Collateral Analytics, a provider of automated valuation solutions and real estate analytic products for mortgage lenders, reports that it has developed a new automated ranking system capable of objectively defining the market condition of individual real estate markets – from specific neighborhoods to cities, to states, to the overall U.S.
The CA Market Condition Ranking system is based on the same market indicators that are used by appraisers in the market condition addendum of the standard 1004 appraisal report.
The new, data-driven system can be used to reveal whether a specific market is ‘Normal,’ ‘Distressed’ or ‘Hot,’ the company reports.
CA says the ranking system can be run manually or on an automated basis.
‘It seems that everyone has an opinion regarding the state of the real estate market,’ says Michael Sklarz, president and CEO of Collateral Analytics, in a release. ‘Most of these opinions are anecdotal and subjective which is unfortunate given the importance of the real estate market to the larger economy. The Collateral Analytics Market Ranking System provides a straightforward and systematic way to do this.’