Veros Forecasts Nation's 10 Strongest and Weakest Markets
Oct 14, 2007
Proven forecasting technology indicates some markets still
have strong home price appreciation
Santa Ana, CA - October 14, 2007 - Veros Real Estate Solutions, the industry leader in predictive technology, has released its latest quarterly forecast results for Q3 2007 through Q2 2008, revealing the strongest and weakest markets for the next 12 months. Since its initial release in October of 2003, VeroFORECAST continues to be the most accurate forecasting model in the residential real estate market. Based on the company's proprietary forecasting modeling the results clearly indicate that, although there are areas of significant concern, not all markets are experiencing drastic reductions in real estate values. According to Veros, the markets that will experience the strongest growth and, in contrast, the most rapid depreciation in home values for Q3 2007 through Q2 2008 are:
Top 5 Strongest Markets
- Raleigh-Cary, NC (7%)
- Austin-Round Rock, TX (6%)
- Charlotte-Gastonia-Concord, NC-SC (6%)
- Salt Lake City, UT (6%)
- Albuquerque, NM (5%)
Top 5 Weakest Markets
- Palm Bay-Melbourne-Titusville, FL (-9%)
- Sacramento-Arden-Arcade-Roseville, CA (-8%)
- Sarasota-Bradenton-Venice, FL (-7%)
- Cape Coral-Fort Myers, FL (-7%)
- Riverside-San Bernardino-Ontario, CA (-7%)
To foresee these future trends, the VeroFORECAST models are provided market and econometric data for local markets across the country. This study focused on Single Family residences located in metro areas with populations of 500,000 or more. Veros applies over 50 metrics in its calculations. These economic indicators include, but are not limited to interest rates, current inventory, unemployment rates, inflation, population, buildable land and more. Property types, price tiers and geographic locations are all treated and forecasted separately.
"Despite the turmoil we're seeing in the markets right now there are some areas of the country where real estate is holding onto its value, and some where it is actually appreciating," said Veros CEO Darius Bozorgi. "Naturally, we uncovered some markets where home values are falling fairly quickly and will continue to do so over the next year. This knowledge - and the ability to identify it with specificity on a consistent basis - is of great importance to our customers."
For the past four years, Veros has delivered the most reliable forecasting data available to the real estate industry
The company's past quarterly forecasts have been matched against public record data and have proved to be amazingly accurate.. Since the tool can accept client data, or even client assumptions as well, VeroFORECAST can be tailored to the specific needs of the user providing opportunities for stess-testing and other portfolio management or loan pool analysis.
"We've all read a lot of bad news about the housing industry but, while certainly true in many regions of the country, our research indicates that broad generalizations about home price values and market conditions are never entirely correct. There are many variables that must be taken into account to achieve an accurate picture of the actual risk involved in any given market," Bozorgi said. "This quarterly forecast indicates that there is still opportunity for both lenders and consumers in today's market."
VeroFORECAST delivers accurate predictions of future value according to property type, single-family or condominium properties, by region, state, CBSA, county and ZIP code levels. 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 and services, integrated into industry leading companies, are now optimizing millions of profitable decisions throughout the mortgage industry from loan origination through servicing and securitization. Veros provides solutions to control risk and increase profits including automated and secured valuations, fraud and disaster risk detection, portfolio analysis, forecasting and next-generation collateral risk management platforms. Veros is headquartered in Santa Ana, Calif.
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 and services are optimizing millions of profitable decisions throughout the mortgage industry, from loan origination through servicing and securitization. Veros provides solutions to control risk and increase profits including automated valuations, fraud and risk detection, portfolio analysis, forecasting, and next-generation collateral risk management platforms. Veros is headquartered in Santa Ana, California. To order the VeroFORECAST update or receive information on other Veros analytic products and systems, visit www.veros.com or call (866) 458-3767.