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The Best And Worst Real Estate Markets Are …

Veros Real Estate Solutions (Veros), a provider of enterprise risk management, collateral valuation services and predictive analytics, reports that residential market values will continue their overall upward trends during the next 12 months, with overall annual forecast appreciation of +4.2% which is higher than last quarter’s forecast appreciation of +4.0%. And, only 3% of markets are expected to depreciate, which is the same as last quarter’s forecast.

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This insight comes from the company’s most recent VeroFORECAST, a quarterly national real estate market forecast for the 12-month period ending December 1, 2018.

“Our Q4 VeroFORECAST is continuing to show the market as very strong for the overall U.S. residential real estate market,” says Eric Fox, VP of Statistical and Economic Modeling at Veros. “Washington State is set to boom– occupying all of the Top 5 market spots. This has never happened before with one state occupying all of the top positions. Seattle is #1 with expected appreciation of over 12% followed by other Washington markets of Bellingham, Bremerton, Kennewick, and Mount Vernon all near 10%. These markets show no signs of letting up as supply of homes is exceedingly low and population continues to grow.”

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Fox continues, “Metro areas in Colorado, Idaho, Oregon, and Washington comprise the remaining metro areas in the Top 10. If you want strong appreciation, move to the Northwest portion of the U.S. “

Conversely, 12 of the bottom 25 markets are in the Northeastern states of Connecticut, New Jersey, Maine, West Virginia, Maryland, Pennsylvania, and New York. Bangor, Maine is forecast to be the worst performing market with 2.0% depreciation with the markets of Bridgeport, Longview, Vineland, and Atlantic City forecast to have approximately 1.0% depreciation over the coming year.

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“Unfortunately, the fundamentals of these markets remain static with flat or declining populations and relatively high unemployment rates,” Fox explains. “These factors contribute to a high housing supply with low demand that are unlikely to change anytime soon.”

“Some interesting trends are also emerging with this forecast. Parts of California are starting to see an uptick in forecast appreciation with top performing markets such as San Diego, San Jose, Los Angeles, and Sacramento expected to have appreciation from 7.5% to 8.0% which is up from 6.5% to 7.5% from the last update.” Fox continues, “Also, many Texas markets are softening with Dallas and Austin losing 1% in forecast appreciation since the last update.”

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Veros Projects More Home Appreciation In 2017

Veros projects that residential market values will continue their overall upward trend during the next 12 months, with overall annual forecast appreciation of +3.7% (up slightly from last quarter’s +3.5%). The insight comes from the company’s most recent VeroFORECAST, a quarterly national real estate market forecast for the 12-month period ending December 1, 2017.

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“Although we expect to see interest rates increasing and inflation ramping up, the overall labor market is expected to remain strong. These effects will essentially offset each other, and allow the overall national forecast to remain strong, and consistent with what has been predicted and observed in previous forecast updates,” says Eric Fox, VP of Statistical and Economic Modeling at Veros.

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Interestingly, Washington, Oregon, and Colorado monopolized the top positions in all of 2016, and continue to hold 9 of the top 10 markets in the forecast for the next 12 months. Seattle and Denver lead the way in the #1 and #2 spots with forecast appreciation of 10.9% and 10.2%, respectively. Bend, OR, Portland, OR, and Bremerton, WA round out the top five markets, and the northwest states of Washington, Oregon, Idaho, and Colorado represent 17 of the top 25 forecast markets demonstrating continued record-setting geographic concentration.

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On trend with last quarter’s forecast, the weakest five performing markets are expected to depreciate between 1% to 2.5%. “Thus, even these worst performing markets won’t see a significant drop,” says Fox. The worst performing market this quarter is expected to be Poughkeepsie, NY (- 2.5%). Binghampton, NY (-1.9%), Atlantic City (-1.8%), Cumberland, MD (-1.7%), and Vineland, NJ (-1.3%) rounds out the weakest five. Record geographic concentration also persists on the weaker end of the forecast spectrum with 6 of the 10 weakest markets residing in New Jersey, the Hudson Valley region of New York, and Connecticut.

In comparison to last quarter, VeroFORECAST predicts continued softening in the once-hot markets of South Florida and the Bay Area. Markets such as San Francisco and San Jose are down again by 1% to forecasts in the 5% range. Likewise, South Florida markets such as Miami and Fort Myers are down another 1% to forecast at the 4% range.

