The National Mortgage Professional’s recent article, “How AVMs Can Promote More Equitable Home Valuations,” written by Reena Agrawal, shares insights on whether historical redlining is still a present issue. Agrawal also expands on technology-driven AVMs, and how they can help minority homeowners enhance and accumulate their wealth.
Veros Real Estate Solutions releases 2023 Q2 VeroFORECAST, which anticipates a strengthening housing market for the next year. The report further indicates that while the Western markets, once the darlings of the real estate world, display signs of weakness, the Midwest and Eastern states have emerged as hotspots for homebuyers seeking affordability and economic stability.
Veros’ study examined AVM predictions for single-family properties in redlined versus non-redlined neighborhoods close to one another in Los Angeles, California. Veros’ economists used this approach because mortgage funds were historically abundant for non-redlined areas, while they were scarce or non-existent for redlined areas. To enable proper testing, the areas selected for analysis had single-family homes on both sides of the boundaries.