Contact Information: Media Contacts: Nancy Tamosaitis Vorticom, Inc. (212) 532-2208 Andrea Ferguson Director of Communications Radar Logic Incorporated (212) 965-8703
Radar Logic Begins Publication of RPX Monthly Housing Market Report
| Source: Radar Logic Inc.
NEW YORK, NY--(Marketwire - October 2, 2007) - Radar Logic Incorporated, the data and
analytics company that enables derivatives trading in the RPX market based
on daily prices for residential real estate, today published the first of
its RPX Monthly Housing Market Reports. These monthly reports provide
expert insight into residential real estate markets across Radar Logic's 25
Metropolitan Statistical Areas (MSAs). This is the first product to be
offered as a result of Radar Logic's pending acquisition of Miller Samuel
Inc., a leading residential real estate appraisal firm.
Today's report, authored by Radar Logic Executive Vice President and
Director of Research Jonathan Miller, provides data analysis and commentary
based on the RPX Daily Prices for the 28 days ending July 31, 2007. 24 of
Radar Logic's 25 MSAs are analyzed in terms of change in price per square
foot, including leading and trailing markets overall and for condominiums
over the past one, two and five years (this month's analysis does not
include the St. Louis MSA due to recent inconsistencies with public source
data). The associated commentary reflects observations and trends based on
the data.
The report highlights that five of the 24 metropolitan areas analyzed
showed gains from the same period last year, five were neutral (+/- 1%),
and 14 showed declines. This is the opposite pattern of the prior year,
which showed gains in 18 metro areas, two markets were neutral, and five
markets showed declines. The five most expensive metro areas were located
along the East and West Coasts, with the four highest areas located in
California. San Jose, CA was the highest priced metropolitan area at
$465.40, while Cleveland, OH was the least expensive at $96.91 per square
foot.
"Despite price per square foot gains in certain markets, the significant
shift towards a greater number of metro areas with declining prices
provides further evidence of a weakening housing sector," said Miller.
"The granularity achieved by our ability to observe markets on a price per
square foot basis will allow us to closely follow the changing housing
landscape as it unfolds."
About Radar Logic Incorporated (www.radarlogic.com)
Radar Logic, the home of tradable real estate(SM), is a technology-driven
data and analytics business that produces a daily "spot" price for
residential real estate in U.S. metropolitan areas. To do this, actual
transaction data are captured from public sources and translated into the
Radar Logic Daily™ Prices. The Daily Prices, in turn, power the
Residential Property Index™ (RPX™) market, where derivatives and
other financial instruments are offered and traded. RPX allows real estate
and financial professionals to manage risk, invest in real estate without
owning physical assets, and obtain more accurate insight into the
residential property market.
For more information on Radar Logic and the RPX, including licensed
dealers, visit www.radarlogic.com.