*You Got To Have Fun*
**By Tony Garritano**
***I want to start today’s column by saying that I am not a football fan, but when I got this today I could not resist sharing it because I know a lot of people love football. Veros Real Estate Solutions (Veros), a collateral valuation technology, enterprise risk management, and predictive analytics provider, said that it can’t predict whether the New England Patriots or the New York Giants will win Super Bowl XLVI on Sunday, Feb. 5. However, its real estate market forecast tool, VeroFORECAST, can provide some insight into the housing market where the stadiums for each team resides for the coming year, ending February 1, 2012. Here’s the story:
****New England Patriots
****Gillette Stadium, home of the New England Patriots, resides in Foxborough, Mass., approximately 21 miles southwest of downtown Boston. VeroFORECAST foresees a relatively stable and flat market with only 0.7 percent depreciation forecasted for the Foxborough area over the next 12 months due to favorable interest rates. Housing supply is currently down by more than half from the peak of the housing crisis and unemployment rates are in the mid six-percent range, which is better than the national average at 8.7 percent. Thus, there is not an expectation of significantly depressed housing prices.
****New York Giants
****MetLife Stadium, home of the New York Giants is located in East Rutherford, New Jersey and is the most expensive NFL stadium ever built, as well as the largest stadium in the NFL in terms of permanent seating capacity. A part of the New York Metropolitan area, East Rutherford is forecast to see depreciation during the next year of 3.6 percent in its market. Housing supply has remained constant for an extended period of time without significant declines. The unemployment rate has stayed near the national average, previously stated to be at 8.7 percent.
****As host city to Super Bowl XLVI, Indianapolis’ housing market is forecasted to appreciate 0.9 percent in the coming year. The market did not experience the big run up in prices associated with many other still struggling markets and housing supply overall appears healthy. Affordability here remains steady with the unemployment rate hovering around the national average. Thus the outlook for home prices looks positive for the future with no significant upward or downward pressures.
****Veros’ most recent VeroFORECAST for the national housing market for the 12-month period ending December 1, 2012 can be found in the company’s online newsroom.
****What a hoot. There’s great information here. I hope you enjoyed this as much as I did.
Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at email@example.com.