Tune in to RiskWire webcast episode #14 featuring Eric Fox, Veros’ Chief Economist, and Reena Agrawal, Research Economist, as they delve into the intricate dynamics between Automated Valuation Models (AVMs) and historical redlining. In this episode, the economists present findings from their 2024 updated research study, “Does historical redlining influence today’s AVM estimates,” which now includes data from five additional metropolitan areas across the United States: Boston, Chicago, Pittsburgh, Birmingham, and Austin.
Their research suggests that AVMs like VeroVALUE can offer reliable property value estimates despite historical biases. They underscore the importance of ongoing analysis to ensure fairness and accuracy in AVMs.
Highlights from the episode include:
- Discussion of concerns regarding historical biases, particularly stemming from redlining practices in the 1930s and 1940s.
- Examination of any potential impact on AVM values based on redlined versus non-redlined areas.
- Insights into how AVMs’ accuracy is bolstered by extensive data, enabling precise home value estimates.
For a deeper dive into the fairness and accuracy of AVMs in real estate valuation, access the economists’ research report linked here. Don’t miss out – go to RiskWire.com to watch the episode now.
