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IAS360 House Price Index-First Monthly View of Housing Price Trends Based on Neighborhood Level Data - Leading indicator’s April data shows bright spots in housing market
IAS360 House Price Index-First Monthly View of Housing Price Trends Based on Neighborhood Level Data

 

NewswireToday - /newswire/ - Denver, CO, United States, 2008/06/02 - Leading indicator’s April data shows bright spots in housing market.

   
 
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Integrated Asset Services, LLC (IAS), a leader in default management and residential collateral valuation, today launched its highly anticipated, monthly-reported IAS360 House Price Index. The new Index represents the industry’s first clear representation of U.S. Housing market trends at a county level. In its first release, IAS360 House Price Index April data shows that while many areas of the country are still feeling the pinch of the credit crunch there are measurable improvements in some of the nation’s hardest-hit areas.

The new IAS360 House Price Index is a comprehensive housing index tracking monthly change in the median sales price of detached single-family residences in more than 15,000 “neighborhoods” across the U.S. This data is then rolled up to report on the changes in 360 counties, nine census divisions, four regions, and the nation overall. The timeliness of the data, which is based on all arms-length transactions occurring in underlying neighborhoods, makes the IAS360 the leading indicator for housing price trends in the U.S.

“Given the granularity, the methodology, and the timely monthly reporting of the IAS360, we are able to provide the market with early warning signs on housing price trends,” said David McCarthy, President and CEO of IAS. “When the housing markets are rosy, a 50,000 foot view may be acceptable. But when we are facing tumultuous markets, we need to go deeper to understand what is truly going on to make smart decisions.”

The IAS360 April data demonstrates the significance of this granular approach to housing price analysis. Data through the end of the month shows improvement in some of the most depressed areas of the country, even while others that have been somewhat sheltered from the credit crisis are just beginning to feel its impact (see chart below). On a national level, the housing picture is still challenging, with April year-over-year sales declining -9.72% overall; sales declined -1.82% on top of a .04% drop the previous month.

But at the same time, the picture at the regional level is far more encouraging--the Northeast and the Southern regions moved to the black in April while the Midwest region rebounded nicely with a 5.90% gain in median sales price. The Western region, meanwhile, was the hardest hit, witnessing a 5% drop in home sales in April coming off of a 5% increase the previous month

“The key is that the generalized view of the market being reported in the news today doesn’t paint the full picture for consumers and investors,” continued McCarthy. “The residential real estate market is a local phenomenon and it is important to analyze it as such. Looking at the more granular data provided by the IAS360 actually demonstrates pockets of opportunity.”

According to recently released data from S&P/Case-Shiller, Las Vegas continues to share the distinction of being one of the weakest markets over the past 12 months through February on a macro level. However, the IAS360 shows two months of consecutive improvement in housing prices in Las Vegas’ Clark County, one of the largest counties in Nevada.

Additionally, Arapahoe County in Colorado posted a 1.38% increase for the month of April, despite a year-over-year decline of -9.30%. During the same time period Riverside County, California and Maricopa County, Arizona have begun to show signs of leveling off after experiencing double-digit declines in year-over-year housing prices.

“The market is truly segmented at every level, the region, the county, and down to an individual neighborhood. An index that can truly show pricing at the neighborhood level for most of the nation is a very promising and timely development,” said Steve Murray, editor at Real Trends. “The IAS360 index is a significant step forward for those following the housing market.”

Moving forward, the new IAS360 House Price Index will be reported on a monthly basis. The next analysis covering housing trends from May data will be released during the first week of July.

IAS also provides “neighborhood” level house price trends through its iMVI product. More information on iMVI can be found on the IAS website, iasreo.com.

About Integrated Asset Services, LLC.
IAS (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. For more information, visit the company’s Website.

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 InteliReal 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.

 
 
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IAS360 House Price Index-First Monthly View of Housing Price Trends Based on Neighborhood Level Data

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