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Marcia Fudge Discusses Racism In Housing Appraisals
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- Опубликовано: 13 май 2022
- Sen. Brian Schatz (D-HI) questions HUD Sec. Marcia Fudge during a Senate Appropriations Committee hearing on Thursday.
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I'm a 30 year Certified Residential Appraiser. The data comes from the neighborhoods and market. I don't do this and would like to see the data.
There is no data. This is all wishful thinking. This lady knows zero about how appraisals work.
Been appraising since before you were born. This is typical ignorant ranting I have heard so many times. I just say "show me the data" and I might change the value. Never been shown any data.
Retired appraiser. In all my years I appraised housing based on market sales. I never appraised people, and don't know anyone that did!
@@MrGrackley You know your client is the lender that hired you and they want to make a loan. If you undercut the value, you will lose a client. There is no reason to undercut.
The "data' is readily available via HMDA reporting (which captures ethnicity data) which all lenders collect on the 1003 at application time and then reconcile into reporting. It wouldn't take a genius to piece that together with values on the URAR and anecdotally determine a value disparity. Actual data exists but it won't support what these clowns claim. On top of that, how often do appraisers ever meet a buyer? Almost never.
I wish they would give my house a lower appraisal. Reduce my property taxes
😅😊😅😊😅
start a gang and terrorize your neighborhood. it will drop real quick. 😎
*Assuming that your home is undervalued is saying that the entire neighborhood has historically been purposely undervalued for a long time. Appraisals are based on the sale price of the similar home nearby. If they sold for more, then yours will be calculated as higher in value.*
I was a Realtor for years in both Low income cities and higher middle class areas. I call BS!
My step father was an agent in the '60s and he said they would push people into certain areas appropriate for their race. However, mostly that is where they wanted to go and they were not stopped from going where ever they wanted.
I agree! She is a racist and hate white appraisers. Anyone can become an appraiser. Go to school and get your license.
People don't want to admit the obvious. You don't have to question other races. How many rich black folks intentionally moved to the "low" appraised areas???
Trust the math. Just take a look at crime rates and schools in those areas you're speaking of. Two huge factors in appraising a home.
It is actually against the law here in the states for an agent to disclose that info about the community to a possible purchaser of the house.
@@jcfra420 Appraisals cannot contain or considered crime rates, or ethic mix of neighborhoods. However, those factors will influence the value of the properties for sure.
@@outofcompliance1639 Oh for sure. It is just BS that a agent cannot report that information, but at end of day it is the buyers responsibility to do due diligence.
@@jcfra420 Agents have to report a death or drug bust on the property though. People should be free to report whatever they want. The same "free speech" people want to take your free speech if it is not something they like.
@@jcfra420 ...you don't have to disclose, the area shows itself. Neighborhoods with responsible citizens look drastically different than those that are not.
Wait, aren't they implying that housing should be less affordable?
Gary Indiana has beautiful houses for sale. What keeps the neighborhoods from thriving is a questionable school district and crime. I personally know many black families that would absolutely refuse to purchase a house in Gary Indiana at any price.
Because the blacks don’t want to ‘get involved’ or hold their people accountable. You don’t magically get a good neighborhood if you tolerate ‘teens’ and ‘aspiring rappers’.
there are good reasons why houses are appraised the way they do. for a neighborhood be of high value, it has to have low stats on crime, home robbery...the bad stuffs. Fix those stats in the "low" appraised areas and value will go up by itself. you don't have to force it.
You can appraise a house in a scary neighbor hood at a high price and nobody will pay for it....
On the purchasing side of mortgage lending the appraiser almost NEVER sees, talks to or corresponds with the borrowers. Value is estimated based on multiple, most recent, similar sales and / or rentals within the specific market. Appraisers don't have biases against borrowers (much smaller business model without them) and the data is extracted from market research. "Two doors down" or across the street could easily be different everything from physical features, school district and County to State Capital. This year, the house next door may enhance your home's appeal and value. In 2-3 years with no maintenance, that same house may be detrimental to your home's value. Social, economic, governmental and environmental factors determine value, not appraisers.
