First American Real Estate Solutions (RESÂ®), the nationÂ's largest provider of property and ownership information and applications, today announced the release of ValuePointÂ®4, the only automated valuation model (AVM) to employ proprietary logic that combines multiple statistical approaches and a reconciliation stage for each county to produce an optimized valuation and a statistically valid confidence score.
ValuePoint4 produces property valuations using real-time public record data; site-inspected property characteristic data obtained from appraisal and Multiple Listing Service databases, and historical sales/appraised value information.
'The path to superior AVM performance requires timely integration of reliable public and private data to drive advanced real estate analytics,' said Rob Walker, executive vice president of collateral solutions for First American RES. 'The development of ValuePoint4 demonstrates our commitment to providing the tools and resources our clients need to quickly and confidently determine property values while incurring less cost and risk.'
First American RES is the only company that controls every aspect of AVM performance, from data collection and standardization to delivery of real-time valuations with supporting information. RES products are delivered through a variety of channels, including Web browsers, XML feeds, private label solutions, licensing agreements, WindowsÂ® desktop software and wireless applications.
With ValuePoint4, users can produce residential value estimates for a single property or thousands of properties that comprise a mortgage portfolio. Users can perform a current market valuation using the industryÂ's most current and comprehensive database, or request a historical property valuation to determine the validity of a prior sales price or appraised value estimate. Additionally, customers can incorporate their own historical appraised values and other customer-specific property information into the proprietary ValuePoint4 database.
ValuePoint4 also features logic that analyzes the transaction history of the subject property and every comparable sale to highlight valuations that incorporate repeated transfers in a limited period of time. With this information, customers can isolate and investigate valuations that may be relying on artificially inflated market sales data, an important quality control step in a rising price environment.
More information about First American RES can be found on the Internet at www.firstamres.com .
(source: First American Real Estate Solutions)