VeroFORECAST's Super Bowl XLVI Housing Summary Forecast
Feb 02, 2012
Veros analytics offers a forecast on how the hometowns of Super Bowl XLVI teams will fare in the housing market for the coming year.
Santa Ana, Calif. – Feb. 2, 2012 –Veros Real Estate Solutions (Veros), an industry leader in collateral valuation technology, enterprise risk management, and predictive analytics, can’t predict whether the New England Patriots or the New York Giants will win Super Bowl XLVI on Sunday, Feb. 5. However, its real estate market forecast tool, VeroFORECAST, can provide some insight into the housing market where the stadiums for each team resides for the coming year, ending February 1, 2012.
New England Patriots
Gillette Stadium, home of the New England Patriots, resides in Foxborough, Mass., approximately 21 miles southwest of downtown Boston. VeroFORECAST foresees a relatively stable and flat market with only 0.7 percent depreciation forecasted for the Foxborough area over the next 12 months due to favorable interest rates. Housing supply is currently down by more than half from the peak of the housing crisis and unemployment rates are in the mid six-percent range, which is better than the national average at 8.7 percent. Thus, there is not an expectation of significantly depressed housing prices.
New York Giants
MetLife Stadium, home of the New York Giants is located in East Rutherford, New Jersey and is the most expensive NFL stadium ever built, as well as the largest stadium in the NFL in terms of permanent seating capacity. A part of the New York Metropolitan area, East Rutherford is forecast to see depreciation during the next year of 3.6 percent in its market. Housing supply has remained constant for an extended period of time without significant declines. The unemployment rate has stayed near the national average, previously stated to be at 8.7 percent.
As host city to Super Bowl XLVI, Indianapolis’ housing market is forecasted to appreciate 0.9 percent in the coming year. The market did not experience the big run up in prices associated with many other still struggling markets and housing supply overall appears healthy. Affordability here remains steady with the unemployment rate hovering around the national average. Thus the outlook for home prices looks positive for the future with no significant upward or downward pressures.
Veros’ most recent VeroFORECAST for the national housing market for the 12-month period ending December 1, 2012 can be found in the company’s online newsroom. Additional commentary on the housing forecast can be found in its’ recent podcast on iTunes.
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 offers valuation platform solutions to lenders, servicers, investors and vendors, allowing users to order, route and review the full spectrum of collateral valuation products. 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. For additional information, visit www.veros.com or call (866) 458-3767.