DENVER, CO--(Marketwire - August 10, 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 (http://www.iasreo.com/ias360_update.html) (HPI). Based upon the timeliest and most granular data available in the industry, the benchmark for national house prices gained 1.1% for second quarter 2010.
With the slight advance, the IAS360 is now down 16.7% from its high water mark touched during first quarter 2007. At period's end, the benchmark for U.S. house prices stood near its second-quarter 2004 level.
Second-quarter 2010 gains, however modest, were nationwide, with all four census regions and all nine census divisions reporting positive numbers. The Midwest, the Northeast, and the South regions all reported moves in line with the national number, while the West, consistent with its outsized weakness since the housing market peaked three years ago, gained just 0.2%.
"I have to be impressed that the housing market, at least at the broad level, appears to have responded well to the government's home buyer tax credits," said Ryan Tomazin, President of Integrated Asset Services, provider of the IAS360 HPI. "But down at the neighborhood level, I'm not so sure we've done anything but aggravate the foreclosure influences downstream."
According to IAS's intelligent granularity, while most of the nation's most important MSAs (Metropolitan Statistical Areas) turned in respectable gains for the quarter (Las Vegas and Miami the notable exceptions) nearly all of the country's hardest-hit counties continued to struggle. Some, including California's San Joaquin and Florida's Lee, remain more than 50% below their first quarter 2007 levels.
In the meantime, 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. (Sales must close by September 30 to receive the tax break.) Because so many home buyers rushed to sign deals ahead of the April 30 deadline, sales activity is expected to weaken across the summer and into fall.
"Despite the April tax credit and the arrival of the springtime buying season, our neighborhood trend lines indicate that house prices around the nation are still looking for a bottom," says Tomazin. "I'm concerned the growing number of foreclosed houses and high unemployment will keep the housing market under pressure for the foreseeable future."
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.
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 (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.
In July, Integrated Asset Services issued a report on the mortgage servicing industry outlining the latest advancement in valuation technology to have emerged out of the U.S. foreclosure crisis. The report, "A New Era Of Mortgage Servicing: Out of Crisis, Solutions," describes how innovative companies are producing 'trend lines' for virtually any segment of the marketplace and how this new level of granularity will lead the way to a more stable and productive mortgage lending industry. To receive a copy of "A New Era Of Mortgage Servicing" contact Dan Mahoney at dmahoney@csg-pr.com, or go to the IAS website at www.iasreo.com.
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.
Contact Information:
Contact Information:
Dan Mahoney
