If you add up the comments across the real estate technology space during the past few days, you will find a resounding thunder of criticism over the quality of the S&P Case-Shiller index, powered by Fiserv data. Companies like, Zillow, and RBI were the most vocal on their blogs.
LPS and CoreLogic probably have opinions similar to Zillow and RBI. They have observed the weaknesses of the Case-Shiller index for years. I think that they are just a little less apt to douse Case-Shiller publically. Talk to any of the data specialists at either LPS or CoreLogic, and you will hear an accurate and technically sound assessment of the data set going into Case-Shiller.
Suffice it to say that Case-Shiller data from Fiserv is unconscious of sales that are happening in real time because it is not based on MLS data.
Consumers deserve the accurate truth about housing in America today. It is imperative that the real estate industry step forward and supply a market index using the quality of MLS data. It could spell the end of Case-Shiller and put a crimp in the $4 Billion in annual sales reported by Fiserv.
Today, I added in the Altos Research and Trulia market report widget into our WordPress blog. In three mouse clicks I can publish localized, up to date information market data than Case-Shiller, and it covers my town! Don’t you think that the Nation’s MLSs should be providing a WordPress widget to their agents that supply this localized data in the markets that their members serve? Since only a minority of agents have WordPress sites today, perhaps they could start with a Facebook Widget 🙂
This is the Altos Research report provided by the Altos Research WordPress Plugin.
Trulia WordPress Plugin