Pro Teck Valuation Services and Collateral Analytics launched a new website to provide a forward-looking, monthly view of the U.S. housing market.
The two companies are joining forces to offer tailor-made home price indices that can predict the drivers of rises and falls in value for the next four years.
The firms will officially launch the product, HomeValueForecast.com, at the Mortgage Bankers Association conference in Chicago next week.
The service is called Home Value Forecast and will look at core based statistical area data as well as ZIP code-level information. The site will also offer regular commentary and analytics on a granular level.
"We have created the closest thing to a real-time analytic platform for the residential real estate market. This allows the user to pull up historical and current trends for prices, sales activity and numerous market-based indicators which tell a much deeper story for the real estate market than currently available home price indexes,” said Michael Sklarz, President of Collateral Analytics. “This is particularly helpful in distressed markets since the user can analyze regular, REO, foreclosure and short sales separately."
Pro Teck CEO Tom O'Grady adds that HVF provides forecasts based on deep market and economic data that can predict the direction of home values down to a neighborhood. "Real estate is a local business. Many HPIs are interesting to see broad trends, but investors need to understand how market drivers impact specific housing assets. We have shown that trends can vary widely between the larger regions that other HPIs track and specific neighborhood trends we are tracking with HVF.”
For an example of where the Home Value Forecast thinks Detroit prices are heading, click the below graph.
Pricing will be tailored according to client need.
Write to Jacob Gaffney.
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