Civil Rights Bill passed in 1965 people.
Hello 👋. How are you doing today?
Meaning it solved racism? Or meaning, why is this kind of racism still happening?
Uh so what
We didn't actually need the civil rights bill. We just needed to uphold the constitution which already guaranteed those rights.
"Appraisal Bias." As if that's a thing. It's not. But there are endless quasi-substantiated nomenclatures that are now presented as fact
So you do not believe that there are biases in appraisal of properties, could you show us examples where that is not happening?
@@kambamazig02024 with all due respect, in terms of logistics and legality, you are asking me to prove a negative. The burden of proof is on the argument that the bias DOES exist, not that it does not. There is no definitive documentation that verifies appraisal bias anywhere in the United States after the 1960s, when it was made illegal.
Sounds like she is upset because the value of her own house is not as high as she would like it to be
Just think what her White Neighbor is thinking. Damn if only she did not live next to me. Now my house is worth $100K less then my white neighbor on the other side of me!
Um...the very statement of whether you live in a "good" neighborhood, meaning one with low crime rates, higher income, and better maintained properties will always be worse than a house in a bad neighborhood that has high crime, low income, and every other house is either boarded up or burned out. There's nothing racial about that. That's just reality. Location, location, location. That is the key to real estate.
So what is your solution? To artificially raise the value of properties? I am sure nothing could go wrong with that.....
Or maybe you seek to depreciate the value of the other homes, which I am certain would not cause any issues at all....
Leftists don't do reality.
If the lot value is lower due to crime by any race, the home may have a much lower appraised value.
In the city of Minneapolis, the values on the same 40x125 sized lots can range from zero to 200K.
As the saying goes, it is all about location, location, location and it has nothing to do with race.
It has everything to do with race, your example does not pan out, you forget about how parcels are also mapped out with arbitrary lines and perceptions of who lives where!
@@kambamazig02024 The appraisal looks at the overall market inc. recent sales AND surrounding conditions and if those conditions point to signs of improvement or a depreciating neighborhood. As a 40 year Realtor, I can tell if a neighborhood is going up or down just by driving through it. It has nothing to do with race.
Could you imagine a landlord not wanting there property to be section 8 housing 😮😮😮
Section 8 means you will always get your rent paid on time but your repair bill when they move out might make up for that saving.
@@outofcompliance1639 haha yeah you basically have to give them a concrete shell with the bare minimum of breakable things.
If you rented them a regular nice house you’d lose $50,000k every time they moved out haha.
Also have you ever had to deal with the housing authority?? Government subsidies only works for the ones the local government workers want it to.
They can jerk you around waiting months on payments for section 8 and you have zero recourse.
The best thing if your going to rent properties is to do it on the open market charge 1st 2nd and Last to move in and evict them they are late .
It’s a business not a charity being a landlord.
That’s a huge assumption that these ppl are in section 8. What in the hell
@@outofcompliance1639 Lol they were definitely making a racial reference, but it makes no sense.
There have been so many videos and articles of Black people who lived in pretty good neighborhoods but got low appraisal valuations, so they got a White friend to stand in for them and they also removed any objects from the house that resembled anything "Black". And then they got a second appraisal, and the value magically went up by a very significant amount (way more than the margin of error you might expect between two different appraisals). But here we are
Does she have a scintilla of evidence to support those assertions?
If you increase the value of houses in black neighborhoods, fewer black people will be able to afford to buy a house there.
And what are the occupations of the residents on both sides of her house?
As a Certified Residential Appraiser since 2004, i can honestly and ethically say that this narrative is untrue. Market Appraisals, the version used by banks for mortgage lending are determined solely on current sales of comparative properties on your street, in your sub-division, in your neighborhood. The appraisal itself is color blind. The market in which your property exists is the sole decider. Period.
