Data junkies rejoice – Quicken Loans is rolling out two new indices that measure home value and home price perception.

The two, the ‘Home Value Index’ and ‘Home Price Perception Index,’ use data from the nation’s second largest retail mortgage lender to demonstrate home value and consumer perception trends in an innovative and unique view of the housing market.

The two indices measures the difference between appraisers’ home value opinions and the opinions of homeowners and homebuyers across the country.

According to Quicken Loans, the HVI and HPPI examine the data by including a national composite, four regional areas and 27 major metro areas.

Both reports will be released on the second Tuesday of every month going forward.

 “Our position as a large and unique 50-state retail lender allows us to access this highly valuable data and create the Quicken Loans HVI and HPPI, which provides insight and perspective never seen before,” explained Quicken Loans Chief Economist Bob Walters.

The HVI and HPPI are different from all other indices currently on the market for the following reasons, according to Quicken Loans:

  • There is no lag time. Some indices take as many as two months to report data. The HVI and HPPI will release the monthly data on the second Tuesday of the following month and will report on activity that has occurred as recently as the end of the prior calendar month.
  • The reports are based on appraisals used to make actual lending decisions. Both indexes are based on home appraisals, the single most important piece of information for both purchase and refinance mortgages. These are the first indices to include home values from refinances, adding significantly more and deeper home value information than indices that are only based on home sales.   
  • HPPI is unprecedented. The financial calendar is full of important information, but never before has a report examined the perception gap between appraisers’ opinions and the opinions of homeowners and homebuyers about the value of a property.

“When you pair the HVI and HPPI, you get a glimpse into the housing market that has never been available before,” Walters added. “You see the relationship that actual and perceived value play in the mortgage and housing industries, and how the human psyche influences the decisions consumers make when valuing their home. This information is extremely valuable to those looking to refinance, buy or sell a home, as well as many professional analysts and reporters who follow the U.S. housing markets.”

Click image to enlarge

Click image to enlarge