Advances in Automated Valuation Modeling AVM After the Non Agency Mortgage Crisis 1st Edition by Maurizio D’Amato, Tom Kauko 3319497464 9783319497464

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ISBN-10 :  3319497464 

ISBN-13 :  9783319497464

Author:  Maurizio D’Amato, Tom Kauko 

This book addresses several problems related to automated valuation methodologies (AVM). Following the non-agency mortgage crisis, it offers a variety of approaches to improve the efficiency and quality of an automated valuation methodology (AVM) dealing with emerging problems and different contexts. Spatial issue, evolution of AVM standards, multilevel models, fuzzy and rough set applications and quantitative methods to define comparables are just some of the topics discussed.

Advances in Automated Valuation Modeling AVM After the Non Agency Mortgage Crisis 1st Table of contents:

1 A Brief Outline of AVM Models and Standards Evolutions
Abstract
1 Introduction
2 AVM Models Evolution. A Brief Overview
3 AVM Standards Evolution. An Introductory Outline
4 Conclusion
References
2 Appraisal Methods and the Non-Agency Mortgage Crisis
Abstract
1 Introduction
2 A Glance at the 2008 Crisis
3 The Role of Property Valuation Methods Herein
4 Final Remarks
References
3 Automated Valuation Models and Economic Theory
Abstract
1 Introduction
2 Automated Valuation Models and Economic Theory
2.1 The Neoclassical Synthesis
2.2 Neoclassical Economic Theory of the Market
2.3 Rational Choice
2.4 Full Information
2.5 Equilibrium
2.6 The Neoclassical Perfect Market
2.7 Neoclassical Economics, Valuation Theory and AVMs
3 The Theory and Methodology of AVMs
3.1 The Marginalist Revolution
3.2 Methodology of Automated Valuation Models
3.2.1 A Positivist Methodology and the Covering-Law Model
3.3 The Regression Function as General Law
4 Contrasting AVMs and Traditional Valuation Methods
4.1 AVMs, Neoclassical Theory and the Non-agency Mortgage Crisis
5 AVMs for All Seasons? Concluding Remarks
References
AVM, Valuation and Non-Agency Mortgage Crises: Experiences in AVM
4 Automated Valuation Models for the Granting of Mortgage Loans in Germany
Abstract
1 Introduction
2 Valuation for the Granting of Mortgage Loans
3 A Few Statistics on Market Size
4 Selection of Valuation Method
4.1 Preliminary Remarks
5 Owner-Occupied Houses
6 Condominium Apartments
7 Income Capitalisation Approach
7.1 Basic Principles
8 Differences Between the Market Value and Mortgage Lending Value Calculations
9 Depreciated Replacement Cost Approach
9.1 Basic Principles
10 Differences Between the Market Value and Mortgage Lending Value Calculations
11 Sales Comparison Approach
11.1 Basic Principles
12 Preliminary Remarks
13 Purchase Prices Collected by the Land Valuation Boards
14 Land Values (Guideline Land Values)
15 Further Valuation Variables
16 vdpResearch Transaction Database
17 Asking Price Databases
18 Summary
19 Matching Process and Presentation of Results
19.1 Preliminary Remarks
20 Concluding Remarks
Reference
5 An Estimative Model of Automated Valuation Method in Italy
Abstract
1 Introduction
2 Basis of the Valuation
3 Market Segment and Area
4 Appraisal Function
5 Construction of the Appraisal Function
6 Function of the Market Value
7 Function of the Market Rent
8 Appraisal Procedures
9 Market Comparison Method
10 Constant Term
11 Analysis of the Marginal Prices of the Characteristics
12 Analysis of the Marginal Incomes of the Characteristics
13 Analysis of the Marginal Prices and Incomes of the Parameters
14 Cost Method
15 Income Capitalization Method
16 Appraisal Test
17 Conclusions
References
6 Emerging Markets Under Basel III: Can Moral Hazard Lead to Systematic Risk and Fragility? Analysis
Abstract
1 Introduction
2 Literature Review
3 Data and Methodology
4 Data Sources
5 Return Calculation
6 Performance Measure: The Sharpe Ratio
7 Classification of REICs
8 Return Calculation
9 Preliminary Tests
10 Performance Analysis: Sharpe Ratio
11 Concluding Remarks
Appendix 1
Appendix 2
References
7 An Application of Short Tab MCA to Podgorica
Abstract
1 Introduction
2 Short Tab Sales Comparison Approach
3 Conclusions
References
AVM Methodological Challenges: Dealing with the Spatial Issue
8 Spatial Analysis of Residential Real Estate Rental Market with Geoadditive Models
Abstract
1 Introduction
2 Penalized Spline Additive Models and Geostatistical Extension
3 Empirical Analysis
4 Closing Remarks
References
9 A Spatial Analysis for the Real Estate Market Applications
Abstract
1 Introduction
2 The Model
3 The Empirical Investigation
3.1 The Response: House Prices, Price Spreads and Time on the Market
3.2 The Partition: Housing Submarkets
