HouseCanary, a modern data analytics company for real estate professionals, recently announced that Dr. Alex Villacorta has joined the team as Executive Vice President of Analytics. Previous to this announcement, Villacorta was at Clear Capitol where he created and led the research and housing analytics team.
“Having gotten to know the HouseCanary team over the last three years, it’s been exciting to watch their growth and vision for redefining real estate data and analytics and transforming the industry,” said Villacorta. “The residential market is critically important to everyday homeowners and to the national economy, and HouseCanary’s genuine passion to make valuation and risk assessment consistent and reliable for all market players has been inspiring—I’m beyond excited to be joining a group of true innovators.”
Additionally, HouseCanary announced that mortgage lenders and servicers can now access the nation’s most granular and accurate Home Price Indices (HPIs) and forecast models from HouseCanary through First American Mortgage Solutions, LLC, a subsidiary of First American Financial Corporation.
“We selected HouseCanary HPIs to further enhance our industry-leading real estate data offerings, allowing our lender and servicer clients to more accurately assess and forecast risk in their portfolios,” said Kevin Wall, President of First American Mortgage Solutions. “Mounting price dispersion within local markets and the ability of HouseCanary’s advanced analytics to deliver insight into these markets at the ZIP Code level provides lenders and servicers with an opportunity to upgrade their risk management and forecasting capabilities.”
HouseCanary said their unique valuation models process hundreds of inputs from capital markets to local crime and include views from individual properties. By doing this, they are able to forecast home price appreciation or identify risk with unparalleled precision and local granularity.
“By leveraging HouseCanary's HPI forecasts as part of First American Mortgage Solution's suite of products and services, lenders and servicers can catch market moves early and manage risk with improved confidence,” said Christopher Stroud, HouseCanary’s Chief of Research.
Powered by modern machine learning algorithms that meticulously analyze historic, current, and future price trends yielding 40 years of history, HouseCanary said their HPIs are the industry’s most accountable 3-year forecast. The algorithms rebuild their data models every month to continuously look for new home value trends within thousands of analyzed data points to provide coverage for all 381 metro areas in the U.S. and more than 18,000 residential zip codes.
The result? Ninety-four point three percent directional accuracy for a 1-year forecast. This translates into providing the most detailed minutiae for thousands of local markets.