Are Minorities or Minority Neighborhoods More Likely to Get Low Appraisals?

@article{LaCourLittle1998AreMO,
  title={Are Minorities or Minority Neighborhoods More Likely to Get Low Appraisals?},
  author={Michael LaCour-Little and Richard K. Green},
  journal={The Journal of Real Estate Finance and Economics},
  year={1998},
  volume={16},
  pages={301-315}
}
We empirically examine the role of appraisal in the residential mortgage lending process—in particular, the incidence, consequences, and determinants of appraisal below contract purchase price. Using the Boston Federal Reserve Study data set, we find that, as expected, low appraised value significantly increases the probability of mortgage loan application rejection. We find no evidence that low appraised value is related to census tract racial composition, an important finding given the… 
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