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Progress In Lending
The Place For Thought Leaders And Visionaries

Enhancing Valuation Management

Veros has completed enhancements to VeroSELECT. The enhancement allows for the integration of two existing tools, VeroBPO and VeroPHOTO Plus, directly into VeroSELECT’s fully transparent collateral risk management platform. Here’s what the enhancements accomplish:

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Designed to deliver maximum valuation insights with quick and intuitive access to critical valuation tools, the new interface lets users order broker price opinions (BPOs) and property condition reports (PCRs) directly from VeroSELECT’s multifunctional interface. Users can also continue to run models from Veros’ flagship AVM, VeroVALUE, or any of the industry’s other top-performing AVMs. The system’s efficiency and intuitive logic make it possible to manage transactional and portfolio AVM strategies as well as design AVM cascades ranging from straight-forward to highly sophisticated. Complemented by self-service administration and centralized reports, VeroSELECT’s interface is highly intuitive, and requires very little training.

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“VeroSELECT has been considered one of the most stable and versatile valuation management platforms available in the marketplace,” comments David Rasmussen, senior vice president of operations for Veros. “The enhanced VeroSELECT gives access to a menu of valuation tools available from one centralized interface and maintains the platform’s ability to cater to the power valuation users who require complex AVM cascade logic with real-time data access.”

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The enhanced VeroSELECT upholds Veros’ commitment to comprehensive compliance and audit controls through all system and product applications. Known within the industry for its superior system uptimes, speed, transparency and overall reliability, VeroSELECT is a reliable enterprise platform that quickly delivers an extensive range of critical valuation data.
 
Monitored 24 hours a day, 365 days a year, Veros’ colocation facilities are in multiple U.S. regions, each with fail-over capability and data redundancy. Veros uses a comprehensive framework to protect information, operations, and assets against natural or man-made threats, and its systems are compliant with SSAE 16, NIST-800-53, and FISMA audits. “The valuations provided are one critical part of the equation for our customers,” concludes Rasmussen, “but where VeroSELECT stands apart is through the strength, consistency, and security of Veros’ underlying technology.”

Progress In Lending
The Place For Thought Leaders And Visionaries

Veros Releases Housing Forecast

Veros released its most recent VeroFORECAST, a quarterly national real estate market forecast for the 12-month period ending December 1, 2016.

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The VeroFORECAST report indicates residential market values will continue their overall upward trend during the next 12 months, with overall annual appreciation rising to +4.4% (from its Q3-2015 forecast of +3.6%) with 94% of markets forecast to appreciate. “Our current VeroFORECAST update continues to show increasing strength for the next year and above last quarter’s update,” says Eric Fox, VP of Statistical and Economic Modeling at Veros.

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“However in the 13 to 24 month forecast window, we expect the rate of appreciation to slow down with this forecast period expecting only +2.3% appreciation. The primary driver for this weakening can be attributed to tightening already begun by the Fed which is likely to cause mortgage interest rates to begin ticking upward. We don’t see dramatic increases in interest rates or a repeat of 2007 price declines. At this point, it simply looks like a slowing of the increase in house prices as we get into well into 2016 and 2017.”

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“The top forecast markets are all showing appreciation in the 10% range with the Pacific Northwest getting very hot,” continues Fox. “Portland, Seattle, and Bend are numbers 1, 2, and 4 in the nation, respectively. Denver and San Francisco continue to be strong as well rounding out the Top 5. Most of these markets have strong economies, growing populations, and month’s supply of homes around 2.0 months or less. With these conditions, it is difficult for these markets to do anything other than appreciate at a good clip. Oregon, Washington, and North Carolina showed the biggest gains in one-year forecast levels from last quarter’s update. Top performing markets continue to confine themselves to California, Colorado, Florida, Washington, and Oregon which comprise 21 of the Top 25 forecast markets.”

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The forecast bottom markets are expected to be in the eastern portion of the U.S. New Jersey, Connecticut, parts of New York, West Virginia, Alabama, and parts of Pennsylvania account for well over half of the bottom 25 markets. However even these expected poorest performing of markets are only expected to depreciate slightly or be flat.

