The new “Our America: Lowballed” documentary special will debut on ABC Owned Television Stations and streaming platforms and Hulu beginning December 2nd, with a linear release across eight ABC stations the weekend of December 5th, including New York and Philadelphia.
Black and Latino families have had their homes appraised for up to $500,000 less than expected, and they believe racial bias played a significant factor. According to an ABC Owned Television Stations data analysis of more than 50 million home loans, refinance applications in predominantly Black neighborhoods are nearly five times more likely to be under-appraised than in white communities.
The analysis also found home-purchase loans in Black neighborhoods are more than twice as likely to be appraised under value. To raise awareness on this systemic issue affecting families across America and to equip viewers with information on what they can do if they find themselves lowballed in an appraisal.
A 2018 report from the Brookings Institution estimates that homes in predominantly Black neighborhoods are devalued by $156 billion, an average of $48,000 per home. This amount is enough to finance 8 million four-year degrees and cover nearly all Hurricane Katrina damage.
This is vital equity Black families lack access to in order to pay for college, start businesses, remodel homes or create a nest egg for future generations—creating intergenerational wealth.
“Our America: Lowballed” continues Julian Glover’s impactful reporting and profiles three separate cases of appraisal discrimination experienced by families in California and Indiana, whose home values jumped an average of $300,000 as a result of whitewashing their homes, having white friends stand in during the appraisal, and pushing back on unexpectedly low valuations.
This reporting on the devaluation of Black and Latino homes has spurred new state laws and led President Biden to create the Property Appraisal Valuation Equity task force to identify solutions to root out appraisal bias. In addition, Congresswoman Maxine Waters, also featured in the documentary, introduced legislation to combat appraisal bias with the Fair Appraisal and Inequity Reform legislation.
If you suspect that you or someone you know may have been affected by a housing lowball, you can learn more on Lowballed.abc.
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