Foreclosures and Recessionary Economy

Executive Summary: A Guide to Foreclosure-Related Sales and Verification Procedures  (143 KB)
by the IAAO Research Committee.

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A Guide to Foreclosure-Related Sales and Verification Procedures (includes executive summary)  (612 KB)
by the IAAO Research Committee. 
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This paper addresses three important issues brought on by a significant increase in the number of foreclosures and foreclosure-related sales in many assessment jurisdictions:

  • If and how foreclosure-related sales can be used for computer-assisted mass appraisal (CAMA) or automated valuation model (AVM) modeling, valuation, and sales ratio studies

  • Verification of foreclosure-related sales

  • How assessors can provide information to tax policy officials to help them be more proactive in responding to a significant increase in foreclosure-related sales.

This paper and executive summary were developed by the IAAO Research Committee for informational purposes only and do not necessarily represent a policy position of the International Association of Assessing Officers. This paper is not a Standard. It was developed for the benefit of assessment professionals and exposed to the IAAO membership for their review. All comments received have been reviewed and in many cases incorporated into this final document. This paper was approved for distribution by the IAAO Executive Board on 07/18/2009.

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