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The Place For Thought Leaders And Visionaries

New Electronic Appraisal Delivery Tool Emerges

Veros Real Estate Solutions (Veros), an enterprise risk management, collateral valuation services and predictive analytics provider, has launched the new “Preview” feature for Electronic Appraisal Delivery (EAD) portal submission to FHA. This preview is available through the firm’s proprietary connection to EAD known as PATHWAY, a technology already actively submitting appraisals to the portal well in advance of the FHA mandate.

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This feature is specifically focused on helping FHA lenders conduct their appraisal quality control checks earlier in the loan endorsement process. The EAD Preview functionality is similar to that which Veros offers through its platforms for Uniform Collateral Data Portal (UCDP) appraisals, but is specific to the warnings and hard stops published by FHA. Technology vendors can also adopt Veros’ reliable system-to-system connections to facilitate previews and submissions on behalf of their FHA lender customers.

“Early adoption for both the submission process as well as a quality control process, such as PATHWAY’s ‘Preview’, is critical for a smooth transition into EAD,” states Chuck Rumfola, senior vice president of strategic operations for Veros. “The industry lived through a similar transition in the adoption of the Uniform Appraisal Dataset and UCDP requirements for the GSEs just over five years ago, but it’s important we don’t lose site that FHA is a different entity with its own requirements and has a unique operational process. We must also bear in mind how swiftly the June 27th mandate will be upon us.”

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Technology solutions such as that provided by Veros are making it easier for lenders and technology providers to make the necessary connections to both EAD and UCDP in a single solution. Adding functionality early in the loan manufacturing process to quickly detect and resolve issues specific to investor or insurer policies drives better all-around loan quality and streamlines deliveries into the secondary market. Pathway allows stakeholders to manage these deliveries on one platform regardless of a loan’s ultimate destination. Veros provides its proven support in managing all integrations to secondary market systems so Pathway customers have one less item to worry about.

Veros is at the forefront of the industry in regard to its secondary market portal submission capabilities as the first technology firm to establish a complete integration to EAD and the first to provide a complete Preview. The firm is also the technology provider selected by Fannie Mae and Freddie Mac to design, build and maintain the UCDP and was similarly selected by FHA to design, build and manage EAD. Veros offers its own proprietary system solutions separate and apart from these systems, and in a highly integrated, reliable and secure environment.

Progress In Lending
The Place For Thought Leaders And Visionaries

Veros Data Looks At The State Of The Market

Now in its 15th year, Veros Real Estate Solutions (Veros), a provider of enterprise risk management, collateral valuation services and predictive analytics, forecasts the vitality and expected market changes of the U.S. residential market for 2016. The company released its most recent VeroFORECAST, a quarterly national real estate market forecast for the 12-month period ending December 1, 2016.

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The VeroFORECAST report indicates residential market values will continue their overall upward trend during the next 12 months, with overall annual appreciation rising to +4.4% (from its Q3-2015 forecast of +3.6%) with 94% of markets forecast to appreciate. “Our current VeroFORECAST update continues to show increasing strength for the next year and above last quarter’s update,” says Eric Fox, VP of Statistical and Economic Modeling at Veros. “However in the 13 to 24 month forecast window, we expect the rate of appreciation to slow down with this forecast period expecting only +2.3% appreciation. The primary driver for this weakening can be attributed to tightening already begun by the Fed which is likely to cause mortgage interest rates to begin ticking upward. We don’t see dramatic increases in interest rates or a repeat of 2007 price declines. At this point, it simply looks like a slowing of the increase in house prices as we get into well into 2016 and 2017.”

Featured Sponsors:

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“The top forecast markets are all showing appreciation in the 10% range with the Pacific Northwest getting very hot,” continues Fox. “Portland, Seattle, and Bend are numbers 1, 2, and 4 in the nation, respectively. Denver and San Francisco continue to be strong as well rounding out the Top 5. Most of these markets have strong economies, growing populations, and month’s supply of homes around 2.0 months or less. With these conditions, it is difficult for these markets to do anything other than appreciate at a good clip. Oregon, Washington, and North Carolina showed the biggest gains in one-year forecast levels from last quarter’s update. Top performing markets continue to confine themselves to California, Colorado, Florida, Washington, and Oregon which comprise 21 of the Top 25 forecast markets.”

