County Level House Prices Continue Sharp Declines in November

PRLog (Press Release) - Jan 13, 2009 -
DENVER, CO— 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 November 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 November, with an annual decline of 13.3%.  

County level house prices across the country continued to post weak results in November. At the census region level, results for November show all four U.S. Census regions experiencing declines in home prices, with the South and West experiencing double digit declines year-over-year of 11.5% and 18.4%, respectively. The South and Northeast saw slight improvement in their rate of decline from October. And, the Midwest continued to generate the largest drop in values with a decline of 2.9% in November.

-National/Regional Table: http://www.iasreo.com/ias360update.html

On the U.S. Census Division front, West South Central continues to defy the odds with an appreciation of 1.9% month-over-month, while the rest of the  9 U.S. Census Divisions languish in declines. Mountain, Pacific and South Atlantic census divisions continued to add to its double-digit declines year-over-year.

-Census Division Table: http://www.iasreo.com/ias360update.html

“As expected, home prices on the national level continue to drop as the economic volatility continues,” said Dave McCarthy, President and CEO of Integrated Asset Services. “But, as you peel away the onion, we are seeing some minor improvements at select county levels.  The question is whether it is sustainable.”

The IAS360 data shows that some of the counties that have weathered 20% drops over the past year showed slight improvement in November in such places as San Diego, Denver and Orange County.

-County Table: http://www.iasreo.com/ias360update.html

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.  

Editor’s Note:  Additional IAS360 data, charts and interviews are available upon request.

About Integrated Asset Services, LLC
IAS (www.iasreo.com) is a privately-held Colorado-based corporation specializing in default mortgage services including valuation, reconciliation and full cycle REO disposition. The Company’s advanced valuation and volatility technology combined with its expert professional services help its clients reduce exposure while expediting the entire asset management process.  Founded by REO industry experts, IAS provides services that go beyond industry expectations; from the level of integrity of its employees to the measurably better service it routinely provides.

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