Two reports present very different pictures of appraisal bias
A new Veros Real Estate Solutions study presents a contrast to other recent findings related to appraisal models. The study considered housing stock characteristics such as median age, number of rooms and the share of homes sold in a region. The Urban Institute study found a greater AVM error as a percentage of the property’s sale price in neighborhoods where Black residents make up the majority than in neighborhoods. The error rate in the study was as much.