Pricing Nation Econometrics Predicts That The Average Home Price In The Boston Metropolitan Statistical Area (MSA) Will Decrease By 0.347 Percent Twelve Months From Now

Pricing Nation Econometrics, a division of Pricing Nation LLC (Pricing Nation), predicts that the average home price in the Boston Metropolitan Statistical Area (MSA) will decrease by 0.347 percent twelve months from now. Boston residents can be pleased that housing price declines look like they are essentially bottoming out.  Pricing Nation Econometrics has also just released their heat map (see attached) predicting home price changes for each zip code in the Boston MSA one year from now.  The zip code with the largest predicted improvement in home prices is Milton Mills (03852) with a 3.39 percent increase and the zip code with the largest predicted decrease in home prices is East Hampstead (03826) with a 9.44 percent decrease. Pricing Nation will provide its monthly projections, initially just for the Boston MSA the related zip codes, at 7:00 a.m. of the last Tuesday of each month.

Pricing Nation has developed an integrated suite of regression based models that predict housing price changes at the MSA level, zip level and house level.  These models have been built using data over the last ten years which is a robust training period as there has been both an upswing and downswing in prices during that time.  The model results for the Boston MSA are statistically highly significant. Of particular importance is that the Pricing Nation model, when used for historical periods, would have predicted the severe downturn in Boston MSA housing prices in August, 2006, 12 months before it actually occurred in August, 2007 (downturn data reported by S&P/Case-Shiller Home Price Indices) and 16 months before the U.S. officially went into a recession according to the National Bureau of Economic Research (NBER), a nonprofit group entrusted by the government with determining when recessions begin and end.

Pricing Nation believes it is important to predict home price changes.  From the Great Depression through 2008, homeowners generally made money investing in their homes if they owned them for a considerable amount of time.  It became common ‘wisdom’ that home prices across the country would always go up.  With the advent of the Credit and Housing Crisis, we now know that this common ‘wisdom’ was flawed.  Housing prices will go up and down in the future based primarily on local demand and supply factors combined with a number of macroeconomic variables. These factors are the drivers in the Pricing Nation prediction models.

The purchase of a home is typically a family’s largest investment and given the uncertainty in the housing markets, Pricing Nation is making their unique forecast of price change for each home in the Boston MSA available at www.PricingNation.com for an introductory price of $19.99 per home (regular price is $49.99 per home).  The forecast for each home comes with “The Home Investment Report Card” (see attached), which also rates all of the local and national factors influencing the forecast and educates the consumer about factors that have a positive or negative impact on their investment. “The Home Investment Report” card is designed to be easy to use for all homebuyers and sellers..

Pricing Nation is committed to provide individuals with the information they need to make the major financial decisions in their life.  Pricing Nation is launching its product in the Boston MSA and will be expanding its offerings on a city by city basis.

For more information, please contact Raj Koganti at raj@pricingnation.com

Via EPR Network
More Real Estate press releases

Bower Welcomes the ReLaunch of SHIP

Bower Retirement Services, winners of the 2011 Equity Release Awards, welcome the relaunch of Safe Home Income Plans (‘SHIP’) as The Equity Release Council (The Council). Bower welcome also the decision of the trade body to broaden its membership to include financial advisers, solicitors, surveyors and other interested parties.

SHIP was established in 1991 by the major product providers as the body to safeguard the interests of consumers entering into equity release plans. Over the past 20 years, SHIP has been very successful in improving the reputation of equity release and in promoting consumer awareness of the products available. The main focus of the Equity Release Council will be to protect consumers and increase education, awareness and understanding of how equity release works, the options available and the consumer safeguards that are in place.

Geoff Charles, Managing Director of Bower commented:

“We welcome the new organisation and look forward to joiningand supporting the Equity Release Council. The changes are excellent news for elderly homeowners who are seeking to release capital from their homes in order to raise a lump sum and/or to supplement their retirement income. The extension of the membership and SHIP standards to all participants in the sector will strengthen consumer confidence and reinforce the message that equity release plans are now mainstream retirement products.”

Via EPR Network
More Real Estate press releases

Good News for Foreigners Wanting to Live in Japan: UTESTATE.com Launches Real Time Delivery of Real Estate Information Aimed at Foreigners

Morris Japan Inc. announced its new search portal site at UTESTATE.com, specially designed for people looking for apartments to rent. The site offers rental information in several languages, including English, Chinese, and Japanese. Daily updates are available in English and Chinese, listing over one hundred rental opportunities in the Tokyo area, including Minato-ku, Shibuya-ku, Shinagawa-ku, Chiyoda-ku and Chuou-ku.

“We are simplifying the Japanese real estate market and making it more convenient and transparent,” stated Yoshimori Ito, CEO at Morris Japan Inc. “Our goal is to make things much easier for foreigners to relocate here in the greater Tokyo area.”

Up until now, Japanese real estate information has been generally unavailable because of antiquated customs and poor communication. It was nearly impossible for foreigners to find current housing information. At UTESTATE.com, rental housing information coming on the market is translated automatically into the subscriber’s native language and sent anywhere in the world within hours. People planning a long stay in the Tokyo area can make better housing decisions by seeing available properties online, thereby greatly reducing the chance of making major mistakes.

Rental and agency fees are fully disclosed up front with all rental properties. This lets renters avoid surprises when they arrive on the property.

For further information, visit UTESTATE.com. At “UTESTATE” our aim is for a service that takes the hard-to-understand Japanese real estate service and offers more convenience and better contract terms through an easy-to-understand and highly transparent provision of information.

Via EPR Network
More Real Estate press releases