Cyberhomes selling market forecasts
Reports try to predict where home values are headed
By Inman News, Friday, May 29, 2009.Cyberhomes.com is now offering market forecasts tailored to consumers' local markets with introductory pricing of $3.99 and $9.99.
The forecasts, based on data and analytics from parent company Lender Processing Services Inc., attempt to look one or two years into the future, taking into account inventory, valuations, credit information, loan repayment data, delinquencies and foreclosures.
In areas where the market forecasts are available, Cyberhomes.com users who search for property addresses or neighborhoods are shown a prediction of whether a market is expected to increase in value, decline in value, or remain neutral over the next year.
Consumers who want to see the data and analytics behind the prediction can purchase a summary report for $3.99. The summary report includes 12-month real estate market forecast and housing supply projections, delinquency and foreclosure trends, a 12-month value projection and summary information about the property they are interested in.
For $9.99, a more comprehensive report provides a 24-month market forecast and other information, including local foreclosure trends and timelines, mortgage delinquency and loan deterioration trends, historical median sales price vs. volume trends, neighborhood lending and sales statistics, average area credit scores, the local percentages of distressed homes compared to state and national levels, average local discounts on bank-owned properties, and risk from exotic loan types in the neighborhood.
Cyberhomes says the forecasts are available "for millions of properties and thousands of neighborhoods" in the U.S.
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Submitted by Reggie Nicolay on June 1, 2009 - 8:11am.
Thanks for the mention of our new Market Forecast report. For anyone that would like to see the report, or just walk through the data points, watch this screencast:
Market Forecast Video Overview
Submitted by Mary Pope-Handy, CRS, ABR, E-Pro, SRES on June 1, 2009 - 12:14pm.
Unfortunately, the CyberHomes valuation system is so far off the mark (frequently 20% or more off) that it calls into question how useful these reports would be. It is, however, a good idea to forecast the market - if it can be done with more accuracy than the online valuations, which are very counterproductive.
Mary Pope-Handy
Luxor Real Estate Group
Co-Author, "Get the Best Deal When Selling Your Home in Silicon Valley"
www.PopeHandy.com (site)
www.LiveInLosGatos.com (blog)
Submitted by Reggie Nicolay on June 1, 2009 - 4:45pm.
Hi Mary-
Two things I would like to mention:
1.) Regarding the valuation, not sure if you're aware of the refine value tool on Cyberhomes. We built this tool so anyone can update incorrect public record data, details on their home and choose comparables.
2.) Like you I also believe it's a good idea to forecast the market. Cyberhomes is in perfect position to create this Market Forecast report. As mentioned our parent company LPS has assembled a unique database which includes credit information, loan repayment data, delinquencies and foreclosures. This is the same data banks are using to forecast inventory and valuation trends in a neighborhood...now made available to consumers.