This case involves multiple lenders in who lost a significant amount of money through investing in the real estate market. The homes were located in Kansas City, Missouri, and were purchased by a real estate management firm that intended to refurbish the properties and offer them as rental homes. Before the properties in question were appraised, they went into foreclosure, causing the lenders to claim that the appraisals could not have reflected the overall decline of the housing market. In order to expound on residential real estate data analytics, an expert perspective was needed.
Question(s) For Expert Witness
- 1. Please describe your experience with real estate market analytics and housing markets.
Expert Witness Response E-093784
I was formerly responsible for an $80 billion real estate group within a major American Bank, and a university professor at two top global universities. I have lectured on topics and cases similar to this one; based on a career in the field, I am very familiar with real estate capital markets and financing, particularly on real estate values.
Expert Witness Response E-094609
I am a valuation analyst consultant for mutual funds and have spent the past three years as a professor of real estate after obtaining a PhD in real estate. One of the classes I teach is commercial valuation instruction, which includes residential market analysis, so this is something I am very familiar with. For this specific case, I would have used a hedonic pricing model.