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Decline in U.S. House Prices Levels Off in April, According to Integrated Asset Services
IAS360 Indicates Some Return to Normalcy in Nation's Hardest Hit Markets
| Source: Integrated Asset Services
DENVER, CO--(Marketwire - June 9, 2009) - Integrated Asset Services®, LLC (IAS®)
(www.iasreo.com), a leader in default management and residential collateral
valuation, today released its latest IAS360™ House Price
Index. The benchmark for national house prices, based upon the
timeliest and most granular data available in the industry, moved up a
fraction of a point in April.
April's report reflects the first non-declining numbers for the index in 10
months. The IAS360 had fallen more than 19% from its high-water mark in
June of 2007.
On a year-over-year basis, U.S. house prices are still down 13.0%, but the
volatility of the trend line is less than the previous year, a critical
point to industry analysts. More importantly, three of the four U.S. census
regions were stable to positive for April. Only the South, which includes
several particularly hard-hit Florida communities, was down for the month
(0.3%), but there, too, the trend line was flattening.
"It's too soon to call this a turn in the housing market, particularly
given all the political and regulatory uncertainties," said Dave McCarthy, President
and CEO of Integrated Asset Services. "I think that we're still in for some
difficult spells ahead, but we are seeing a certain kind of pricing
equilibrium in several important markets. That's encouraging for the long
term."
Among metropolitan statistical areas (MSAs), IAS360 reports that three of
the country's ten largest MSAs -- Boston, Chicago, and San Diego -- joined
Denver, previously the only region in the nation showing gains, in positive
territory in April.
"Inventory levels are declining and sales are increasing in the lower
priced markets through a combination of incentives and low interest rates
creating a positive outlook for the entire market," said Rick Foos,
President of SRA Foos & Associates, Inc. "However, if we begin to see
rising interest rates and an increase in foreclosures in tandem we could be
experiencing a 'false bottom,' but if neither materializes to a great
degree then it does appear that the market may have bottomed."
IAS360 data also revealed certain evidence of normalization, or at least a
return to seasonality, in California, arguably the first and foremost
damaged state in the U.S. (six of the 10 hardest-hit counties in the
country are in California.) Representative counties up and down the state,
including Monterey, San Bernadino, Ventura, Riverside, Sacramento, Sonoma,
and King, continue to report convincing upticks in housing prices. For its
part, the aforementioned San Diego, down almost 24% from its high in 2007,
has reported three straight months of stable prices.
"We're looking at daily information on more than 15,000 market segments
across the country," said McCarthy, "and we're keeping a keen eye out for
trends all the way down to the county and neighborhood level. With the
benefit of our uniquely granular and timelier data, the IAS360 will report
the turn in the market first."
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 are 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.
Integrated Asset Services' high-tech and high-touch i-Series collateral
valuation platform (http://www.iasreo.com/client_services.html) offers an
unmatched level of detail in a rapidly changing housing environment.
Leveraging real-time data and nationwide resources, 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. Historical data from 2006 to present are available for the
nation and on a MSA and neighborhood-level.
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.