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Denver-based firm EquityLock Solutions was named the first-ever recipient of RISMedia’s Real Estate Magazine New Product of the Year Award. EquityLock received the award for its creation of Home Price Protection™, a product designed to protect a homeowner’s equity in today’s volatile market.

The Real Estate Magazine New Product of the Year Award was created to highlight and recognize a service or product that RISMedia believes will contribute to the livelihood of real estate professionals and promote homeownership among today’s consumers. The award winner was announced at RISMedia’s 16th Annual Power Broker Dinner on November 11, part of RISMedia’s “Power Broker Weekend.” The event took place in Anaheim, California, in conjunction with the REALTORS® Conference & Expo.

EquityLock Solutions’ Home Price Protection™ was launched earlier this year in May and has quickly caught the eye of such real estate giants as RE/MAX LLC, Prudential Real Estate and Relocation Services, and Real Living. Home Price Protection™ is not an insurance-based product, but rather a contract that protects homeowners’ equity in their home if the market index has dropped at the time of resale.

According to EquityLock President Ted Rusinoff, “If you look at the current shadow inventory of foreclosures and the number of people who walked away from not only their home but the concept of homeownership, you can see that the biggest problem housing is facing is a loss of confidence. We wanted to provide a solution that helps individuals recognize that homeownership isn’t a bad deal—it was the market that didn’t treat them very well. We want to offer home buyers a plan that protects them from that risk next time around.”

RISMedia President & CEO John Featherston announced the award during the real estate media company’s annual Power Broker Reception & Dinner, held at the Anaheim Marriott. The Power Broker Dinner honors the real estate industry’s top brokers, as determined by the results of RISMedia’s Annual Power Broker Report & Survey.

“Consumer confidence is plaguing not only our industry but the economy at large,” said Featherston. “Home Price Protection can potentially restore consumer faith in real estate investing and start moving home buyers off the fence. I congratulate EquityLock for not only winning this award, but for creating a product that could help both consumers and real estate professionals alike.