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Evaluating Real Estate Valuation Systems

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Author Info
Shiller, Robert J
Weiss, Allan N

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Abstract

A framework for comparing real estate valuation systems (including automated valuation models (AVMs) and current appraisal methods) is proposed. The density estimation and profit simulation (DEPS) method measures quality of a valuation system by simulating benefits to the mortgage lender who uses this method in mortgage underwriting to limit mortgage portfolio losses due to default. Related simple measures relevant to the selection of a valuation system are also discussed: skewness of the distribution of errors, correlation of valuation errors with current selling price errors, correlation of errors of the valuation system with errors of valuation systems used by competing mortgage lenders, and other measures. Copyright 1999 by Kluwer Academic Publishers

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Publisher Info
Article provided by Springer in its journal Journal of Real Estate Finance & Economics.

Volume (Year): 18 (1999)
Issue (Month): 2 (March)
Pages: 147-61
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Handle: RePEc:kap:jrefec:v:18:y:1999:i:2:p:147-61

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Web page: http://www.springerlink.com/link.asp?id=102945

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  1. Steven Peterson & Albert B. Flanagan, 2009. "Neural Network Hedonic Pricing Models in Mass Real Estate Appraisal," Journal of Real Estate Research, American Real Estate Society, vol. 31(2), pages 147-164. [Downloadable!]
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This page was last updated on 2009-12-4.

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