40 years in the appraisal business I can tell you racism does not exist. We get paid to value the property not the owners or buyers.
People can't get homes because the interest is insane.
I would like to see one of these appraisals they consider based on race. I bet there are other things involved that make those properties less valuable.
That's usually the case overall.
Razor wire and landmines for protection are expensive.
Property in black communities are low because people do not want to live there. Live up to the fact that black communities are more dangerous and often people show little respect for their neighbors.
Well, who owns the rental property ???
Why would a bank not want to loan out more money for a house that it’s worth? The more it loans out the more interest money it gets if they collateral is right
you cant possibly be serious right, this is a joke right? right?
@@raqcem99 no its not. More vouchers? For blacks only? Wow! What about Asian, whites,natives?? Why keep coddling these people!! Free food, free rent,free health care and free spending money. Now free homes? Get the funky out of here
Aoc free food stamps,however stealing gucci,Gucci, bling,cars,ect all for food. Government cheese isn't enough for the lazy exploiters?? Piss off
@@raqcem99 what are you confused about?
@WakeRunSleep i dont think you understand how this works man
The same house in a white area is worth more than in a black area because of the danger and lack of upkeep.
Who would pay any attention to a person with a name like Fudge? That's enough reason to cast this fool aside right there.
I am sure that the house next to her house would be worth an additional $100,000 if she did not have her house next to theirs. So what is the point you are trying to make? Having a black hood next to a white hood decreases the value of every house in the white hood.
*Appraisals are based on the average ACTUAL sale price of the surrounding homes. An undervalued appraisal also makes it easier to buy a home. One party sells and the other buys. Also, property taxes are based on the sale price of a home. If your home appraises for more, then the owner has to pay more every year. Staying in an undervalued home has lower mortgage payments and less to live in. So do you want to pay a higher mortgage and taxes on a home that is appraised correctly, or stay in a similar quality home for less money than the equivalent quality home elsewhere for more money?*
Taxes are not based on the appraisal but on the sales price or some other calculation from the assessor if there is no sale.
NJ uses county assessed value for taxes. Houses of like size get similiar taxation. If you have other amenities, that adjusts. Sales price is not factored
@@vincentgore5266 Assessed values are based on market values. Market values are determined by sales prices of similar properties. Location is typically by far the most important factor of value not house size or other amenities.
In NJ the tax rate depends on the needs of the local government and none of the money goes to the state which seems like a good thing. In California the state has it's greasy fingers in everything.
What will happen to the value of properties if Biden's affordable housing blocks in nice suburbs and preferential home loans for people with bad credit goes ahead?
Suburbs will become Demoncrat voting cities just like the left wants.
There you go, your question already implicitly discriminates others. You are basically othering people based on your perceptions of who lives in affordable housing!
@@kambamazig02024 If the shoe fits. If someone needs lower cost housing that is typically a step towards better housing. My first house was in a new affordable housing project away from better tracts of homes. In a few years I could afford to move to a better location then a better one after that.
Adding low income, low credit housing would ruin the value of the existing housing without a doubt. Let them build those projects next to Obama's or Biden's mansions first and see how that works for their market values.
@@kambamazig02024 ... In my community, after the incorporation of low income housing, apartment..., crime goes up, stolen cars, home robberies, shootings.
Chris Rock says it best !!!!
So did Dilbert.
Meanwhile 90% of rap glorifying murdering your neighbors and destroying your community openly. I'd love to see the crime rates and news stories about the 'friendly black communities' she speaks of
Hmm. Violent crime has been repeatedly shown to correlate with poverty, regardless of race, in America, and in every other country. This is why Republican-controlled states have MORE violent crimes... more rapes, more assaults, and more shootings than states governed by Democrats. Poor White neighborhoods and districts have EXACTLY as much violent crime as poor Black neighborhoods and districts.
