SANTA ANA, Calif., April 2, 2015 (SEND2PRESS NEWSWIRE) -- Veros Real Estate Solutions (Veros), an award-winning industry leader in enterprise risk management, collateral valuation services and predictive analytics, reports that the residential market is gaining momentum with a greater percentage of markets expected to increase in value over the next 12 months, moving upwards to 86% from last quarter's 82%. The latest VeroFORECAST also found two interesting market areas, one on each coast, that reflect both the predicted top and bottom growth areas in the residential market.
The national forecast grew to +3.2% annual appreciation, increasing over the previous VeroFORECAST rate of 2.4%. It is the eleventh consecutive quarter in which the index has shown forecast appreciation, with the pace now indicating an upward trend. This insight comes from the company's most recent VeroFORECAST, a national real estate market forecast for the 12-month period ending March 1, 2016, updated quarterly and covering 967 counties, 333 metro areas, and 13,549 zip codes.
Reminiscent of Dickens' classic story, VeroFORECAST revealed a "Tale of Two Coasts" in the forecast's top and bottom residential markets. Six out of the "Top 10" appreciating markets are located within a 75-mile radius in the Bay Area of California. Conversely, six of the "Bottom 10" are located within a 100-mile radius in the Northeast coastal area.
"We continue to see the same factors influencing the appreciation or depreciation of residential markets across the country," stated Eric Fox, Veros' vice president of statistical and economic modeling and developer of VeroFORECAST. "Unemployment rates, housing supplies, and population trends remain the primary factors affecting the housing market. Their impact is clearly reflected in the market forecasts for these coastal areas."
|Projected Twenty-Five Strongest Markets*|
|1||Santa Rosa-Petaluma, CA||+10.0%|
|2||San Francisco-Oakland-Fremont, CA||+9.9%|
|4||San Jose-Sunnyvale-Santa Clara, CA||+9.2%|
|5||Austin-Round Rock-San Marcos, TX||+8.8%|
|6||Santa Cruz-Watsonville, CA||+8.7%|
|10||Dallas-Fort Worth-Arlington, TX||+8.0%|
|11||Port St. Lucie, FL||+8.0%|
|12||College Station-Bryan, TX||+8.0%|
|14||Houston-Sugar Land-Baytown, TX||+7.6%|
|15||Fort Collins-Loveland, CO||+7.5%|
|16||Coeur d'Alene, ID||+7.5%|
|23||Naples-Marco Island, FL||+6.9%|
|25||Carson City, NV||+6.9%|
Projected Twenty-Five Weakest Markets*
|4||Atlantic City-Hammonton, NJ||-2.4%|
|8||Warner Robins, GA||-1.9%|
|9||New Haven-Milford, CT||-1.9%|
|12||Saginaw-Saginaw Township North, MI||-1.8%|
|14||Hartford-West Hartford-East Hartford, CT||-1.7%|
|19||Ocean City, NJ||-1.3%|
|22||Greensboro-High Point, NC||-0.9%|
|23||Norwich-New London, CT||-0.9%|
|25||Santa Fe, NM||-0.7%|
*Markets demonstrated are for residential real estate in metro areas (typically greater than 100,000 residents) among single-family homes in the median price tier.
Additional forecasts for U.S. markets available to the press upon request.
About Veros Real Estate Solutions:
Veros Real Estate Solutions, a proven leader in enterprise risk management and collateral valuation services, uniquely combines the power of predictive technology, data analytics and industry expertise to deliver advanced automated decisioning solutions. Veros products and services are optimizing millions of profitable decisions throughout the mortgage industry, from loan origination through servicing and securitization. Veros provides solutions to control risk and increase profits including automated valuations, fraud and risk detection, portfolio analysis, forecasting, and next-generation collateral risk management platforms. Veros is headquartered in Santa Ana, Calif. For more information, please visit http://www.veros.com/ or call (866) 458-3767.
About Eric Fox, VP of Statistical and Economic Modeling:
Eric Fox received his M.S. in Statistics and B.S. in Mathematics and Economics from Purdue University, and has more than 22 years of industrial experience in statistical and econometric modeling, probabilistic life methodology development, statistical training, probabilistic design software development, and probabilistic financial/competitive analysis. Fox has published more than 20 technical papers on probabilistic and statistical methods.
INFOGRAPHIC VeroFORECAST Q1-2015 Update