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94 e company has said that when the government-sponsored enterprises (GSEs) began requiring a quality-assurance strategy for prefunding appraisals, lenders and vendors needed to thoroughly inspect appraisal reports for zero defects, and VeroSCORE was in place to provide the perfect solution. NEVADA Las Vegas Named in Overvalued Markets Snapshot Home prices are projected to increase by 5.3 percent by April 2019, according to the CoreLogic Home Price Index. Nationally, CoreLogic said that prices increased by 6.9 per- cent year over year in April and by 1.2 percent on a month-over-month basis. But are more markets becoming overvalued? Despite the potential impact of Hurricane Irma last year, the report indicated that home prices in Florida continued to surge, increasing 5.8 percent year over year and by 0.6 percent on a month-over-month basis. By April 2019, CoreLogic estimates prices in the Sunshine State to increase by 7.5 percent year over year and 0.8 percent on a month-over-month basis. "Florida continues to show price resiliency after Hurricane Irma in 2017," said Frank Martell, President and CEO, CoreLogic. He said that home prices in Florida would continue their gains through the remainder of the year, but they were likely to be impacted if a significant storm made landfall again. In fact, all 50 states across the U.S. gained value year over year in April, according to the report. An analysis of housing values in the country's 100 largest metropolitan areas based on housing stock found that 40 percent of met- ropolitan areas were overvalued in April. When looking at the top 50 cities, the report found that 52 percent markets were overvalued, 14 percent were undervalued, and 34 percent of the markets were at value. Washington led the surge in home prices with an increase of 12.8 percent. Idaho (12.4 percent), Nevada (12.2 percent), and Utah (11.5 percent) also experienced double-digit increases in home prices. When it came to the top metropolitan areas, the report noted that San Francisco and Las Vegas experienced the largest year over year change in prices at 12.3 percent. Chicago and Washington, D.C., reported the smallest gains at 3.1 percent and 2.5 percent, respectively. One of the reasons for the surge, accord- ing to Dr. Frank Nothaft, Chief Economist, CoreLogic, is the failure of new construction to keep up with demand and replace existing inventory. "e best antidote for rising home prices is additional supply," he said. "More construction of for-sale and rental housing will alleviate housing cost pressures." However, it's not just about affordability. In the Bay area, as with many other regions in California, the bottom line comes down to there simply not being enough houses to match demand. According to Urban's Housing Affordability for Renters Index, 24.3 percent of San Francisco area renters can afford to buy a home if they wanted to. ere simply aren't enough homes to keep up. at's not as bad as in Los Angeles, where the Renters Index rating is only 18 percent, but it still leaves a lot of room for improvement. Veros Releases Enhanced Risk- Management Solution California-based Veros Real Estate Solutions (Veros) has released an enhanced, data-rich version of its VeroSCORE appraisal risk- management solution. VeroSCORE, which already provides intelligent, automated, and virtually instantaneous analysis of appraisal reports and associated risk factors, now has a new revamped design that displays additional validations such as public record data and ap- praiser licensing and eligibility checks. "is represents a new standard for the ap- praisal industry that really addresses collateral risk," said Benjamin Smith, VP of Valuations at Veros. "ese latest enhancements have added more intelligence and greater effective- ness to an already-invaluable analytical tool and will help lenders and appraisal manage- ment companies comply with the GSEs' 'zero defects' inspection mandate." Other features have been added to further identify risk, including street views of subject properties, dynamic mapping, comparable sales, and AVM values for neighboring proper- ties. All can be viewed online with zoom-in capability, mapping, and pinpointing. "As an automated appraisal-scoring tool, VeroSCORE facilitates more informed deci- sions based on a solid determination of collat- eral value," said Luke Ziegenmeyer, Director of Product Management at Veros. "e enhanced report is now easier to use, providing more data than before at a fraction of the cost of most competing offerings." Veros originally built VeroSCORE from the ground up using proprietary risk-assess- ment algorithms and a multifaceted rules engine that would provide appraisal-scoring technology that helped mortgage lenders, servicers, investors, and appraisal management companies (AMCs) make faster, better-in- formed decisions regarding collateral value. THE LEADER IN DEFAULT SERVICING NEWS Help shape the next issue of DS News. Drop us a line at Editor@DSNews.com. was the reported annual gain for Las Vegas in year- over-year home prices, bringing Sin City to the second spot on the list of the 20-city composite. Source: S&P CoreLogic Case-Shiller Indices for March 2018 STAT INSIGHT 12.4%

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