Business

A roadblock for Black homeowners

A roadblock for Black homeowners
“Black homeowners face discrimination in appraisals” that can make it dramatically harder for them to buy, sell, or refinance a home, said Debra Kamin at The New York Times. The bias is so pervasive that some have turned to hiding their race from appraisers. Abena and Alex Horton in Jacksonville, Florida, were looking to refinance their four-bedroom, four-bathroom house in a mostly white neighborhood and expected it to appraise at about $450,000. It came in at just $330,000. When they asked to have it reappraised, Abena took down all the photos of her family; instead, the Hortons “hung up a series of oil paintings of Alex, who is white, and his grandparents that had been in storage.”

Source:

theweek.com

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