• Resources
  • Blog
  • Journalists
  • Log In
  • Sign Up
  • Data Privacy
  • Send a Release
Cision PR Newswire: news distribution, targeting and monitoring home
  • News
  • Products
    • Overview
    • Distribution by PR Newswire
    • Cision Communications Cloud®
    • Cision IR
    • All Products
  • Contact
    • General Inquiries
    • Request a Demo
    • Editorial Bureaus
    • Partnerships
    • Media Inquiries
    • Worldwide Offices

 

When typing in this field, a list of search results will appear and be automatically updated as you type.

Searching for your content...

No results found. Please change your search terms and try again.
  • News in Focus
      • Browse News Releases

      • All News Releases
      • All Public Company
      • English-only
      • News Releases Overview

      • Multimedia Gallery

      • All Multimedia
      • All Photos
      • All Videos
      • Multimedia Gallery Overview

      • Trending Topics

      • All Trending Topics
  • Business & Money
      • Auto & Transportation

      • All Automotive & Transportation
      • Aerospace, Defense
      • Air Freight
      • Airlines & Aviation
      • Automotive
      • Maritime & Shipbuilding
      • Railroads and Intermodal Transportation
      • Supply Chain/Logistics
      • Transportation, Trucking & Railroad
      • Travel
      • Trucking and Road Transportation
      • Auto & Transportation Overview

      • View All Auto & Transportation

      • Business Technology

      • All Business Technology
      • Blockchain
      • Broadcast Tech
      • Computer & Electronics
      • Computer Hardware
      • Computer Software
      • Data Analytics
      • Electronic Commerce
      • Electronic Components
      • Electronic Design Automation
      • Financial Technology
      • High Tech Security
      • Internet Technology
      • Nanotechnology
      • Networks
      • Peripherals
      • Semiconductors
      • Business Technology Overview

      • View All Business Technology

      • Entertain­ment & Media

      • All Entertain­ment & Media
      • Advertising
      • Art
      • Books
      • Entertainment
      • Film and Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • Entertain­ment & Media Overview

      • View All Entertain­ment & Media

      • Financial Services & Investing

      • All Financial Services & Investing
      • Accounting News & Issues
      • Acquisitions, Mergers and Takeovers
      • Banking & Financial Services
      • Bankruptcy
      • Bond & Stock Ratings
      • Conference Call Announcements
      • Contracts
      • Cryptocurrency
      • Dividends
      • Earnings
      • Earnings Forecasts & Projections
      • Financing Agreements
      • Insurance
      • Investments Opinions
      • Joint Ventures
      • Mutual Funds
      • Private Placement
      • Real Estate
      • Restructuring & Recapitalization
      • Sales Reports
      • Shareholder Activism
      • Shareholder Meetings
      • Stock Offering
      • Stock Split
      • Venture Capital
      • Financial Services & Investing Overview

      • View All Financial Services & Investing

      • General Business

      • All General Business
      • Awards
      • Commercial Real Estate
      • Corporate Expansion
      • Earnings
      • Environmental, Social and Governance (ESG)
      • Human Resource & Workforce Management
      • Licensing
      • New Products & Services
      • Obituaries
      • Outsourcing Businesses
      • Overseas Real Estate (non-US)
      • Personnel Announcements
      • Real Estate Transactions
      • Residential Real Estate
      • Small Business Services
      • Socially Responsible Investing
      • Surveys, Polls and Research
      • Trade Show News
      • General Business Overview

      • View All General Business

  • Science & Tech
      • Consumer Technology

      • All Consumer Technology
      • Artificial Intelligence
      • Blockchain
      • Cloud Computing/Internet of Things
      • Computer Electronics
      • Computer Hardware
      • Computer Software
      • Consumer Electronics
      • Cryptocurrency
      • Data Analytics
      • Electronic Commerce
      • Electronic Gaming
      • Financial Technology
      • Mobile Entertainment
      • Multimedia & Internet
      • Peripherals
      • Social Media
      • STEM (Science, Tech, Engineering, Math)
      • Supply Chain/Logistics
      • Wireless Communications
      • Consumer Technology Overview

      • View All Consumer Technology

      • Energy & Natural Resources

      • All Energy
      • Alternative Energies
      • Chemical
      • Electrical Utilities
      • Gas
      • General Manufacturing
      • Mining
      • Mining & Metals
      • Oil & Energy
      • Oil and Gas Discoveries
      • Utilities
      • Water Utilities
      • Energy & Natural Resources Overview

