New federal proposal aims to stop racial bias in formulas used to value homes

By JOSH BOAK
Associated Press

WASHINGTON (AP) — Vice President Kamala Harris says federal agencies are taking new steps to stop racial discrimination in appraising home values by proposing a rule intended to ensure that the automated formulas used to price housing are fair. Harris tells reporters that “everyone should be able to take full advantage of their aspiration and dream of owning a home.”  Low appraisals make it harder for homeowners to build wealth and access home equity lines of credit. Appraisers help to determine the value of a home so buyers can receive a mortgage. A year ago, the administration laid out a plan to stop appraisers from systemically undervaluing the homes of Black people and other underrepresented groups.