CoreLogic (CLGX) expanded its Home Price Index Forecast from a two-year forecast to a five-year forecast horizon for national, state, CBSA, county and ZIP code levels, the company announced Monday.
Available to clients on a subscription basis through the CoreLogic Real Estate Analytics Suite platform, the HPI provides a month-by-month forecast for all 60 months in the forecast that will be updated monthly.
The home price forecast is based on a new modeling framework that uses a two-step approach to determine both the long-run equilibrium house price and intermediate house prices that take into account short-term fluctuations due to factors such as the unemployment rate.
CoreLogic also offers a monthly pass version of its HPI that incorporates more than 30 years' worth of repeat sales transactions, representing more than 65 million observations sourced from CoreLogic data.
By the end of 2013, a press version of the forecasts will be included in the monthly CoreLogic HPI report that is distributed to the national media.
"We have been providing an intermediate term forecast to home price index clients since 2009 to help them with their modeling activities," said Ben Graboske, senior vice president of real estate and financial services for CoreLogic.
"The longer forecast window of the CoreLogic five-year HPI Forecasts will be beneficial to modelers in testing various business and stress scenarios."