      • View All Energy & Natural Resources

      • Environ­ment

      • All Environ­ment
      • Conservation & Recycling
      • Environmental Issues
      • Environmental Policy
      • Environmental Products & Services
      • Green Technology
      • Natural Disasters
      • Environ­ment Overview

      • View All Environ­ment

      • Heavy Industry & Manufacturing

      • All Heavy Industry & Manufacturing
      • Aerospace & Defense
      • Agriculture
      • Chemical
      • Construction & Building
      • General Manufacturing
      • HVAC (Heating, Ventilation and Air-Conditioning)
      • Machinery
      • Machine Tools, Metalworking and Metallurgy
      • Mining
      • Mining & Metals
      • Paper, Forest Products & Containers
      • Precious Metals
      • Textiles
      • Tobacco
      • Heavy Industry & Manufacturing Overview

      • View All Heavy Industry & Manufacturing

      • Telecomm­unications

      • All Telecomm­unications
      • Carriers and Services
      • Mobile Entertainment
      • Networks
      • Peripherals
      • Telecommunications Equipment
      • Telecommunications Industry
      • VoIP (Voice over Internet Protocol)
      • Wireless Communications
      • Telecomm­unications Overview

      • View All Telecomm­unications

  • Lifestyle & Health
      • Consumer Products & Retail

      • All Consumer Products & Retail
      • Animals & Pets
      • Beers, Wines and Spirits
      • Beverages
      • Bridal Services
      • Cannabis
      • Cosmetics and Personal Care
      • Fashion
      • Food & Beverages
      • Furniture and Furnishings
      • Home Improvement
      • Household, Consumer & Cosmetics
      • Household Products
      • Jewelry
      • Non-Alcoholic Beverages
      • Office Products
      • Organic Food
      • Product Recalls
      • Restaurants
      • Retail
      • Supermarkets
      • Toys
      • Consumer Products & Retail Overview

      • View All Consumer Products & Retail

      • Entertain­ment & Media

      • All Entertain­ment & Media
      • Advertising
      • Art
      • Books
      • Entertainment
      • Film and Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • Entertain­ment & Media Overview

      • View All Entertain­ment & Media

      • Health

      • All Health
      • Biometrics
      • Biotechnology
      • Clinical Trials & Medical Discoveries
      • Dentistry
      • FDA Approval
      • Fitness/Wellness
      • Health Care & Hospitals
      • Health Insurance
      • Infection Control
      • International Medical Approval
      • Medical Equipment
      • Medical Pharmaceuticals
      • Mental Health
      • Pharmaceuticals
      • Supplementary Medicine
      • Health Overview

      • View All Health

      • Sports

      • All Sports
      • General Sports
      • Outdoors, Camping & Hiking
      • Sporting Events
      • Sports Equipment & Accessories
      • Sports Overview

      • View All Sports

      • Travel

      • All Travel
      • Amusement Parks and Tourist Attractions
      • Gambling & Casinos
      • Hotels and Resorts
      • Leisure & Tourism
      • Outdoors, Camping & Hiking
      • Passenger Aviation
      • Travel Industry
      • Travel Overview

      • View All Travel

  • Policy & Public Interest
      • Policy & Public Interest

      • All Policy & Public Interest
      • Advocacy Group Opinion
      • Animal Welfare
      • Congressional & Presidential Campaigns
      • Corporate Social Responsibility
      • Domestic Policy
      • Economic News, Trends, Analysis
      • Education
      • Environmental
      • European Government
      • FDA Approval
      • Federal and State Legislation
      • Federal Executive Branch & Agency
      • Foreign Policy & International Affairs
      • Homeland Security
      • Labor & Union
      • Legal Issues
      • Natural Disasters
      • Not For Profit
      • Patent Law
      • Public Safety
      • Trade Policy
      • U.S. State Policy
      • Policy & Public Interest Overview

      • View All Policy & Public Interest

  • People & Culture
      • People & Culture

      • All People & Culture
      • Aboriginal, First Nations & Native American
      • African American
      • Asian American
      • Children
      • Diversity, Equity & Inclusion
      • Hispanic
      • Lesbian, Gay & Bisexual
      • Men's Interest
      • People with Disabilities
      • Religion
      • Senior Citizens
      • Veterans
      • Women
      • People & Culture Overview

