The Lender Processing Services (LPS) house price index tracks real estate owned discounts at the ZIP code level. And it may be this feature that lured Moody's Analytics to begin offering the HPI to its clients. Moody's will begin feeding the LPS HPI through its data platform, DataBuffet. Clients who use this delivery service are typically investors with exposure to collateral performance in residential mortgage-backed securities. The addition of REO price fluctuations will correct distortions that would occur in HPIs that do not separate distressed and nondistressed housing prices. "The LPS HPI is a strong addition to our comprehensive repository of data on the U.S. housing market," said Karl Zandi, managing director of data services at Moody's Analytics. "Housing is a key component of the U.S. economy and, in this fast-changing environment, having a house price index that is updated frequently and has broad coverage is very important," he added. Write to Jacob Gaffney. Follow him on Twitter @jacobgaffney.