4 Case Study: The Turin Real Estate Market
4.1 Data Choice
4.2 Sample 1
4.3 Sample 2
4.4 Empirical Results Spatial PRV of Housing Prices
4.5 Spatial PRV of Market Liquidity
5 Conclusions
References
10 Location Value Response Surface Model as Automated Valuation Methodology a Case in Bari
Abstract
1 Introduction
2 Location Value Response Surface Models: A Literature Review
3 LVRS Modelling
4 Conclusions and Future Directions of Research
References
11 Further Evaluating the Impact of Kernel and Bandwidth Specifications of Geographically Weighted R
Abstract
1 Introduction and Background
2 Model Descriptions and Estimation Details
3 Model Valuation Performance
4 The Data
5 Results
6 Conclusion
References
12 Dealing with Spatial Modelling in Minsk
Abstract
1 Introduction
2 An Application of AVM Modelling in Minsk
3 Conclusion
References
13 Using Multi Level Modeling Techniques as an AVM Tool: Isolating the Effects of Earthquake Risk fr
Abstract
1 Introduction
2 Modeling the Impact of Shocks on Property Values
3 An Applied Case Study—The Impact of Earthquake Risk on Property Values in Istanbul
3.1 Case Study of Istanbul
3.2 Data
3.3 Method of Estimation
4 Model Results and Research Findings
5 Conclusion
References
14 The Multilevel Model in the Computer-Generated Appraisal: A Case in Palermo
Abstract
1 Introduction
2 Automated Valuation Modelling
3 Valuation Standards
4 On Line International Valuations
5 Real Estate Data Collection
6 Data Sample
7 Sample Statistics
8 Multilevel Model
9 The Model Construction
10 Model’s Results
11 Multilevel Model Validation
12 Appraisal Test
13 Multilevel Estimate
14 Pattern of the AVM
15 Conclusions
References
AVM Methodological Challenges: Non Deterministic Modelling
15 Automated Valuation Methods in Real Estate Market—a Two-Level Fuzzy System
Abstract
1 Difficulties in Using Conventional Hedonic Models to Mass Appraisal
2 Hedonic Price Models
3 Classic and Fuzzy Logics
4 Fuzzy Sets Designed to a Two-Level Fuzzy-Hedonic Mass Appraisal System
4.1 Fuzzy Sets Based on Size
4.2 Fuzzy Sets Based on Distance
5 Developing the Fuzzy-AVM System
6 Models to be Estimated
7 Results Obtained to the Example-System
8 Final Comments
References
16 An Application of RST as Automated Valuation Methodology to Commercial Properties. A Case in Bari
Abstract
1 Introduction
2 Rough Set Theory and Valued Tolerance Relation
3 An Application of Rough Set Theory to a Small Sample of Commercial Properties in the City of Bari
4 Final Remarks
References
AVM Methodological Challenges: Inputs and Models
17 The Theory and Practice of Comparable Selection in Real Estate Valuation
Abstract
1 Introduction
2 The Question of Similarity or Distance
3 Comparable Selection in Real Estate Appraisal—Literature
4 The Weighting Process
5 The Number of Comparable Sales—Case Studies
6 Case Studies
7 Analysis
8 Multiple Regression Models
9 Comparable Sales Results
10 Beijing
11 Scarsdale
12 Discussion of Results
12.1 Beijing
13 Scarsdale
14 Conclusions
References
18 Reducing the Appraisal Bias in Manual Valuations with Decision Support Systems
Abstract
1 Introduction
2 Literature Review
2.1 Valuation Variance
2.2 Anchoring
2.3 Decision Support Systems
3 Research Hypotheses and Research Method
3.1 Construction of the Experiment
3.2 Hypotheses
4 Results
4.1 Description of the Sample
4.2 Testing the Hypotheses
5 Conclusions
References
19 An Application of Regressed Discounted Cash Flow as an Automated Valuation Method: A Case in Bari
Abstract
1 Introduction
2 Theoretical Background
2.1 AVM, DCF, and Regressed DCF
3 Defining Discount Rate and Risk Premium
4 Data and Methodology
5 An Application of Model a in Bari
6 Conclusion
References
20 Automatic Research of the Capitalization Rate for the Residential Automated Valuation: An Experim
Abstract
1 Introduction
2 Background and Literature Review
3 Methods
4 Income Approach
5 The Multiple Regression Models
6 Capitalization Rate Determination
7 International Valuation Standards in the Case Study
8 Case Study
9 Results
10 Conclusions
References
21 Automated Procedures Based on Market Comparison Approach in Italy
Abstract
1 Introduction
2 Literature Review
3 Methods
4 Automated Valuation Methods
5 Market Comparison Approach
6 Methodology Algorithm Implementation
7 Case Study
8 Results
9 Conclusions
References
22 Short Tab Market Comparison Approach. An Application to the Residential Real Estate Market in Bar
Abstract
1 Introduction
2 Short Tab MCA
3 Case Study: Bari
4 Conclusions
References
Conclusions
Glossary

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Tags: Advances, Valuation Modeling, Non Agency, Mortgage Crisis, Maurizio Amato, Tom Kauko