      • View All People & Culture

      • In-Language News

      • español
      • português
      • Česko
      • Danmark
      • Deutschland
      • España
      • France
      • Italia
      • Nederland
      • Norge
      • Polska
      • Portugal
      • Россия
      • Slovensko
      • Suomi
      • Sverige
  • Overview
  • Distribution by PR Newswire
  • Cision Communications Cloud®
  • Cision IR
  • All Products
  • General Inquiries
  • Request a Demo
  • Editorial Bureaus
  • Partnerships
  • Media Inquiries
  • Worldwide Offices
  • PR Newswire: news distribution, targeting and monitoring
  • Send a Release
    • ALL CONTACT INFO
    • Contact Us

      888-776-0942
      from 8 AM - 10 PM ET

  • Send a Release
  • Sign Up
  • Log In
  • Resources
  • Blog
  • Journalists
  • RSS
  • GDPR
  • News in Focus
    • Browse All News
    • Multimedia Gallery
    • Trending Topics
  • Business & Money
    • Auto & Transportation
    • Business Technology
    • Entertain­ment & Media
    • Financial Services & Investing
    • General Business
  • Science & Tech
    • Consumer Technology
    • Energy & Natural Resources
    • Environ­ment
    • Heavy Industry & Manufacturing
    • Telecomm­unications
  • Lifestyle & Health
    • Consumer Products & Retail
    • Entertain­ment & Media
    • Health
    • Sports
    • Travel
  • Policy & Public Interest
  • People & Culture
    • People & Culture
  • Send a Release
  • Sign Up
  • Log In
  • Resources
  • Blog
  • Journalists
  • RSS
  • GDPR
  • Overview
  • Distribution by PR Newswire
  • Cision Communications Cloud®
  • Cision IR
  • All Products
  • Send a Release
  • Sign Up
  • Log In
  • Resources
  • Blog
  • Journalists
  • RSS
  • GDPR
  • General Inquiries
  • Request a Demo
  • Editorial Bureaus
  • Partnerships
  • Media Inquiries
  • Worldwide Offices
  • Send a Release
  • Sign Up
  • Log In
  • Resources
  • Blog
  • Journalists
  • RSS
  • GDPR

The Second Half of 2014 Saw the Opinions of Home Values between Homeowners and Home Appraisers Narrow

- Home values moved lower in December, the first loss in 10 months -

- December marks the sixth consecutive month appraiser and homeowner opinions have moved closer together, according to the national HPPI.

- Appraisers in more than 77% of the included metro areas still have higher opinions of home values than owners.

- The national HVI shows that home values fell 0.74% from the previous month, but increased by 2.26% since December 2013.


News provided by

Quicken Loans

Jan 13, 2015, 10:05 ET

Share this article

Share this article


DETROIT, Jan. 13, 2015 /PRNewswire/ -- Detroit-based Quicken Loans, the nation's second largest retail mortgage lender, today reported that its Home Price Perception Index (HPPI) shows the gap between home value opinions of homeowners and appraisers is continuing to narrow, with appraisers' opinions of home values 1.43 percent higher than homeowners', when viewing the national composite. This is the sixth consecutive month home value opinions have moved closer together, with the gap narrowing each month since July 2014.

The difference between home value opinions of appraisers and homeowners
The difference between home value opinions of appraisers and homeowners

The Home Value Index (HVI), showed that values posted a slight decrease from November to December 2014, falling 0.74 percent, according to the national composite. This is the first monthly decrease in 10 months. However, home values increased 2.26 percent in December when compared to December of 2013.

Home Price Perception Index (HPPI)

"As a national mortgage lender, it is always encouraging to see more Americans understanding the housing market," said Bob Walters, Quicken Loans Chief Economist. "From the HPPI, it is clear that homeowners are more aware of the state of the home values in their neighborhood, as homeowner estimates and appraiser opinions continue to approach equilibrium. A part of this awareness is due to the relative stabilization in prices we've seen in the last few months; it will be interesting to see if perceptions remain close if we see more dramatic shifts in home values in 2015."

