VeroHPI, the proprietary home price index of Veros Real Estate Solutions, will be made available for commercial use for the first time, the company announced Monday.
Lenders, secondary marketers, servicers and analysts will now have direct access to information that was previously only accessible in Veros products. The information in the VeroHPI includes analytics with a repeat sales index.
"This data has never been made available for use outside of Veros' own analytic tools and solutions," said Eric Fox, vice president of statistical modeling and economics for Veros.
Fox added, "In addition to the repeat sales models, our HPI is fueled by 'purchase only' transactions. This filter offers yet another measure to ensure accuracy and clarity that can be lost if other sources of data, such as refinance appraisals, are used."
Veros’ repeat sales methodology compares two or more sales prices of the same property over a longer period of time to make sure the price changes are measured as on point as possible.
"Simplistic methodologies are not good enough for today’s more complex market," said Fox, who noted that Veros has been receiving requests for these highly accurate indices.
The VeroHPI data has powered the company’s proprietary analytics with extraordinary results since the company’s beginnings.
"We expect the index to be enthusiastically adopted by the industry’s securities investors, portfolio lenders and servicing operations, as well as the numerous other groups responsible for monitoring industry trends, determining capital reserves and making quality assessments of property value on large pools of loans," said Fox.