….so your stereotyping certain neighbourhoods helps?
@Steadfast where is the stereotype? Just curious
@James Crime in general, and violent crime in particular, is higher in Red states. It is poverty, not race, that is the predicting variable.
@yishnir I never mentioned teams ,or political parties altho good luck at your sporting events that you call life. There are black people in red states....mostly poor and mostly responsible for the crimes and mostly crimes against blacks...what are you getting at? It is black privilege and entitlement that persuades you and your silliness.
I AM so sick of hearing about racism.
Imagine having to live on the receiving end of racism. Boohoo for you being tired of hearing of a real situation that is perpetuated against real people every day.
Imagine what it's like to be treated that way.
Yeah a retail agent making an income based on. What it is sold for will devalue the price.
They seriously believe these lies.
If you appraise higher then the person who owns the house will pay more taxes.
No, taxes are not figured from loan appraisals. The county assessor calculates taxes using various methods.
lower property value equals lower property taxes. you only want a high appraisal if you are actually selling.
Anyone ever go try to buy a car in the hood? It's usually a fair appraisal. Someone tried to sell me one with a broken trans and all locks drilled out. Insisted I buy it. I left when a truck started circling the block lol.
People can't get homes, because every time i get a raise, the economy takes a shit on us.. like we're not allowed to get ahead.
Letting in 10s of millions of illegals, strict building codes, and the Green agenda scam means housing will continue to get less affordable for everyone. Maybe they should do something about the real issues?
so lets balloooon it to figures no one can afford
And then when the appraisal value goes up so will their property taxes. What happens to the people who can’t pay the higher taxes? It would be nice if my house was appraised lower.
Gentrification is the word. Black folks complain about high prices when the city decides to fix-up the neighborhood.
So you want to increase the value of crime ridden areas? That is insane.
Home appraisals are done based on market value definition. That's what a typical willing buyer and willing seller agreed to accept/pay.
So...people dont want to buy a house in an area where everyone in that area loots, vandilizes and shoots everything?
Wierd
There is a section eight house next door to mine with a heroin addict in it. Three police arrests later the house sets empty and the yard neglected. Appraisal bias is real, houses in black neighborhoods are appraised lower because the blacks want to pay less for a home their taxes are less. They rarely get any city services and crime is higher.
thats racist lady
First, lock up the criminals. Nothing devalues property like elevated criminal activity. Next is affordability, I do not hear anyone trying to raise the Federal Minimum Wage which would make many things more affordable.
Came for the racism. Wasn't disappointed. This is America.
Divided we fall
Changing zoning, which can destroy small communities and wetlands, by allowing massive structures wherever, to benefit developers, is not going to solve the affordable housing issue, because the big developments are still expensive. Good intentions always end up benefitting corporate America, not us.
Thank you Ms fudge😇🙏🥰😍
Is this a quiet neighborhood?
Why don’t they appraise down town Chicago. BTW No one has stopped black men from going to college to become home appraisers or inspectors. The United Negro College Fund will pay for it.
So now the skin color of the appraiser has to be black to be fair?
The comments section is proof enough for this committees topic😂.
Oh thats right...racism and bigotry doesn't exist.
Gotta ❤american exceptionalism
Pretending a problem doesn't exist won't solve ii.
I live in an inherited house my WWII era veteran Father was able to purchase under the GI Bill. I know Black veterans weren't allowed to use the program.
@@Repdem
My grandfather wasn't granted GI bill benefits.
@@seanvales391
I am sorry that so many people are ignorant and hateful.
White flight causes a lot of the low valuation of properties in changing neighborhoods. Marcia is ignoring the fact that Black purchasers are the main beneficiaries of these lowered valued properties. As someone said previously, it is the prospective purchaser who ultimately determines the value of the property.
Negative. The hispanic immigrants are the beneficiary.
