Using New Orleans foreclosure data, where each property has three appraisals, we are able to investigate the factors affecting appraisal bias and accuracy and estimate the magnitude of appraisal accuracy for distressed properties. Unconditional analysis shows that lender appraisal on average is...

Using New Orleans foreclosure data, where each property has three appraisals (borrower, lender, and referee), we are able to investigate the factors affecting appraisal bias and accuracy for distressed properties. Unconditional analysis shows that on average lender appraisals are higher than...