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Using a confidential nationwide dataset, we document that time adjustments
typically occur in only 10% of cases and are often too small to reflect
market trends. These shortfalls result in anomalous seasonal underappraisal
patterns, and account for roughly half of valuation gaps across neighborhoods.
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Scott Susin is the founder of the Center for Mortgage Access, a policy research organization dedicated to the role of public mortgage finance in expanding equitable access to homeownership. Previously, he served as a Senior Economist at FHFA, the primary regulator of Fannie Mae and Freddie Mac, where he focused on analyzing disparities in mortgage interest rates and home appraisals. At HUD’s Office of Systemic Investigations, Scott led econometric analysis for two of the agency’s largest fair lending settlements, including the then-largest redlining settlement in the U.S..
Scott’s research has been published in leading academic journals and covered in national media, academic handbooks, and textbooks. His studies have explored statistical methods for calculating damages and the effects of subsidized housing on house prices and employment.
Recent Research and Analysis
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Racial and Ethnic Mortgage Rate Disparities, 2000-2023
FHFA Insights Blog
By Scott SusinMortgage borrowers in majority Black and Hispanic census tracts were charged higher interest rates than similarly qualified borrowers in majority white tracts in every year from 2000-2022, but this pattern broke in 2023. Potential explanations and data uncertainties are discussed.
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Underappraisal Disparities and Time Adjustments
FHFA Insights Blog
By Scott SusinSeveral studies document racial and ethnic disparities in underappraisal. Racial disparities in appraisers’ use of time adjustments for local house price growth are one important factor driving these results.
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Underutilization of Appraisal Time Adjustments
FHFA Insights Blog
By Scott SusinAppraisers underutilize time adjustments for local house price growth, even though they can have an important effect on valuations. When made, the adjustments are typically smaller than house price indexes would suggest.
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Land Use Regulation and Enterprise Market Share Across Cities
FHFA Insights Blog
By Scott Susin and William D. LarsonEnterprise market share is lower in cities with low and falling home prices, permissive land use regulation, and high Black and Latino population shares. Their market share is smallest in cities experiencing “Elastic Growth,” where the housing stock grew rapidly without a corresponding increase in house prices.
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