Appraisals

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Opinion: The elephant in the real estate room? Lowballed appraisals 

Feb 01, 2024By

The Fair Housing Center of Metropolitan Detroit shared that loan denial rates in Detroit, due to the appraised value of a home (a.k.a. the collateral) being insufficient, accounts for approximately 3x the national rate (HDMA 2022 data). This data for Detroit is twice as high as the rest of the state of Michigan. Yikes!
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