She is a liar!
@2:56 They're not? If they weren't why are they devaluing blk homes right next door to white areas? The value is the value. whether or not something went on in the area next door.
these comments prove her Point all white males
Funny politicians, lower appraised property = lower taxes = affordability for lower earners. That is actually reversed rasism IMHO.
Sometimes I'm wondering if they have understanding of what they are talking about...
The materials don't care only predigest people do
Try improving your communities, lower crime, clean things up, property values will go up no matter what "color" the residents are. Content of character, my fellow Americans Red White and Blue
Zone valuation is what gives communities POWER. It helps funding and aid etc. Kids are literally given a leg up and it helps in public funding and etc because of ‘price evaluation’ based on neighborhoods. New York projects were all white during shipbuilding of the 20s to 40s. Industry called in blacks and whites began to leave. The area began to be ‘appraised’ at a lower value automatically by racism leading to poverty as no financial resources were given to those areas of New York. No school funding. No roadway repair or even building. Etc. Appraisal helps builds communities because investors can enter or leave that area along with the federal government.
Do you have any data less than 100 years old? Would love to see it.
She says that housing values are being artificially lowered by white appraisers due to racism. But then if her dream of raising prices in black communities came true then more people of all colors would be priced out of the market! Affordability goes down as home prices rise. What’s her end game here?
Is nothing about racism; it's a fact. I live in Compton, California, and you should be getting paid for living here; about 65% black and 35% Latino community. If you ever wonder what the hell looks like, just come over, and you will see it with your own eyes.
If you can't afford it you don't buy it white black brown whatever you call it racism starts in the neighborhood not by our president so love and peace to all you❤🎉🎉🎉🎉❤❤❤
Name something not shameful about American history?
thank you
Well, take note in most black and brown communities test scores are lower school districts are bad there’s more crime less opportunity, so yeah property values are going to be lower in those communities because there’s those negative factors
People on the government dole not working do not deserve more handouts.
Yes if your house is in a crime infested area its going to be worth less. If you think I'm going to pay a lot of money for a house in the hood you have lost your mind.
The gaswhiting in this thread is *chefs’ kiss*
2:38 It’s not like that discrimination is Racist, black and white peoples have different values when it comes to taking care of our properties. Just ask Michele Obama, he family fallowed the white home owners, hen the white peoples moved her parents moved.
Appraisal, bias is nonsense. There is no incentive to appraise someone’s house for less than it is worth. Not only that, one house and a house two doors down are appraised by two different people. A house is not just its size, but also its community. Its value is based on, what the houses in the same community are valued at. And that is decided by how much people who live in that community are willing to pay for houses. This is like the claim that lenders won’t give loans to highly qualified Black people why? I thought they were greedy. If someone’s qualified and can pay the loan, why wouldn’t the greedy banker just want the money? Did they all just get together and say no loans for blacks?
Not to leave out old ‘Slick Willie,’ here’s a great quote about Obama from former President Bill Clinton,
“A few years ago, this guy would have been getting us coffee,” Joe Biden about Barack Obama
“I mean you’ve got the first sort of mainstream African-American who is articulate and bright and clean and nice-looking guy.”
It's true I know why not attack him for his racist past?
Typo below - the value is less desirable for reasons other than minority ownership, she is trying to use race as reason the values are lower when obviously there are many other more realistic reasons,
Tired old Democrat line. Blaming Racism. Marcia doing the work for her masters.
Why are the ads on here such Bull Shit. If there products are so good and work why does it take a half hour to say what they offer. My thoughts are if it’s that good you don’t need hours of testaments explaining how great it is. Spit it out your products will sell themselves if it works.,Stop wasting people’s time.
Maybe in those black and brown communities you shouldn't set your own homes on fire and then break into and rob the few businesses that remain in your towns. Also, real estate doesn't just factor the cost of the house, there is the property itself. I have an acre of land where my house is. That same size house on a cement pad that is just large enough for it to rest upon would be worth less in the city, because there is less land.