The forecast bottom markets are expected to be in the eastern portion of the U.S. New Jersey, Connecticut, parts of New York, West Virginia, Alabama, and parts of Pennsylvania account for well over half of the bottom 25 markets. However even these expected poorest performing of markets are only expected to depreciate slightly or be flat.

Progress In Lending
The Place For Thought Leaders And Visionaries

Simplifying Appraisal Ordering And Management

With a mortgage process that is becoming more complex by the day, lenders need to simplify and streamline. A good example is the appraisal process. These days lenders need the ability to simplify and enrich their valuation review process while enhancing their vendor management capabilities. Here’s one idea:

Veros has enhanced its Sapphire application to help lenders manage their appraisals. Sapphire is a SaaS-based property valuation management platform that allows for quick adoption into the loan processing workflow, with flexibility that enables configuration to specific and unique operational needs. With modules including Order, Review, Reporting and Appraiser Panel Management (APM), Sapphire’s latest enhancements correlate with Veros’ objective of continual product strengthening.

Highlights include:

Enhanced Payment Processing: Sapphire offers users increased flexibility in managing the payment requirements associated with the ordering of appraisals, broker price opinions or other valuation tools. Continuing to deliver a secure portal for sensitive financial data, Sapphire’s enhanced payment processing capabilities provides versatility in how system and service fees are routed, as well as in the management of direct payments to appraisers or other valuation vendors.

Ordering By Zone: In tune with the evolution of appraisal ordering for territories more specifically defined than ZIP codes and counties, Sapphire allows users to establish ordering rules for valuation providers based upon configurable ‘zones’. From geographic areas down to specific neighborhoods, Sapphire enables users to select the optimum vendor (appraiser, AMC, broker or other) based upon expertise to a highly specialized location.

Unified Supporting Data: Eliminating the necessity of searching multiple external data sources to verify the contents of appraisal reports, Sapphire displays public records data related to the subject property and displays it when an appraisal is being reviewed within the system’s interface. Enhancing reviewer efficiency and standardizing data sources, Sapphire users can now instantly see relevant data culled from reliable sources. Additionally, Sapphire will filter the available data and display them on maps that can be toggled between street and satellite views. Through this functionality, reviewers can also adjust the parameters for comparable data and instantly review new properties in order to better validate the data contained within the valuation, determine next steps and reduce possible risk.

“Sapphire was designed to enable conscientious institutions to stay compliant with ever-evolving regulations and requirements in an intuitive and user-friendly interface for property valuation management,” said David Rasmussen, senior vice president of operations for Veros. “These enhancements are another step down that road as we continually augment our SaaS-based valuation tools.”

About The Author

[author_bio]

Tony Garritano
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 tony@progressinlending.com.

Executive Spotlight: Charles Rumfola of Veros

Charles_RumfolaThis week, the subject is appraisal scoring and the expert on this topic is Charles Rumfola, senior vice president of strategic initiatives at Santa Ana, Calif.-based Veros.

Q: How would you categorize the state of today’s appraisal scoring efforts?

Charles Rumfola: In many ways, appraisal scoring is a new frontier for lenders, one where the true benefits have yet to be fully explored and appreciated. Appraisals have been scored for quite a long time in one way or another, but scores were generally not an indication of the valuation’s accuracy so much as they were a measure of completeness and compliance with required field data standards.

It was clear, however, that appraisal scoring tools could do much more to reduce risk and accelerate decisions in the lending process, not unlike the way credit scores have served those purposes for over a generation. In a collaborative effort by many in the industry, the UAD, or Uniform Appraisal Dataset, was created to standardize the information contained in the appraisal report. The UAD paved the way for the digital initiatives that followed, including the development of advanced appraisal analysis.

The valuation industry, and specifically Veros, is now applying more scientific approaches in order to come up with scoring technologies that truly deliver on the concept’s promise. Our VeroSCORE product is the latest achievement in that effort.

Q: How can investors regain confidence through improved appraisal scoring solutions?

Charles Rumfola: Appraisal scores that are thorough and granular, created and delivered by a qualified and impartial third party, bring a great deal of transparency for investors. Unlike previous appraisal scores that were overly simplistic, the new generation of scoring tools explores multiple relevant dimensions of the valuation process, with detail that truly brings light to how the appraiser arrived at the value estimate, adding greatly to investor confidence levels.

