U.S. House Prices Slip Slightly in September
IAS Data Indicate Increased Activity in Declining Neighborhoods
| Source: Integrated Asset Services
DENVER, CO--(Marketwire - November 10, 2009) - 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). Based on the timeliest and most granular data available in the
industry, the index for national house prices fell 0.6% in September.
Compared to the 3.1% decline for the same period last year, the modest
decline for the leading U.S. housing benchmark indicates the typical
seasonal downturn has been somewhat delayed.
Price increases in several large counties in California largely offset the
noticeably downward trend for many regions around the country. Substantial
gains in previously hard-hit counties like Fresno, San Bernardino, San
Joaquin led to an overall 1.1% increase for the West, the only U.S. census
region with an increase for the month. The Northeast dropped 3.1%, the
Midwest 2.1%, and the South 1.2%.
"The number of transactions is generally up in all geographic areas," said
Dave McCarthy, President and CEO of Integrated Asset Services. "It's very
interesting that activity is more pronounced in areas with declining
prices. This indicates to me that there is some bargain hunting going on."
Much of September's activity could also be due to the rush to take
advantage of the government's First Time Home Buyers Credit. The program,
which has provided first-time home buyers tax credits of up to $8,000 since
January, was scheduled to expire at the end of November until Congress
voted last week to extend and expand the tax credit for another six months.
The credit makes it more attractive to purchase lower priced properties.
"Along with extensions in unemployment benefits, the tax credit could prop
up the market for a time," says McCarthy, "but in my opinion the
government's intervention will ultimately delay a final recovery."
Recalculating the Benchmark
The IAS360 House Price Index considers non-conforming, bank owned, and
conventional sales transactions in addition to those insured by the FHA and
VA. For even greater specificity the index separates transaction by
property type. Beginning with September's report, the IAS360 HPI will also
include REO transactions along with arms-length transactions for a more
accurate comparison, competing with traditional house price indexes
including the S&P/Case-Shiller® Home Price Index.
The IAS360 uses "next generation" trending methodology to identify market
trends earlier than any other index. Unlike indices that utilize
weighted-repeat sales methodologies and smoothing that delay reporting
actual market swings, the IAS360 reports changes when they happen. The
IAS360 is published weeks earlier than competing HPIs and, unlike other
indexes, refreshes historical trends as new data becomes available for the
most accurate and useful view of the market.
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.
Editors note: 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.