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Black CA couple lowballed by $500K in home appraisal, believe race was a factor - YouTube
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it's certainly no secret that home
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ownership is the pathway to building
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wealth in america but
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what's hard in the bay area is even
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harder for some
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and tonight a look at the growing
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inequity in homeownership rates in the
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bay area
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abc 7 news race and culture reporter
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julian glover
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has the story of a marine couple who
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almost got cheated out of half a million
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dollars
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you know i mean it was work but it was
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exciting paul and his wife tanisha
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austin felt like they captured a slice
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of the american dream in 2016 when they
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purchased their first home together this
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original marin city pole home
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but it wasn't without challenges as soon
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as like a house came on the market
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you go in you put your bid in and then
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you get outbid it by like a hundred
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thousand or more
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rather quickly and that can be you know
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a little bit
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depressing they bought the home off
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market from another black family hoping
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to make homeownership
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a reality for a young black couple after
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moving into the home built in the 1960s
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the austin staged
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major renovations adding an entire floor
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and more than one thousand square feet
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of space
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along with a deck new floors a fireplace
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and new appliances
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then they got it appraised i read the
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appraisal i looked at the memory i was
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like this is unbelievable the family
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tells me the appraiser was an older
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white woman and they're convinced
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race was a factor the home appraised for
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989 thousand dollars just one hundred
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thousand dollars more than the austin's
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got it appraised for before they started
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the work despite
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four hundred thousand dollars in
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renovations it was like
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you know it was a slap in the face the
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austins immediately called their lender
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and pushed
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back after a month of escalating their
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complaints they were approved for a
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second appraisal when the day came
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they got creative we had a conversation
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with one of our white friends and she
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was like no problem i'll beat tanisha
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i'll bring over some pictures of my
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family she made our home look like it
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belonged
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to her and it worked so it appears for
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1.482
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yeah which was 50 more than what it
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appraised for
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by a couple weeks prior almost 1.5 500
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thousand dollars more
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the austins were outraged and believe
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this is another ugly result of larger
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systemic
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issues there are implications of the
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ability to create
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generational wealth or pass things on if
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our house is appraised for
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50 less than what than what is valued at
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we know discrimination is in nearly
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every aspect of the home buying process
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and really we need to be addressing it
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as an industry
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discrimination in the housing market
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comes in many forms and has a long
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history in our country
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and in the bay area leading to
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alarmingly low rates of black americans
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owning
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their own home black home ownership lags
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across the country with less than half
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only 44 percent of black americans
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owning their own home in 2020. compare
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that to 74 percent for white americans
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looking at the golden state just 34
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percent of black californians own a home
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in the bay area those numbers are even
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lower just 33 percent of black san
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francisco residents own a home
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compared to 61 percent of white san
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franciscans the numbers are more drastic
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in san jose with a black home ownership
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rate of 31 percent
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and a white homeownership rate of 65
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percent more than double
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why are we seeing such a great disparity
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there are still
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problems in the housing industry of
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black people being steered away from
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white neighborhoods
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even though that is technically illegal
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or black people are not having the same
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access
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to mortgages that white people have
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according to the national association of
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realtors black applicants are rejected
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for mortgage loans at rates
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three times higher than that of white
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applicants another factor suppressing
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black home ownership
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african americans have nearly doubled
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the amount of student loan debt
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than we see for white home buyers so
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that's just one of the many hurdles
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that african-american home buyers are
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really strapped with
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and holds back their buying power and
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the pandemic has made things worse
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the representative from nar stressed
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closing the homeownership gap
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is essential to closing the wealth gap
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in our country to make that happen
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equity and housing and access to
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affordable homes must be the central
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focus
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the austins agree if we are aware that
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implicit bias
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exists in other systems police school
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why wouldn't they also exist in the
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housing market and then what can we do
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to
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you know fix that there could be help on
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the way in the form of two biden
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administration proposals the first would
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extend
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fifteen thousand dollars in down payment
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assistance for first-time home buyers
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the other
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a 100 billion dollar fund to update
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existing
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and create new affordable housing
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covering race culture and social justice
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julian glover
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abc 7 news
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you
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