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Latest Report Shows U.S. House Prices Fell 13.8% in 2008
IAS Data Reveals 10 of the Hardest Hit Counties in the Country
| Source: Integrated Asset Services
DENVER, CO--(Marketwire - February 10, 2009) - 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
December. Based on the timeliest and most granular data available in the
industry, the index showed a 13.8% decline in house prices for the full
year 2008 and an overall decline of 19.1% since the market's peak at the
end of 2006. This after December 2008 posted continued declines of 1.1%.
The IAS report also identified 10 of the counties hit hardest during the
national decline. Not surprisingly, most were in states that experienced
the largest gains during the housing bubble, California and Florida in
particular. California fared the worst with three of the nation's hardest
hit counties: San Joaquin County, down 51% from its high, Monterey County,
down 49%, and Kern County, down 45%.
10 Hardest Hit Counties
Since 2006 Peak Table
At the U.S. Census region level, both the West and the South experienced
double-digit declines for the full year 2008. The West, which dropped 18.4%
in 2008, fell over 24% from its peak in 2006, while the South, down 12%
during 2008, was off nearly 18% from its high. Meanwhile, the Northeast
posted declines of 9.4% for 2008 and 11.7% from its peak. The Midwest,
despite significant declines, was the least impacted region in the U.S.,
and posted declines of 7.4% in 2008 and 10.4% from its peak.
National/Regional
Table
At the MSA level, San Francisco, San Diego, and Miami were the hardest hit
areas in 2008, with declined rates of 23.9%, 22.7%, and 20.8% respectively.
Within San Francisco's MSA, Contra Costa County declined at an astonishing
rate of 35.5% during 2008 and 42.2% since its 2006 peak. Also within the
San Francisco MSA, Marin County and San Francisco County posted less
astonishing declines of 11.3% and 13.9% from the 2006 high, while declines
accelerated to 15.4% and 16.1% across 2008.
MSA,/County Table
"We're seeing house prices returning to pre-bubble levels and there are no
signs of leveling off just yet," said Dave McCarthy, President and CEO of
Integrated Asset Services. "But location is still everything, and in this
turbulent market the ability of the IAS360 House Price Index to gauge
movement at the neighborhood level will make it the most vital house price
index to watch for signs of a recovery."
Census Division 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
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. Data for full year 2008, since the peak of 2006 at levels
from national to MSA to neighborhood level are available.
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' 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.