As the wealth gulf between white families and Black and Brown families continues to widen, it is becoming abundantly clear that racial disparities in housing are still inhibiting Black and Latinx/e families from building wealth through homeownership.
The latest report by Freddie Mac (@FreddieMac) found that 7.4% of appraisals in majority-white neighborhoods came in below a property's contract price while 12.5% of appraisals for Black areas and 15.4% for Latino communities were undervalued. Homes in BIPOC neighborhoods were more than twice as likely to be undervalued compared with those in white areas.
The analysis also found that as the concentration of the Black or Latinx/e population grew in a particular area, so did the share of undervalued appraisals.
At #CCLBA, we are committed to reversing the effects of decades of discriminatory housing practices and policies to remove blight and build wealth in Cook County’s communities. Read more in NPR (@NPR).
A new analysis by Freddie Mac has found that only 7.4% of appraisals in majority-white census tracts came in below contract price, compared with 12.5% for Black areas and 15.4% for Latino ones.