Homes

Worcester home prices at high risk for decline in '22: study

  • Posted by Homes January 24, 2022 - Filed in Homes - 3,655 views

    Viking1943 at English Wikipedia, CC BY-SA 3.0, via Wikimedia Commons

    The red-hot Worcester area housing market is at high risk for decline this year, according to a recent study.

    The CoreLogic Home Price Insights reports released late last year says there is a 50% to 75% chance of a price decline in Worcester.

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    The area was one of only 3 – along with Prescott, Ariz., and Lake Havasu-Kingman, Ariz. – CoreLogic rated as at high risk for price decline in its Market Risk Indicator.

    CoreLogic

    In its report, CoreLogic said: “Market Risk Indicators are a subscription-based analytics solution that provide monthly updates on the overall ‘health’ of housing markets across the country. CoreLogic data scientists combine world-class analytics with detailed economic and housing data to help determine the likelihood of a housing bubble burst in 392 major metros and all 50 states. Market Risk Indicators is a multi-phase regression model that provides a probability score (from 1 to 100) on the likelihood of two scenarios per metro: a >10% price reduction and a ≤ 10% price reduction. The higher the score, the higher the risk of a price reduction.” 

    CoreLogic is “is a leading global property information, analytics and data-enabled solutions provider,” its website says. “The company’s combined data from public, contributory and proprietary sources includes over 4.5 billion records spanning more than 50 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information.”

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