Saturday , 23 January 2021

Michael Sklarz and Norm Miller

Michael Sklarz is the President and CEO of Collateral Analytics, a Honolulu based company whose products include automatic valuation models (AVMs), home price indexes and forecasts, and real estate and mortgage market analytics. Michael has more than 25 years of professional experience in real estate research, analysis and real estate technology product development in the United States and global real estate markets. Previously, Michael was Head of Analytics at Fidelity National Financial and Chief Valuation Officer for Fidelity National Information Solutions. Michael was also previously the Director of Research at Locations, Inc., where he helped pioneer the development of new analytic tools and databases to track and forecast local and national real estate markets. Michael holds a B.S. in Engineering Mathematics from Columbia University and a M.S. and Ph.D. in Engineering from the University of Hawaii. He is also a Fellow of The Homer Hoyt Institute. He can be reached at Norm Miller is a Professor and the Ernest W. Hahn Chair of Real Estate Finance at the University of San Diego where he has been since the fall of 2007. He has several dozen highly cited papers on sustainability, workplace trends, housing, valuation and forecasting. He received his Ph.D. from the Ohio State University. He is active on the Editorial Board of several national/international journals and a past President of the American Real Estate Society. Dr. Miller is a research principal with Collateral Analytics, see His book with David Geltner of MIT “Commercial Real Estate Analysis and Investment” is in its third edition and is the leading graduate real estate textbook in the world. He is currently a Homer Hoyt Land Use Institute Faculty and Board member, He can be reached at and his personal website is available at where you can download papers and other files.

Adjusting Loan to Value (LTV) Ratios to Reflect Value Uncertainty

Adjusting Loan to Value Ratios

It is becoming common when ordering appraisals on new loans or refinance applications to also include an AVM (automated valuation model) as these are relatively inexpensive ways to quickly audit value estimates. Aside from concerns over bias in traditional valuation based on most appraisals matching or exceeding the purchase price, value uncertainty should be another concern. Value error is conspicuously …

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