Contact Information: Contact Information: Dan Mahoney CSG|PR www.csg-pr.com 970-405-8060
U.S. House Prices up 1.6% in May According to IAS360 House Price Index
Northeast Leads the Way as All Four U.S. Census Regions Report Gains
| Source: Integrated Asset Services
DENVER, CO--(Marketwire - July 14, 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 on
the timeliest and most granular data available in the industry, the
benchmark index for national house prices gained 1.6% in May.
The latest IAS report, which reflects the largest one-month increase in the
IAS360 HPI since July of 2005, follows a fractional gain in April. The
index had previously fallen more than 19% from its high-water mark in June
of 2007.
U.S. house prices are still down 10.5% year over year, but all four of the
U.S. census regions reported positive numbers for May. In order of gains,
the Northeast was up 3.2%, the Midwest 1.9%, the South 1.1%, and the West
0.9%. The South was the only census region down in April.
"Two months' worth of positive data hardly signals a turn in the national
housing market," said Dave McCarthy, President and CEO of Integrated Asset
Services, "but we have to be encouraged by what we're seeing in several
important counties and neighborhoods."
In fact, the IAS360 HPI reported gains in May for nine of the nation's 10
largest metropolitan statistical areas (MSAs), a notable turnaround from
just two months ago when Denver was the only region in the nation with
positive performance. For its part, Denver added another 0.4% in May, while
Boston and Chicago followed solid April numbers with increases of 3.7% and
1.5%, respectively. The gains in the West, meanwhile, were particularly
apparent with San Francisco up 3.0%, Los Angeles 2.8%, and San Diego 1.2%.
Only the Las Vegas housing market continued to slide with a drop of 0.9%
for the month.
"We're seeing a mix shift in home sales and that's manifesting itself as
increased pricing," said John Burns, CEO of John Burns Real Estate
Consulting. "For a while, the bulk of homes sales were distressed
properties in declining neighborhoods. Home affordability combined with tax
credits have proven compelling. Sales are shifting back to more traditional
submarkets and neighborhoods. That said, there is still a lot of downward
pressure on pricing due to foreclosures and recent changes in the appraisal
process. We aren't out of the woods yet."
"With all of the political and regulatory uncertainties combined with
rising unemployment and foreclosure inventories, it's too soon to speculate
that a housing recovery is really here," said McCarthy. "However, I'm
confident that the IAS360 will be the first to report a turn in the markets
when they start to occur."
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. Its 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.
ABOUT JOHN BURNS REAL ESTATE CONSULTING:
John Burns Real Estate Consulting (www.realestateconsulting.com) is a
national consulting firm that helps executives make informed decisions on
the housing industry. The company is on retainer with many of the largest
companies in the housing and investment industries. Providing independent
third-party research and analysis, John and his team consult with
executives all over the country and deliver the information they need to
make housing industry decisions with confidence.
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.