Use of Big Data and Automated Valuation Models to Expedite Right of Way Acquisition Processes within the Federal Aid Program Across the Nation

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This project will be a “proof of concept” effort to expedite simplistic valuation/appraisal processes for some Federal aid right of way projects. The project will use the collection and organization of real estate electronic or digital property listings, sales records, and county parcel records data from across the nation. The Federal Highway Administration (FHWA) sees opportunities to harness and use the electronic or digital real estate records to support, streamline and automate some real property valuation processes. Real estate databases have been compiled by county auditors, multiple listing services (MLS), commercial real-state companies, various Federal agencies [Federal Emergency Management Agency (FEMA) Flood Maps], and a myriad of private sources searching for a more efficient way to investigate and evaluate real estate for property taxation, investment analysis/decisions, and the mortgage industry. The ability to access and use the electronic or digital data can result in a better-informed analysis, project time savings, and reduced administrative costs.