What Will The
Value of Your Home Be
Next Year?
Veros Launches 12 Month Home Price Forecast Over Entire National Coverage
Area
IRVINE, Calif.--March
10, 2003--Veros Software, developer of highly acclaimed VeroVALUE automated property
valuations, introduced its expanded VeroFORECAST solution at the MBA Technology
Show in Orlando, Florida. VeroFORECAST provides mortgage lenders with future home
price forecasts over a twelve month period. Home value forecasting is provided through
the analysis of complex relationships between house prices and numerous economic
variables using Veros' multiple predictive technologies.
"VeroFORECAST is a real breakthrough
in analytic tools for advanced business forecasting," stated Darius Bozorgi, CEO
of Veros Software. "Lenders will now be able to get property-specific or custom
reports to help quantify market stability and risk while focusing marketing efforts.
As you can imagine, this tool serves as an additional component in the development
of our overall collateral score due out by the end of this year. "
According to Eric P. Fox, VP of Technology
at Veros, "Historic price models that rely on past price fluctuations to accurately
predict future price changes are not very good at predicting several quarters into
the future. Rather, by understanding and automating the complex relationships between
price changes and numerous key economic indicators, we are able to understand how
declining interest rates, increasing unemployment, a falling affordability index,
a steady number of active listings, and numerous other indicators will influence
prices into the foreseeable future."
Based on current forecasts for the
next year, VeroFORECAST continues to report increasing prices in most of the major
metropolitan areas across the country. "In many of these areas, the rate of increase
is beginning to or already has started to slip," stated Bozorgi. "As an example,
we anticipate that Orlando prices will see an approximate 7% increase over the year.
On the west coast, most of Southern California should see increases of 13-15% while
San Francisco prices will remain relatively flat in contrast to previous gains.
Phoenix, Denver, and Oklahoma City should experience more modest 4-5% gains compared
to Cincinnati or Nashville that will see little if any gain. On the east coast,
Buffalo and Boston should expect increases of 4 to 5% respectively while Baltimore
should see prices rise approximately 10%."
VeroVALUE offers two forward-looking valuation products. The Basic product will
give customers three and six month future price forecasts while the Advanced version
offers price forecasts twelve months into the future and indicates the significant
economic indicators responsible for driving the results.
VeroVALUE and VeroFORECAST can be
found online at www.verovalue.com.
About Veros Software
Veros Software (www.veros.com),
located in Irvine, California, is a leader in predictive technology development
and implementation. Veros is focused on building decision-support software applications
for the real world that allow clients to formulate accurate and informed business
decisions that directly impact their bottom line.
|