The familiar dimensions of completeness, to make certain no necessary fields are left out, and compliance, to ensure that data is in the correct format, are a given. The addition of the more critical dimensions of credibility and complexity, pioneered by Veros, make the advanced scores truly useful for lenders and investors alike.

Veros’ credibility scores assess the quality and applicability of the data used throughout the appraisal report, along with measurements against reliable data sources regarding fine details on the comparable sales used in the valuation. Our complexity scores look at the degree of difficulty involved with the particular appraisal, scouring data for unusual property characteristics and other elements in the transaction that affect the challenges the appraiser had to deal with in coming up with the value estimate.

These elements give investors the ability to drill down, bringing new capabilities for informed investment while summarizing with numerical scores as a guide for decision-making. This extensive scoring ability has not been available to the industry until recently, with VeroSCORE.

Q: How are the FHA and the GSEs using digital appraisal submission technology as part of their operations?

Charles Rumfola: The GSEs are using electronic appraisal submission for all the loans they buy across their entire operations, and FHA’s adoption is under way. This is a major improvement, as before the creation of the UCDP (Uniform Collateral Data Portal) and FHA’s EAD (Electronic Appraisal Delivery) portal, everything was analog and valuations were not analyzed prior to loan submission.

The creation of the UAD was a milestone, but it needed the portal in order to begin to realize its full potential. When you create policy in business or government, you need a means to enforce that policy in order to make it effective. The portal accomplished that, and with digital submissions now the standard procedure, the agencies have the ability to perform multiple analyses to root out appraisal concerns before they accept complete loan files. Transparency is enhanced, repurchases are reduced and risk control is improved.

Veros was very pleased to have been selected to build and operate these portals by the GSEs, and to have been similarly selected to build EAD for FHA. The result was an important milestone for Fannie Mae, Freddie Mac and the industry they serve.

Consider for a moment what this technology has led to. Digital submissions, first of appraisals and later of complete files, have had many positive implications, not the least of which is the most pristine portfolio of quality loans in the agencies’ history. Transparency is at its height, and the GSEs are seeing increased quality and have reduced their reps and warrants requirements. The discussions are shifting toward evolving the GSE model rather eliminating it altogether, particularly since there is no obvious replacement at hand to provide liquidity for housing.

Conversations at this year’s MBA Secondary Conference centered around what it will take to bring private money back to mortgage investments on a large scale, and whether it can even happen. We believe that it will take many things, including greatly increased transparency for investors in the process. A private sector version of the UCDP and the EAD is an obvious start to creating the needed visibility into loan quality and it is one that is not difficult to achieve since the technology is in place.

Veros’ technology has touched nearly 18 million loans through these portals, and the approach has clearly proved itself sustainable and beneficial. Once the spreads increase sufficiently for RMBS to become more economically attractive, private investors will require an industry standard for appraisal and loan file submission, very much like that currently available to FHA and the GSEs. We are already working on making that happen.

Q: The appraisal process has been under criticism for being too subjective. How can technology reduce the level of subjectivity in appraisals?

Charles Rumfola: The short answer: through science and data. We have been in a data-rich environment for years now, following an era where data was in short supply and we lacked the benefits of the UAD. But having so much of it means the quality and veracity of the data has to be questioned and closely examined. Creating analytics that can help understand, interpret and validate data is part of the solution for making valuations more objective, along with a thorough understanding of the appraisal process.

Appraising is inherently subjective and that’s not a bad thing, since you want an appraiser’s local knowledge and years of experience brought to bear in the process. At the same time, you want to make certain the appraiser interprets the data available in a fashion that plays to his or her professional strengths and doesn’t result in a valuation that is inadvertently influenced by flaws in the information they are using.

Technology has the ability to look at tremendous amounts of data quickly and pick up on trends, probabilities and anomalies. The portal technology has enabled the GSEs (and soon FHA) to look at 100% of the appraisals pre-purchase and make informed decisions, resulting in better risk management and more accurate valuations.

Applying the right technology helps reduce incorrect assumptions and empowers users to make stronger, more supported decisions. This is what our next-generation appraisal scoring technology is designed to do, reducing risk for all parties involved, from originators to investors, whether public or private. In the final analysis, it takes great science to produce great results. That’s where we focus our efforts.

