IAS360 House Price Index rises 1.1 percent in JuneMortgagePress.comIntegrated Asset Services, IAS360 House Price Index
Integrated Asset Services LLC (IAS), a default management and
residential collateral valuation, has released its IAS360 House
Price Index for June 2008. The June report, which includes the most
current and granular data available in the industry, showed a 1.1
percent appreciation in house prices on a national level, and a
-11.5 percent decline from June 2007 to June 2008.
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 at a "neighborhood" level,
which is then rolled 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.
Three out of four U.S. census regions experienced appreciation
in house prices during June, but continued to feel downward
pressure year-over-year. The Western region posted a decline of
-0.5 percent adding to the double digit year-over-year decline of
-16.9 percent.
Conversely, every census division experienced substantial
year-over-year declines except for the East North Central division
which continued to appreciate at a rate of 5.3 percent during the
month of June.
"In turbulent housing markets, timeliness and granularity are
necessary in gauging the market," said Dave McCarthy, president and
CEO of IAS. "The IAS360 House Price Index county level data reports
from the front lines in the housing struggle; depending on the
neighborhood, we are seeing everything from strong and stable
markets to barebones housing markets."
"The IAS360 HPI is not a seasonally-adjusted or smoothed index.
Typically small month to month appreciation is present in the
summer due to increased seasonal housing demand. Therefore,
strengthening of the market in the summer can occur even when the
longer term market trend might be downward," said McCarthy.
For more information, visit www.iasreo.com.
