Appraisers and Valuation Bias: An Empirical Analysis

34 Pages Posted: 3 Aug 2017

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Date Written: Autumn 2017


Using appraisals from a lender across the 2005–2006 period, we find that the association between appraisers’ valuation inflation patterns and work volume varies across states. Moreover, we find a considerable occupational exit for appraisers, and provide evidence that appraisers, as applicants, did not receive better loan pricing compared with the population of applicants. Overall, this article offers novel insights concerning the political economy of financial regulation through the lens of a specific profession.

Suggested Citation

Tzioumis, Konstantinos, Appraisers and Valuation Bias: An Empirical Analysis (Autumn 2017). Real Estate Economics, Vol. 45, Issue 3, pp. 679-712, 2017. Available at SSRN: or

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