October Housing Market Down, But Select Counties Show Promise According to IAS360 House Price Index

by Erik Keith for News to Use    December 10, 2008

Integrated Asset Services, LLC (IAS, www.iasreo.com), a leader in default management and residential collateral valuation, today released its IAS360™ House Price Index for October 2008. The monthly report, which includes the most current and granular data available in the industry, showed a 1.7% decline in house prices on a national level in October, with an annual decline of 12.9% versus a 13.3% decline in September.  Also, the data shows signs of improvement in Arizona and Florida; two of the hardest hit states in the country. 

Housing prices at the national level continue to look bleak. At the census region level, results for October show all four U.S. Census regions experiencing declines in house prices, with the South and West experiencing double digit declines year-over-year of 10.2% and 18.7%, respectively. Compared to October of 2007; Midwestern, Northeastern and Western regions saw a slight improvement in the rate of decline during October 2008, posting 1.5 %, 1.8% and 1.4% declines in house prices respectively. Finally, the Southern region continued to fall amid a weakened housing market.

During the month of October, all nine U.S. Census Divisions posted declines. Mountain, Pacific and South Atlantic census divisions posted double digit year-over-year declines of 12.4 %, 20.0% and 10.6%, respectively. East North Central and West South Central divisions continued to hold steady with slight annual declines of 2.4% and 1.7 %.

“We’re continuing to see a decline in housing prices across the country and at the county level. That said, we’re also seeing some signs of strengthening in counties that are located in ground zero states of the housing crisis,” said Dave McCarthy, President and CEO of Integrated Asset Services. “With the IAS360 and the other granular Integrated Asset Services iMVI data, we are keeping a close eye on the counties within hard hit states, because it’s these counties that will be the harbinger of signs of a market recovery.”

States that have been hard hit by the housing crisis, such as Arizona and Florida, are seeing some counties appreciate in house prices.

The IAS360 House Price Index is a comprehensive housing index tracking monthly change in the median sales price of detached single-family residences across the U.S. The index, based on all arms-length transactions, tracks data of 15,000 “neighborhoods”, which is rolled-up to report on the changes in 360 counties, nine census divisions, four regions, and the nation overall. The IAS360 House Price Index is delivered on a monthly basis.

Leveraging real time data and nationwide resources, Integrated Asset Services' high-tech and high-touch product lines, (www.iasreo.com/risk.html), offer an unmatched level of detail in a rapidly changing housing environment. IAS reports on "neighborhood" level house price trends, residential market climate and collateral valuation. Integrated Asset Services also provides traditional valuation products and full service REO Management and Disposition. 

This work is licensed under a Creative Commons Attribution 3.0 License.

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