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作者

来源

JOURNAL OF URBAN ECONOMICS,Vol.111,P.132-143

语言

英文

关键字

Mortgage lending; Collateral; Valuation; Big data; MORTGAGE DEFAULT; INFORMATION; EQUITY

作者单位

[Eriksen, Michael D.] Univ Cincinnati, Dept Finance & Real Estate, Lindner Coll Business, Cincinnati, OH 45221 USA. [Fout, Hamilton B.; Palim, Mark; Rosenblatt, Eric] Fannie Mae, Washington, DC 20005 USA. [Fout, Hamilton B.] Kansas State Univ, Dept Econ, Manhattan, KS 66506 USA. Eriksen, MD (reprint author), Univ Cincinnati, Dept Finance & Real Estate, Lindner Coll Business, Cincinnati, OH 45221 USA. E-Mail: mike.eriksen@uc.edu; hamilton_four@fanniemae.com; mark_palim@fanniemae.com; eric_rosenblatt@fanniemae.com

摘要

A new measure is introduced to analyze the mechanism and extent of appraisal bias of residential property. The primary source of bias identified is in the weights appraisers assign to selected comparable transactions after adjusting for observable attributes. This unequal weighting results in an additional 23% of appraised values being at least equal to contract price. Appraisers were also more likely to bias appraised values for the properties associated with loan officers and real estate brokers they worked with more frequently. These findings offer insights into how appraisers confirmed ever increasing prices leading in to the housing market crash and subsequent Great Recession.