Appraising Value
This chapter analyzes how appraisers assess home value. It demonstrates that despite surface changes to appraisal requirements, the logic and methods guiding contemporary appraisers’ work reflected the explicitly racist appraisal logic and methods instituted by the U.S. federal government and the appraisal industry in the early and mid-twentieth century. When using such logic, appraisers assumed that racially uniform, White neighborhoods were the most valuable. They also assumed that White home buyers were the reference point for neighborhood desirability and value. This logic guided their methods, such that they typically chose “comps” from within singular neighborhoods. This chapter also uses quantitative data to show that homes in White Houston neighborhoods were systematically appraised higher than homes in otherwise similar Black and Latinx Houston neighborhoods in 2015. Such inequality is not merely an artifact of explicitly racist historical appraisals; rather, it is actively produced by contemporary appraisers.