Veros is online at www.veros.com.

Phil Hall has been (among other things) a United Nations-based radio journalist, the president of a public relations and marketing agency, a financial magazine editor, the author of six books and a horror movie actor. Also, as you will discover, he is not shy about stating his views.

Partners Seek Valuation Accuracy

Veros, a provider of the automated valuation model (AVM) VeroVALUE and a reseller of other top-performing AVMs, has been integrated into San Jose, California-based CalyxSoftware’s Pointsoftware. Calyx Software is a provider of loan marketing, originating and processing software. Through the integration, Veros provides immediate access to VeroVALUE and other respected AVMs for Point users, along with formulated AVM cascades that use popular industry AVMs in succession to increase user hit rates.

VeroVALUE is a consistent high performer in industry tests, bringing perspective and accuracy to valuation efforts in support of lending decisions, portfolio analysis and risk reduction strategies. Veros also offers a variety of AVMs from other companies, all vetted to meet Veros’ high standards.

“In talking with VeroVALUE users, I was pleasantly surprised to learn the accuracy of their AVM when compared to other AVM vendors they tested,” said Dennis Boggs, executive vice president, business development for Calyx Software. “One user said, ‘We feel safer using VeroVALUE due to Veros’ conservative approach. The other vendors we tested didn’t apply any standard deviation and their results were all over the place – up to 30% off compared to the appraised values,’” Boggs related. “With the new VeroVALUE interface, users will now have improved ease in ordering from within Point, save time by not having to re-enter data, and have the value returned in a PDF file that is automatically saved in Point’s Document Storage,” he said, adding, “We love that.”

AVMs have long been a staple of the lending industry, providing fast, objective and inexpensive valuation information for a variety of uses. Evolved modeling techniques and a wealth of available data have combined to make AVMs much more accurate and reliable, increasing their importance in mortgage transactions in recent years.

“Partnering with Calyx to make highly accurate AVMs from Veros and others immediately available is a very positive development for Point users,” said David Rasmussen, senior vice president of operations for Veros. “Lenders, brokers and other Calyx users are able to make better and faster decisions to improve loan performance and reduce risk by using technologies from Calyx and Veros,” he said. “We are delighted to be part of their reliable network.”

About The Author

[author_bio]

Tony Garritano
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 tony@progressinlending.com.

Don’t Count On Home Appreciation

Veros says that approximately 80 percent of the country’s real estate markets are forecast to appreciate in value during the next 12 months while 20 percent are forecast to experience depreciation, and all but the most upbeat markets are slowing in their value improvements. This insight is from the company’s VeroFRECAST national real estate market forecast for the 12-month period ending June 1, 2015, updated quarterly and covering more than 1,000 counties, 340 metro areas, and 13,770 zip codes.

Northern California metro areas lead the rest of the country, while markets in parts of Illinois, New Jersey and Pennsylvania are forecast to be among the poorest performers. Veros’ future home price index (HPI) forecast indicates that, on average for the top 100 metro areas, Veros expects 2.5 percent appreciation over the next 12 months, down from last quarter’s 3.4 percent forecast. This is the eighth consecutive quarter where the index has shown forecast appreciation, but the pace has continued to slow down, according to Eric Fox, Veros’ vice president of statistical and economic modeling and developer of VeroFORECAST.

“San Jose housing supplies are down and San Francisco is seeing a serious housing shortage,” says Fox. “Inventories in both are down 70 percent from their peak in 2008 and demand is outstripping supply, leading to price run-ups and decreased affordability despite low interest rates,” he says. “There just aren’t enough houses available that people can afford to buy, so those that remain are hotly contested.”

The Bottom Five markets have seen slight softening, VeroFORECAST notes. In the previous quarter’s update, the weakest market, Atlantic City, New Jersey, tracked at -2.5 %, faring better than this quarter’s weakest, Rockford, Illinois, at -3.4%. “Rockford real estate is experiencing hard times, going from -2.6% to -3.4% in a single quarter,” Fox says. “The culprit is its 10.4 percent unemployment rate coupled with a flat population growth trend. These are familiar and persistent themes among the weakest markets. In summary, we are still seeing good appreciation in the top markets, but there is definite slowing overall,” he says.

About The Author

[author_bio]

Tony Garritano
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 tony@progressinlending.com.