CoreLogic has 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.”