You've heard of the wisdom of the crowd. Now, how about wisdom of the cloud. Not that cloud, rather word clouds that data miners map to help them dissect property values in real estate.
CoreLogic analyst Matt Cannon explains how "hedonistic regression" analysis of real estate agents' comments on properties listed for sale become part of the knowledge base that, converted to data points, can tell you how much a house is worth. Cannon writes:
Non-traditional data sources such as realtor comments can contain important information on factors that affect property valuation – both negatively and positively. Transforming these comments into meaningful numeric analysis provides opportunities to expand traditional analysis and improve the accuracy of valuation estimates.
Geeky, in a good way.