DENVER, CO--(Marketwire - May 11, 2010) - Integrated Asset Services®, LLC (IAS®) (www.iasreo.com), a leader in default management and residential collateral valuations, today released the latest IAS360® House Price Index (HPI) (http://www.iasreo.com/ias360_update.html). Based upon the timeliest and most granular data available in the industry, the benchmark for national house prices gained 1.1% in March.
Outsized monthly gains in two of the four U.S. census regions -- 3.2% in the Midwest and 2.5% in the South -- accounted for the bulk of the monthly turnaround. The West did manage a slight 0.8% improvement, this following seven straight declines, but the Northeast, mostly on weakness up and down the Washington-to-Boston corridor, slipped 0.4%.
With the modest rebound, the IAS360 HPI, which is designed to report changes when they happen for the most accurate and useful view of the U.S. housing market, is down 23.6% from its peak in July 2007. March's close leaves the benchmark at first-quarter 2004 levels.
"Any gain in the IAS360 is well-received, of course, but one month-over-month improvement is hardly evidence the national housing market is recovering," said Dave McCarthy, President and CEO of Integrated Asset Services. "In fact, our neighborhood trend lines indicate house prices have not found a bottom in many parts of the nation."
IAS data confirms the nation's important metropolitan statistical areas (MSAs) are indeed moving in different directions. On the positive side, the three big California MSAs (San Francisco, Los Angeles, and San Diego), Chicago, and Miami all registered respectable gains in March, while Boston, New York, and Las Vegas all lost ground. For its part, the Las Vegas MSA has now fallen without interruption since July of 2006, and prices in the hard-hit region are hovering around levels last seen at the end of 2000.
Meanwhile, the homebuyer tax credit, which offered up to $8,000 to first-time buyers and $6,500 to repeat buyers, expired at the end of April. While the actual stimulus effects of the two home purchase tax credits won't be known for months, it would appear the programs contributed favorably to March's activities. And since homebuyers have until June to close on properties under contract by April 31, the programs could end up influencing housing statistics for weeks to come.
"We can't say for certain how much the federal support programs actually helped, but we do know housing demand will fall back a bit with their expiration," says McCarthy. "I'm actually more concerned about the growing number of foreclosed houses adding to supply. I'm afraid the combination of these factors could pressure home prices in neighborhoods around the country for years."
The IAS360 uses "next-generation" trending methodology to identify market trends earlier than any other index. IAS data includes non-conforming, bank-owned, and conventional sales transactions segmented by property type in addition to those insured by the FHA and VA. The IAS360 also considers REO transactions along with arms-length transactions. The index is published weeks earlier than competing HPIs and refreshes historical trends as new data becomes available.
Integrated Asset Services offers full service, end-to-end mortgage service solutions including valuation and data analytics. The company'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. Its data analytics provide vital data on the U.S. residential housing market.
Editor's note: IAS360 (http://www.iasreo.com/ias360.html) 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 for a fee.
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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