years after the home was built. May have been an issue because property is in an earthquake fault with shale and clay. It's near the Hollywood fault line in a landslide and liquefaction zone. That's probably why it wasn't really built until more recently when finances and engineering made sense. Click to see larger.

This is the previous listing when it was French Provincial. The house looks the same size. I don't see a certificate of occupancy for any new size added to the home. I think it's still a 20,000 or so sf home with a caretaker residence, pool house and basement. That size is never added to the legal main dwelling size. I think the home may have just been remodeled. I'm still looking at permits most of which are under the Hutton address.

Mary Cummins

Friday, May 19, 2023

Beyonce, Jay-Z new home at 27712 Pacific Coast Hwy, Malibu, California by Mary Cummins real estate appraiser

beyonce, Jayz, jay-z, mary cummins, real estate appraiser, real estate appraisal, malibu, los angeles, caliornia, 27712 pacific coast, pch, 27712, pacific coast highway, million, tadao ando, kurt rappaport

Beyonce and Jay-Z's new home is at 27712 Pacific Coast Highway, Malibu, California on Billionaire's Row. The musical couple purchased the property for over $200,000,000. It was listed at $295,000,000. The property has nearly six acres. The seller was William "Bill" Bell Jr., an art collector and son of the creators of soap operas “Bold and Beautiful” and “The Young and the Restless.” Kurt Rappaport of Westside Estate Agency represented the buyers and the seller. Bell commissioned prominent Japanese architect Tadao Ando to build the concrete, 40,000-square-foot mansion that overlooks the Pacific. Full address includes 27716 PCH.

The home was built in 2014 and does not appear to have a Certificate of Occupancy. Legal description is TR=12935 LOT 7 BLK 2. Assessor's parcel number is 4460-031-017. It last sold for $14,000,000 in 2003 when it was a 7,700 sf 8 bed home. February 2022 it had a $90,000,000 loan against it. It's 257,888 sf.

The pervious concrete was done by Architectural Pervious Concrete.

https://www.pacificpervious.com/news/2017/11/16/architectural-pervious-concrete-for-a-malibu-residence

Morley Construction built the home with Peter McCoy Construction.

https://www.morleyconcrete.com/project-experience/bell-house/

Ando's Bell House

https://usmodernist.org/ando.htm

Under construction

Mary Cummins

List of banned AMC appraisal words by Mary Cummins real estate appraiser

banned real estate words, banned, real estate appraisal, mary cummins, real estate appraiser, los angeles, california, hud, fannie mae, uspap, freddie mac

Another appraiser posted this list of words appraisers can't use in their reports from an AMC. Most of these are obvious and I don't know anyone who would dare use the words. Others are complex as they have multiple meanings some being innocent and factual such as the following:

Age: This word is pre-printed on the form for age of home. I use age as years.

Black: We use this for color of floor, cabinets... Color number #000000? No other colors in the list.

Chinese: Chinese roof tiles also called "wa" in Chinese. We use for style but no more. Asian also not allowed.

Colored: Rose colored window pane, exterior. Pink?

Disabled: Disabled ramp, parking, rails. Physically challenged? Wheelchair bound?

Gentrification: The government uses the term. The correct term is the revitalization cycle of real estate.

Graffiti: We have to note if there is graffiti on a building. Maybe we can use spray paint or tagging? It must be removed before funding generally. They'll see it in the photos.

Handicap: See "disabled." Handicap parking, rails, ramps. Sometimes this is mandatory for certain types of buildings.

Hoarder: We see this all the time. I use cluttered. They'll see it in the photos.

Homeless: Tough when the property has a homeless encampment against the wall but one can use camping. Appraiser must state external factors. Photos will show it.

Homogenous: Can be used for types of homes but no more. I use similar.

Illegal: It's pre-printed on the form for use. I use not zoned, not permitted.

Japanese: Can be used for style of home or garden. No more. Maybe just "style?"

Low income: There are some condos, apartments which are legally low income and can only be rented or sold to low income people. Lower income? Income range under $50,000?

Mature: I used to use it for trees but no more.

Old: It was part of the form relative to age of homes in area. Now I use range of age in years.

Projects: Difficult when it's pre-printed on the condo form. I use complex.

Public Housing: Difficult when you are appraising public housing. Government sponsored works?

Spanish: It's an accepted style of home. Just type "style?"

Students: Sometimes it's student housing. Maybe people in school?

White: Color of paint, cabinets, carpeting, flooring. Color number #FFFFFF?

Just noticed "master" is missing as in master bedroom. I use main, en suite, bed 1...

Mary Cummins

Friday, May 5, 2023

Los Angeles MLS Releases 2023 Q1 statistics. Sales volume, median prices down. Mary Cummins Real Estate Appraiser

2023 Q1 market report median sales price and volume for single family homes, condos in Los Angeles, California. Leases, CLAW MLS, Mary Cummins, real estate appraiser, real estate appraisal, marycummins.com ,

CLAW MLS just released 2023 Q1 Market Report. Median price and sales volume of single family homes and condos is down. Lease median prices and volume is up a tick. Full report here. CLAW Combined Los Angeles Westside.

https://forms.themls.com/forms/q1-2023-claw-market-stats.pdf

Mary Cummins

Friday, April 21, 2023

Tucker Carlson speaks the truth about real estate appraisals now?! Last show. by Mary Cummins

tucker carlson, tucker carlson tonight, joe biden, kamala harris, marcia fudge, mary cummins, real estate appraiser, real estate appraisal, bias, racist, white supremacist, fico, credit

Tucker Carlson: The Biden admin is punishing Americans with high credit scores. Fox News host Tucker Carlson reacts to a new Biden administration rule that will punish Americans with good credit on 'Tucker Carlson Tonight.' tucker carlson, tucker carlson tonight, joe biden, kamala harris, marcia fudge, mary cummins, real estate appraiser, real estate appraisal, bias, racist, white supremacist, fico, credit, fox news @tuckercarlson

