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Mr. Gennaway, who has spent many years appraising property values in the city, was surprised by what happened next.
"In 2005, it was almost impossible to overprice a home," said Mr. Otteau, 29, who has been appraising property from northern New Jersey to Delaware for six years since joining the real estate business that his father has operated for decades.
One pair belongs to his son, Christopher, who logs more than 40,000 miles a year on his Lexus hybrid as he traverses the region appraising property.
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He points out that Fannie Mae has come to dominate all aspects of the mortgage business; the company is now the primary source of software programs used by banks for underwriting mortgages, appraising properties and working out problem loans.
"I hadn't thought about real estate at all, to be honest, but appraising properties sounds like something I might be interested in considering," says Shannah Mendoza, student at a community college in a Los Angeles suburb.
Chubb also appraises property to ensure appropriate coverage.
The Measure M process appraises property based on its open-space value, much less than it is worth with entitlements.
Proposition 13 limited annual property taxes to 1% of the appraised property value and prohibited counties from increasing a property assessment more than 2% a year.
The AMC hires appraisers after examining their credentials, assigns them to appraise properties, and monitors and evaluates their work.
They had received appraisals and mortgages from what Mr. Schumer called predatory lenders who appraised properties at inflated rates.
Soon, Meadows and Isaacs were talking about getting Isaacs to New York, where he took a job with the same appraisal firm and was equally surprised by how much work was required to appraise properties.
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