DENVER, CO--(Marketwire - Aug 9, 2011) - Integrated Asset Services®, LLC (IAS®) (www.iaservices.com), a leader in default management and residential collateral valuations, today released the latest IAS360® House Price Index (http://www.iaservices.com/ias360-house-price-index-from-ias) (HPI). Based upon the most granular data available in the industry, the index jumped 2.0% across the second quarter of 2011.
In a complete reversal of the first quarter, all four of the nation's census regions registered gains for the three-month period. The IAS360 HPI, which uses proprietary trending methodology to identify market trends earlier than any other HPI, reported a 3.1% rise in the South, with the Northeast and the Midwest each gaining 2.5%. The hard-hit West, meanwhile, managed a 0.1% rise according to IAS data.
Seven of the country's nine U.S. census divisions also reported positive second-quarter numbers. Gains ranged from an impressive 4.7% jump in the West South Central division to a modest 0.5% rise in the Pacific. Only the Mountain division, which includes the still weak Las Vegas metro area, and New England, where Boston dropped an outsized 8.1%, reported declines.
"The IAS360 reflects literally thousands of transactions at the neighborhood level," says Paul Sveen, chief executive officer of Integrated Asset Services, provider of the IAS360, "so we have to respect the breadth of this period's gains. One good quarter hardly qualifies as a recovery, of course, but it definitely has our attention."
At period end, U.S. house prices as measured by the IAS360 are now down 0.6% for 2011 and 1.3% for the last 12 months. Despite the second-quarter turn to the positive, ongoing uncertainty about the nation's economy, not least of which tight credit, stubbornly high unemployment, and a glut of foreclosures, continues to weigh on the housing market.
So, too, does so-called 'foreclosure-gate' -- the legal squabbling about the process used to repossess many homes -- which has delayed the sale of many foreclosed properties in the pipeline. In the meantime, the number of foreclosures and short sales, which reportedly accounted for about one-third of home sales in 2010, is expected to rise. The fear that prices will fall further, coupled with stricter lending rules, could keep pressure on prices for some time.
"It's absolutely imperative we -- and by we I mean those of us on the servicing side -- speed up the distressed sale process," says Sveen. "The longer it takes to put the foreclosure-processing issue to rest, the greater will be the backlog of properties. Even confident buyers will hold off, I'm afraid."
The IAS360 HPI, with its "next-generation" trending methodology, is able 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 HPI 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 (http://www.iaservices.com/i-series-collateral-valuation-platform) 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.iaservices.com/ias360-house-price-index-from-ias) HPI data, charts, and interviews are available upon request. Data are available at levels from national to MSA to neighborhood for a fee.
About Integrated Asset Services, LLC
IAS (www.iaservices.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
970-405-8060
