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VEROS RELEASES QUARTERLY U.S. REAL ESTATE FORECAST RESULTS
— VeroFORECAST Assesses the Nation’s Future Strongest and Weakest Markets
through Sept. 2010 with Increased Coverage and Proven Accuracy
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Santa Ana, CA – September 29, 2009 -
Veros Real Estate Solutions has released a
quarterly update to its annual U.S. real estate market forecast known as “VeroFORECAST”.
Giving 12- and 18-month perspectives on the market, the forecast includes an assessment
of the nation’s future strongest and weakest markets and is the industry’s most accurate
and granular residential real estate forecast available.
“The majority of top-performing markets from September 2009 to September 2010 are still
forecast to be in Great Plains area with many good markets in Texas,” explains Veros Vice
President of Technology, Eric Fox. “Coastal California markets are forecast to wake up as
well and begin appreciating. This is in addition to markets we previously identified [in April
2009] as waking up, including San Diego, Boston and Denver.”
Projected 5 Strongest Markets*
1. Beaumont / Port Arthur, TX +5%
2. Boulder, CO +5%
3. Amarillo, TX +5%
4. San Diego, CA +4%
5. Charleston, WV +4%
“It is no surprise the data reveals difficult times remain ahead for markets like Florida,
Nevada and Michigan who will continue to lead as the weakest areas,” continues Fox.
“However, the glimmer of hope revealed in the VeroFORECAST 12-month horizon is that
extreme price drops, such as 20 or 25 percent, in these weakened markets are no longer
expected.”<
Projected 5 Weakest Markets*
1. Reno, NV -12%
2. Las Vegas, NV -11%
3. Palm Bay / Melbourne / Titusville, FL -10%
4. Port St. Lucie / Fort Pierce, FL -9%
5. Miami / Ft. Lauderdale / Miami Beach, FL -9%
VeroFORECAST is a flagship analytics product from the company’s diverse portfolio and
covers more than 80 percent of the U.S. Veros applies more than 50 critical decisioning
factors in its forecast analytics to develop strong and reliable market trend predictions. Key
factors range from interest and unemployment rates, inflation, and housing inventory levels
to an array of economic and geographic trends.
While many forecast suppliers tout the grand spectrum of national or even global levels of
data, VeroFORECAST focuses on getting down to more narrow and detailed levels of
information to stay in step with where real estate decisions are truly made – the local level.
To ensure their property valuations are more meaningful, Veros segments forecasts by
property type (single-family residence vs. townhouse/condo), by three distinct pricing tiers
(upper, middle and entry-level) and by metro area, county and zip code. This specific
combination of forecast attributes makes Veros’ predictive offerings the most
comprehensive and granular among its peers.
VeroFORECAST models have performed with a high degree of accuracy and consistency
during a period characterized by real estate markets ranging from rapidly appreciating to flat
to rapidly depreciating. Due diligence on prior forecast predictions show Veros’ model was
even able to accurately predict the market turn.
“Accurate residential real estate forecasts are in demand by stakeholders who want to make
reliable decisions,” concludes Fox. “In today’s environment of declining home values, lower
LTVs, underwater mortgages and increased risk of defaults, the importance of accurate
models - and moreover – consistent models is greater than ever before. For decision
makers looking for a forecast solution they can use with confidence, VeroFORECAST has
proven to be the only reliable choice.”
To order the VeroFORECAST update or receive information on other Veros analytic
products and systems, visit www.veros.com or call (866) 458-3767.
*Markets demonstrated are for residential real estate in major metro areas among singlefamily
homes in the median price tier.
About Veros Real Estate Solutions
Veros Real Estate Solutions, a proven leader in enterprise risk management and collateral
valuation services, uniquely combines the power of predictive technology, data analytics
and industry expertise to deliver advanced automated decisioning solutions. Veros
products, systems and services, integrated into industry leading companies, are now
optimizing millions of profitable decisions throughout the mortgage industry from origination
to servicing and secondary markets. Veros provides solutions to control risk and increase
profits including automated valuations, fraud and risk detection, portfolio analysis,
forecasting, and next-generation property valuation workflow.
About Eric Fox, VP of Technology
Eric Fox received his M.S. in Statistics and B.S. in Mathematics and Economics from Purdue
University, and has more than 13 years industrial experience in Probabilistic Life Methodology
development, statistical training, probabilistic design software development, and probabilistic
financial/competitive analysis. Fox has published 20 technical papers on probabilistic and statistical
methods. He received the SAE Distinguished Probabilistic Methods Service Award and is Vice
Chairman of the SAE Probabilistic Methods Committee. To schedule an interview with Fox, email
media@veros.com
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