The Quicken Loans HPPI, a first-of-its-kind look at the difference between appraiser and homeowner opinions of home values, shows that appraisers' home value opinions in December were 1.43 percent higher than homeowners', according to the national composite. This shows that the gap between the two estimates is narrowing compared to November 2014, when appraisers valued homes 1.56 percent higher than homeowners' estimates. The values are also closer together than they were a year ago, when the difference was 1.72 percent in December 2013.

Appraisers in more than 77 percent of the metro areas examined by Quicken Loans still have higher opinions of home values than owners do, although the gap widened in 55 percent of the metro areas. The areas where the two opinions are closest together are Baltimore, Maryland, with appraiser values 0.46 percent higher than owner estimates and Chicago where appraised values are 0.14 percent lower than homeowner opinions.  

Home Value Index (HVI)

The Quicken Loans HVI, a measure of home value changes based exclusively on data acquired from tens of thousands of appraisals, showed home value declines from November to December 2014. The index reported that values fell 0.74 percent from the previous month, but increased by 2.26 percent since December 2013 on the national composite. The four geographic regions the HVI examines mirror the national trend, all of which had monthly decreases of one percent and yearly increases ranging from 1.52 percent in the West to 4.0 percent in the South.

"There should not be much emphasis put on the fact that values have fallen slightly over any one month period of time; in a healthy economy it is common to see some volatility in month-over-month numbers," Walters continued. "We will keep a close eye on the annual home value change. While some argue that these declines are merely a correction to previously over-inflated home values, if the trend continues it could be bumpy for homeowners."


HVI
December 2014

January 2005 = 100

HVI
December 2014
vs.
November 2014
% Change

HVI

December 2014

vs.

December 2013

% Change

HPPI
December 2014

Appraiser Value
vs. Homeowner
Perception of Value*

HPPI
December 2013

Appraiser Value
vs. Homeowner
Perception of Value*

National Composite

90.66

-0.74%

+2.26%

+1.43%

+1.72%

*A positive value represents appraiser opinions that are higher than homeowner perceptions. A negative value represents appraiser opinions that are lower than homeowner perceptions.

Geographic

Regions

 

HVI
December 2014

January 2005 = 100

HVI
December 2014
vs.
November 2014
% Change

HVI
December 2014
vs.
December 2013
% Change

HPPI
December 2014

Appraiser Value
vs. Homeowner
Perception of Value*

HPPI
December 2013

Appraiser Value
vs. Homeowner
Perception of Value*

West

104.72

-0.97%

+1.52%

+3.05%

+6.00%

South

93.40

-0.16%

+4.00%

+2.05%

+2.31%

Midwest

77.24

-1.91%

+3.43%

+0.19%

-1.12%

Northeast

91.89

-1.32%

+1.81%

-0.56%

-2.26%

*A positive value represents appraiser opinions that are higher than homeowner perceptions. A negative value represents appraiser opinions that are lower than homeowner perceptions.

Metropolitan

Areas

HPPI
December 2014

Appraiser Value
vs. Homeowner
Perception of Value*

HPPI
November 2014

Appraiser Value
vs. Homeowner
Perception of Value*

HPPI
December 2013

Appraiser Value
vs. Homeowner
Perception of Value*

San Jose, CA

+6.45%

+6.00%

+6.54%

San Francisco, CA

+4.45%

+4.35%

+6.28%

Dallas, TX

+4.34%

+4.22%

+3.27%

Denver, CO

+3.88%

+3.76%

+5.34%

Portland, OR

+3.56%

+3.59%

+1.17%

Houston, TX

+3.37%

+3.19%

+3.39%

Los Angeles, CA

+3.25%

+3.66%

+6.05%

Sacramento, CA

+3.09%

+3.06%

+10.08%

Seattle, WA

+3.04%

+2.80%

+3.85%

Detroit, MI

+2.45%

+2.03%

+5.57%

Las Vegas, NV

+2.25%

+2.86%

+5.03%

Boston, MA

+2.20%

+2.22%

+0.26%

Phoenix, AZ

+2.12%

+2.68%

+5.06%

Minneapolis, MN

+1.72%

+1.68%

+1.65%

Washington, D.C.

