“General” appraisers may not care about the 1004MC (market conditions addendum), or its replacement. But they should care about what happens next! The 1004MC was created by Fannie Mae/Freddie Mac in response to the economic meltdown around 2009. Appraisers were blamed. Everyone else tried to avoid looking culpable. Especially those who had profited greatly. Our […]
The 1004MC form failed on every important principle of modern science of data analysis. Can we avoid yet another complex, ambiguous monster? What are the simple principles? Data science is new. It replaces much of the old “take a sample” statistics. And we learned this “inferential sample statistics” from professors who learned it in the […]
Market area, District, Neighborhood – what do our directives say? Let’s take a look at standards, education, regulations, and the GSE (Government Sponsored Enterprises). First, let’s set a goal: What is the ideal comparable data to analyze? How big, how similar, and how competitive should it be? Read Part I and Part II of Do […]