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Report Finds Appraisal Gap in Minority Communities

The report found that in mostly Latino neighborhoods, 15.4% of homes appraised came below the contract price, compared to 7.4% of White neighborhoods, making the gap 8%. In mostly Black neighborhoods, 12.5 homes appraised came below contract price, making the gap 5.2%.

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What to Expect with New Flood Insurance Rates

Flood insurance rates through the National Flood Insurance Program are changing beginning Oct. 1 as the new Risk Rating 2.0 is implemented. All new policies will be rated with RR 2.0 as of Oct. 1, and current policies will reflect the RR 2.0 rate as of April 1, 2022. “Some properties in Pennsylvania will see increases, some will see decreases and others will remain the same,” according to Maggie Dunn, outreach coordinator for the Mitigation Division at Federal Emergency Management Agency Region 3, which includes Pennsylvania, Delaware, District of Columbia, Maryland, Virginia and West Virginia.

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