+1.72%

+1.77%

+2.66%

Miami, FL

+1.46%

+2.30%

+5.48%

Riverside, CA

+0.81%

+0.65%

+8.99%

Atlanta, GA

+0.78%

+1.37%

+0.67%

Tampa, FL

+0.53%

+1.49%

+1.73%

Baltimore, MD

+0.49%

+0.81%

-1.50%

San Diego, CA

+0.46%

+1.26%

+7.15%

Chicago, IL

-0.14%

-0.32%

-3.42%

Cleveland, OH

-0.89%

-0.88%

-1.66%

New York, NY

-0.95%

-0.74%

-2.50%

Philadelphia, PA

-1.49%

-1.57%

-3.57%

Charlotte, NC

-1.67%

-1.27%

+1.15%

Kansas City, MO

-3.94%

-0.53%

-0.73%

*A positive value represents appraiser opinions that are higher than homeowner perceptions. A negative value represents appraiser opinions that are lower than homeowner perceptions.

About the HPPI & HVI

The Quicken Loans HPPI represents the difference between appraisers' and homeowners' opinions of home values. The index compares the estimate that the homeowner supplies on the mortgage application to the appraisal that is performed later in the mortgage process. This is an unprecedented report that gives a never-before-seen analysis of how homeowners are viewing the housing market. The Quicken Loans HVI is a view of home value trends based solely on appraisal data from home purchases and mortgage refinances. This produces a wide data set and is focused on appraisals, one of the most important pieces of information to the mortgage process.

Both of these reports are created with Quicken Loans' propriety mortgage data from the 50-state lenders' mortgage activity across all 3,000+ counties. The indexes are examined nationally, in four geographic regions and the HPPI is reported for 27 major metropolitan areas. All indexes, along with downloadable tables and graphs can be found at QuickenLoans.com/Indexes.

About Quicken Loans

Detroit-based Quicken Loans Inc. is the nation's second largest retail home mortgage lender. The company closed $140 billion of mortgage volume across all 50 states in 2013-2014. Quicken Loans generates loan production from web centers located in Detroit, Cleveland and Scottsdale, Arizona. The company also operates a centralized loan processing facility in Detroit, as well as its San Diego-based One Reverse Mortgage unit. Quicken Loans ranked "Highest in Customer Satisfaction among with Primary Mortgage Origination" in the United States by J.D. Power for the past five consecutive years, 2010 - 2014, and highest in customer satisfaction among all mortgage servicers in 2014.

Quicken Loans was named among the top-30 companies on FORTUNE magazine's annual "100 Best Companies to Work For" list for the last 11 consecutive years, ranking #5 in 2014. It has been recognized as one of Computerworld magazine's '100 Best Places to Work in IT' the past ten years, ranking No. 1 in 2014, 2013, 2007, 2006 and 2005. The company moved its headquarters to downtown Detroit in 2010, and now more than 10,000 of its nearly 12,000 team members work in the city's urban core. For more information about Quicken Loans, please visit QuickenLoans.com, on Twitter at @QLnews, and on Facebook at Facebook.com/QuickenLoans.

Photo - http://photos.prnewswire.com/prnh/20150113/168732

SOURCE Quicken Loans

Related Links

http://www.quickenloans.com

Modal title

Contact Cision

  • Cision Distribution 888-776-0942
    from 8 AM - 9 PM ET

  • Chat with an Expert
  • General Inquiries
  • Request a Demo
  • Editorial Bureaus
  • Partnerships
  • Media Inquiries
  • Worldwide Offices

Products

  • Cision Communication Cloud®
  • For Marketers
  • For Public Relations
  • For IR & Compliance
  • For Agency
  • For Small Business
  • All Products

About

  • About PR Newswire
  • About Cision
  • Become a Publishing Partner
  • Become a Channel Partner
  • Careers
  • COVID-19 Resources
  • Accessibility Statement
  • Asia
  • Brazil
  • Canada
  • Czech
  • Denmark
  • Finland
  • France
  • Germany
  • India
  • Israel
  • Italy
  • Mexico
  • Middle East
  • Netherlands
  • Norway
  • Poland
  • Portugal
  • Russia
  • Slovakia
  • Spain
  • Sweden
  • United Kingdom

My Services

  • All New Releases
  • Online Member Center
  • ProfNet

Contact Cision

Products

About

My Services
  • All News Releases
  • Online Member Center
  • ProfNet
Cision Distribution Helpline
888-776-0942
  • Terms of Use
  • Privacy Policy
  • Information Security Policy
  • Site Map
  • RSS
  • Cookie Settings
Copyright © 2022 Cision US Inc.