CoreLogic Extends HPI Forecasts
Real Estate Industry and Trade Media
Campbell Lewis Communications
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July 29, 2013, Irvine, Calif. –
––New Monthly Feature Provides Five-Year Home Price Forecasts––
CoreLogic® (NYSE: CLGX), a leading residential property information, analytics and services provider, today announced that CoreLogic HPI Forecasts™ has expanded from a two-year forecast horizon to a five-year forecast horizon for national, state, CBSA, county and ZIP code levels.
The CoreLogic HPI Forecasts is available to clients on a subscription basis through the CoreLogic Real Estate Analytics Suite platform. It provides a month-by-month forecast for all 60 months in the forecast that will be updated monthly. The forecasts are based on a new modeling framework that uses a two-step approach to determine both the long-run equilibrium house price and intermediate house prices that take into account short-term fluctuations due to factors, such as the unemployment rate. The HPI Forecasts are offered on single-family combined and single-family combined excluding distressed tiers.
CoreLogic also provides a monthly press version of its CoreLogic HPI™ that incorporates more than 30 years’ worth of repeat sales transactions, representing more than 65 million observations sourced from CoreLogic industry-leading property information and its securities and servicing databases. By the end of the year, a press version of the forecasts will be included in the monthly CoreLogic HPI report that is distributed to the national media.
“We have been providing an intermediate term forecast to home price index clients since 2009 to help them with their modeling activities,” said Ben Graboske, senior vice president, Real Estate and Financial Services for CoreLogic. “The longer forecast window of the CoreLogic five-year HPI Forecasts will be beneficial to modelers in testing various business and stress scenarios.”
Methodology for CoreLogic HPI Forecasts™
Built on CoreLogic HPI, the most comprehensive and current set of monthly home price indices, the CoreLogic HPI Forecasts™ provides a 5-year forecast window and a multi-tier market evaluation, including a tier for non-distressed properties. The CoreLogic HPI Forecasts is based on a two-stage error correction structural modeling framework, combining the equilibrium house price with short-run fluctuations affected by market momentum, mean-reversion, and exogenous economic shocks, such as unemployment rate. The CoreLogic HPI Forecasts is based on the most comprehensive set of monthly home price indices available covering 6,892 ZIP codes (58 percent of total U.S. population), 639 Core Based Statistical Areas (86 percent of total U.S. population) and 1,220 counties (84 percent of total U.S. population) located in all 50 states and the District of Columbia.
Methodology for CoreLogic HPI™
The CoreLogic HPI™ incorporates more than 30 years’ worth of repeat sales transactions, representing more than 65 million observations sourced from CoreLogic industry-leading property information and its securities and servicing databases. The CoreLogic HPI provides a multi-tier market evaluation based on price, time between sales, property type, loan type (conforming vs. nonconforming) and distressed sales. The CoreLogic HPI is a repeat-sales index that tracks increases and decreases in sales prices for the same homes over time, including single-family attached and single-family detached homes, which provides a more accurate "constant-quality" view of pricing trends than basing analysis on all home sales.
The data provided are for use only by the primary recipient or the primary recipient's publication or broadcast. This data may not be re-sold, republished or licensed to any other source, including publications and sources owned by the primary recipient's parent company without prior written permission from CoreLogic. Any CoreLogic data used for publication or broadcast, in whole or in part, must be sourced as coming from CoreLogic, a data and analytics company. For use with broadcast or web content, the citation must directly accompany first reference of the data. If the data are illustrated with maps, charts, graphs or other visual elements, the CoreLogic logo must be included on screen or website. For questions, analysis or interpretation of the data, contact Lori Guyton at email@example.com or Bill Campbell at firstname.lastname@example.org. Data provided may not be modified without the prior written permission of CoreLogic. Do not use the data in any unlawful manner. The data are compiled from public records, contributory databases and proprietary analytics, and its accuracy is dependent upon these sources.
CoreLogic (NYSE: CLGX) is a leading property information, analytics and services provider in the United States and Australia. The company’s combined data from public, contributory and proprietary sources includes over 3.3 billion records spanning more than 40 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information. The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets, transportation and government. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and managed services. Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance and mitigate risk. Headquartered in Irvine, Calif., CoreLogic operates in seven countries. For more information, please visit www.corelogic.com.
CORELOGIC, the CoreLogic logo, CoreLogic HPI and CoreLogic HPI Forecasts are trademarks of CoreLogic, Inc. and/or its subsidiaries.