Moron this happens in so called white communities were black home owners houses can often be worth much more than whites. With a name like Pena your either lying about that or one of the Hispanics that actually do bring property values down with broken down cars in your front yard along with couches.
Look the low valuations would be pretty easy to examine. If there is a larger gap between the valuations and the actual sales price of other comparable homes in the ares, you could compare the same with non-black valuations.
like trump said he likes uneducated people
People can't get homes cause the valuations are low. Kinda sounds like the loan officers before 2007. It was always the value that was too low. It could also be that the vale is accurate. It just is not what they want it to be. After 2007 and the changes in the whole real estate industry, the number hitters were thinned out. Then, values were no longer influenced by pressure from the loan officers. I have been an appraiser for 20 years. Race has never had any influence on values. Sales history has. My main client for years before the crash was a black owned mortgage company. I have never seen race play a part in home valuation. However, I can only speak of my experience in the industry.
Yeah, I started appraising in 1980. Race was never an issue even once. Although there was a guy that worked for me at the bank who complained about race all the time, oh wait he was black.
0:53 I’m not trying to be ignorant but does this woman always dress as a clown or am I missing something?
Guys this is a true issue. There is a bias when it comes to people of color owning properties
Well, I think an appraiser is allowed to consider how a place smells . . . .
A black woman named Fudge. LOL. 😀🤣🤠
Really? 😂😂😂😂
This entire comment section is the few Forbes viewers interested enough in this topic to watch…not many. And of those few they all seem to be butthurt white people trying to discredit the reality of this proven racism in housing.
Studies have been done with white or black people going to look at a house and getting completely different info from the realtor. The numbers bear it out and you all know you’ve talked about “certain” neighborhoods being worse because they have more black people living there. We all know this reality and yet there are so many here acting like the idea is preposterous. Red lining was a thing encouraged on a government level and the same kind of racism happens today.
The whole system is based on it , get a life and get over it . 😢😢😢😢😢😢😊😊😊😊
It’s real! I’ve had to deal with it.
What was the outcome?
@@kevinthistle6871 The appraisal came in lower than a similar house in my neighborhood that was owned by a white family. I had to go with the low appraisal for my refinance. There was nothing else I could do. However, the next time I refi and have to have an appraisal, I am using my white neighbor to represent that he is the homeowner so I can get an accurate appraisal.
😠😠😠😠
Don't you guys ever get tired of talking about racism? Black people have equal rights just as White people, but that's it, you're not getting more which is what seems to be the case. Hate to break it to you, but that is not how this works. And if this makes me racist, bring it, that's all you have anyway - insults that are so watered down by your own fault.
“We believe strongly…” As opposed to what one believes, leaders must rely on objective, refereed university-generated analyses with statistically-significant and replicable findings.
Dat beez raysis
Dislike
Christo stop with click bait. The past few months your subject line is false. I’ve been subscribed since 30,000 and you never did it before. I now go to medias touch first and your just gossiping. Very disappointed in you.
BS
Sorry the color of you're skin isn't getting you anything for free or any kind of favor? Affirmative Action does'nt apply?
CRT learning instituted at the elementary school level would eliminate this stuff when the students cast their first vote.
😂
You mean the PC culture brainwashing
Is Marcia Fudge a brownie???
sigh
You are very honest asking your questions
I would like to see her house compared to the house. She's Complaining about $25000 more than hers. Maybe Somebody else has invested more money than her so you can't go by what she says. You need to go by what it looks like overall. And as far as These housing vouchers. yeah I'm gonna take the highest Amount Of money I can get and if that's more than what the government's willing to pay oh well. .
Do you think that there are no Mexican cartel members who disguise thierselves as regular Mexican American family's who are here to MAKE CARTELS RICH AND ARENT ACTUALLY AMERICANS