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LPS unveils new home-price index

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The applied analytics arm of loan data aggregator Lender Processing Services Inc. has launched a home-price index, LPS announced Thursday. The data underlying the index comes from two property and mortgage asset databases owned by LPS: SiteX Real Estate and McDash Loan Data. Combined, the databases cover about 75 percent of properties nationwide and more than 13,000 ZIP codes. Within each ZIP code, the index shows historical price changes for five home-price levels, including entry-level, middle-market and high-end homes. The index also separates out discounts on bank-owned properties (REOs) to better gauge property values for traditional homes. "It's not feasible to order updated appraisals or even automated valuation model (AVM) reports for every property represented in a portfolio, but the LPS Home Price Index is a cost-effective means of estimating current property value, risk of loss and borrower stress," said Dan Berman, president of LPS Applied Analytics, in...