October Housing Market Down, but Select Counties Show Promise According to IAS360 House Price Index
Integrated Asset Services' Index Shows Numerous Counties in Hard Hit States, Such as Arizona and Florida, Moving Upward
DENVER, CO--(Marketwire - December 9, 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%.
-Census Division Table-
"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.
-AZ, FL County Table--County Table-
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
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 and charts are available upon
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.
This press release contains various forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995 regarding
future results of operations and market opportunities that are based on
IntelliReal and IAS' current expectations, assumptions, estimates and
projections about the company and its industry. Investors are cautioned
that actual results could differ materially from those anticipated by the
forward-looking statements as a result of the success of IAS' branding and
consumer awareness campaign and other marketing efforts; competition from
existing and potential competitors; and IAS's ability to continue to
develop and integrate new products, services and technologies. Due to the
timeliness of the data, the IAS360 House Price Index is subject to
revisions on a monthly basis.
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