UPDATE: And a couple of days later he's gone from FOX News. This was his last story, show. Of all stories to be his last! He was let go Monday morning. https://www.tmz.com/2023/04/24/tucker-carlson-leaving-fox-news/

ORIGINAL: Some Facebook appraisal groups are sharing this video of Tucker Carlson talking about Democrats trying to get the vote. In the video he talks about Joe Biden, Kamala Harris and Marcia Fudge lying and stating that all appraisers are white supremacists who are racists against black people and devalue their homes. Tucker Carlson states they provided no evidence that this is true. While I prayed to God for a savior in the media to spread the truth about the issue Tucker Carlson sure as hell would not have been my first choice. Was there no one else available, dear Lord?!

SHOW: "Tucker Carlson: The Biden admin is punishing Americans with high credit scores. Fox News host Tucker Carlson reacts to a new Biden administration rule that will punish Americans with good credit on 'Tucker Carlson Tonight.' " April 21, 2023 https://www.foxnews.com/video/6325545406112 Real issue starts at 2:15 min into it. Text https://www.foxnews.com/opinion/tucker-carlson-biden-admins-new-rule-punish-people-high-credit-scores

Carlson says Marcia Fudge says home appraisers are white racists who lowball black homeowners. Even HUD's own data shows this is false. AEI did independent research on HUD's data and proved there is no racism in home appraisal values, see link below. He shows a clip of the CNN August 2022 interview which I wrote about. Fudge says black people have lost great wealth through the appraisal process. No, they have not. Again, AEI research ( https://www.aei.org/research-products/report/comments-on-the-pave-report/ ) proved this to the PAVE task force by debunking Andre Perry's non-peer reviewed, non-published paper ( https://www.aei.org/wp-content/uploads/2021/12/AEI-Housing-Center-Response-to-Perry-and-Rothwell-2021-final.pdf?x91208 ) . The difference in value between white and black, brown owned homes is caused by the income gap. Whites make more money so they have more money and buy more expensive homes in more expensive areas. That's it! It's the income gap, stupid!

Marcia Fudge again offers the false anecdote about her home being worth less than her neighbor's only because she is black and the neighbor is allegedly white. This has been debunked here previously ( https://mary--cummins.blogspot.com/2022/03/pave-task-force-action-plan-from-white.html scroll to "I live in an all" ). Fudge's home is much older, of average quality and sits on the main highway. The homes across the street are new, of very good quality and in a private development off the main highway. That's why the newer homes are worth more. We don't know the color of the owners of the new homes. If Fudge doesn't understand this, she should not be the head of HUD. She also shouldn't be believing Zillow Zestimates of value. We all know they are not accurate.

Carlson said Kamala Harris in March 2022 was talking about the Home Appraisal Workforce (she meant PAVE task force ). She said appraisers are mainly white and biased. She said appraisers now must take training on fair housing and bias because of her and PAVE. False. We've been taking this training since at least 1989. You have to take it to get your license. There are new training hours which will take effect this year. It's more of the same exact training that we've taken since the 1990's. They are just divvying up the number of credits differently. It's the same total hours with the same topics.

Carlson then talked about the false accusations that all appraisers are white supremacists, "There is zero evidence of that. It's a slur upon home appraisers. Why do they deserve this abuse?" "They're using fake allegations of racism as the pretext of a political plan. They're doing it for votes." I totally agree. Can't believe I just agreed with Tucker Carlson! I feel gross but what he said is true. Why is Carlson speaking the truth now? Is he trying to change his MO after the huge defamation lawsuit loss because of his lies? I knew one day probably near election time GOP would pick up on Biden's false narrative about appraisers. I just didn't think it'd be Tucker. Anyway here is the research which proves that appraisals are not racially biased. https://www.aei.org/how-common-is-appraiser-racial-bias/ Real estate appraisals are a math formula. We don't even know the color of the owners of all the homes we appraise and use as comparable sales.

Biden just introduced a rule about credit scores and fees effective May 1, 2023. People with FICO of 740 or above will pay $40 more a month. People with low credit scores will get a discount of 1.75%. I personally believe this is unconstitutional. The purpose of credit scores is to reward people for working hard, saving money and paying bills on time. They are lower risk borrowers so their loans costs less. The better your score, the less you pay for credit because the risk of default is lower. Carlson said black people have average credit scores under 680. He says he doesn't know why. I do. It's because of the income gap. Whites make more than blacks and browns. It's because of socioeconomic factors and not color. Whites are also more likely to be married. It's cheaper to live as a married couple than two separate households. Whites less likely to have multiple children under the age of 18 than blacks, browns. Again, AEI proved this with independent data based on government data, see above. Fix the income gap and other factors if you want things to be more equal. Don't go blaming appraisers just because it's easier and good for votes.

This new program won't even help poor people. It will help them get stuck in an over priced home in a depreciating market. They will be paying higher interest rates on their mortgage which they can't easily afford. They are more likely to not be able to afford their mortgage while the economy contracts and some lose their jobs. As their home value depreciates they will end up under water. Thanks, Biden, Harris, Fudge! The Gov did the same before the great recession. Why don't they learn their lessons? Because politics and getting votes. They don't really care about helping poor people but getting their vote. It really is a sad situation.

FTR I'm a Democrat who voted for Biden. I agree with most of his positions except the false narrative of the "racist appraiser" and mass "appraiser bias" in appraisal values. This started during the last campaign cycle. Both Harris and Biden as candidates for President promised to "finally" help lower income black and brown people. If they really want to help, fix the income gap!

Mary Cummins

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

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