First American Financial Corporation
COMPARABILITY SCORE USING MULTI-CHARACTERISTIC DIMENSION REDUCTION METHOD

Abstract:

The disclosure describes systems and methods for measuring the multi-characteristic degree of comparability of a subject property and each of a set of potential comparable properties searched in one or more databases based on geographical proximity to the subject property and most recent sale date. A multi-characteristic dimension reduction method may be used that includes derived importance weights of property characteristics to create an objective measure of comparability distance, between a subject property and a compared property. The measure may be applied to calculate the comparability distances for all potential comparable properties. The distance measure may be applied to calculate the distances for all comparable properties selected on an appraisal. The distances of the appraisal selected comparable properties may be compared to the distances for all searched potential comparable properties to score or otherwise assess the appropriateness of an appraiser selected dataset.