Contact Information: Contact Information: Dan Mahoney 970-405-8060 www.csg-pr.com
U.S. House Prices Keep Climbing With a 1.2% Rise in June
IAS360 House Price Index Reports Gains in All Four U.S. Census Regions for Second Quarter 2009
| Source: Integrated Asset Services
DENVER, CO--(Marketwire - August 11, 2009) - Integrated Asset Services®, LLC (IAS®)
(www.iasreo.com), a leader in default management and residential collateral
valuations, today released its IAS360™ House Price Index (HPI). Based
upon the timeliest and most granular data available in the industry, the
index for national house prices moved ahead another 1.2% in June.
With June's gains -- the fourth consecutive positive month -- the U.S.
housing benchmark advanced 2.7% for full second quarter 2009, virtually
offsetting the 2.6% decline across the first three months of the year. The
IAS360 HPI is still down 16.7% from its high in June 2007.
Like May, all four U.S. census regions reported positive numbers for the
month and in like order. For June, the Northeast was up 1.9%, the Midwest
1.8%, the South 1.2%, and the West 0.4%.
While values showed improvement in neighborhoods across the country, most
upper end counties remained mired in a deep slump. In June, price declines
continued to accelerate for Putnam County, NY, Morris County, NJ, and
Howard County, MD.
"I think that a lot of this valuation disparity reflects the immediate
effects of Washington's housing-rescue plan," said Dave McCarthy, President
and CEO of Integrated Asset Services. "Everything so far has helped spur
sales of lower-priced homes, which, at least in the short run, is producing
winners and losers."
Among the nation's 10 largest metropolitan statistical areas (MSAs)
reported, only the Las Vegas housing market continued to slide with a drop
of another 1.8% for the month. Boston and Chicago followed solid May
numbers with increases of 2.9% and 1.3%, respectively, as did the big
California MSAs, with Los Angeles gaining 2.2%, San Francisco up 1.7%, and
San Diego 1.4%.
"The improvement in the more traditional neighborhoods is encouraging, but
it's easy to think there may be trouble lurking further up the food chain,"
said McCarthy. "If there is to be another decrease in home prices, my bet
is it's going to come from the top. One way or the other, the IAS360 will
be the first to report it."
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, that roll 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 offers full service, end-to-end mortgage service
solutions including valuation and data analytics. The firm's i-Series
collateral valuation platform (http://www.iasreo.com/iseries.html) delivers
a comprehensive combination of collateral valuation services that
individually offer distinct and critical data, and when combined, a
complete view of market volatility, local expert opinions and subject
value. The company's data analytics provide vital data on the U.S.
residential housing market.
Editor's Note: Additional IAS360 HPI data, charts, and interviews are
available upon request. Data for 2008 and since the peak of 2006 are
available at levels from national to MSA to neighborhood.
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.