In June 2021, President Joe Biden announced the creation of the Interagency Task Force on Property Appraisal and Valuation Equity (PAVE) to root out racial and ethnic bias in home valuations after a report from the Federal Home Loan Mortgage Corporation found that appraisals for home purchases in majority-Black and majority-Latino neighborhoods were roughly twice as likely to result in a value below the actual contract price compared to appraisals in predominantly-white neighborhoods.
