SANTA ANA, CA - 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."
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.
Source: Veros Real Estate Solutions