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FHM Mortgage Group partners with collection agencies

Jul 09, 2008

IAS360 House Price Index drops in May 2008MortgagePress.comIntegrated Asset Services, IAS360 House Price Index, neighborhood housing prices Integrated Asset Services LLC has released its IAS360 House Price Index for May 2008. The May report, which includes the most current and granular data available in the industry, showed a -3.2 percent decrease in house prices on a national level from April to May, and a -20.1 percent decline from May 2007 to May 2008. The IAS360 House Price Index is an 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. All four U.S. regions posted declines in May, further eroding an already volatile housing market. The South continues to face the greatest struggle, with a decline of -7.7 percent for the month and a -19.6 percent reduction in regional house prices since May 2007. The West continued its downward trend as well, tracking a -1.1 percent decline in May with an annual decline of -22.4 percent. The Midwest and the Northeast regions were down -2.2 percent and -1.5 percent respectively for the month of May. "While things look terribly gloomy on the national and regional level, there are some pockets of opportunity at the neighborhood and county level that are worth a look," said Dave McCarthy, president and CEO of IAS. Using Denver as an example, Denver MSA house prices rose 0.4 percent for May, and posted a year-over-year decline of -16.5 percent. But drilling in to the county level data uncovers sign of improvement in places like Adams County, where house prices jumped 1.2 percent for the month of May. Denver County saw a 0.3 percent increase and Arapahoe County a 0.6 percent increase after posting year-over-year declines of -18 percent and -14.6 percent respectively. While several counties within the Denver MSA saw slight improvements, other counties are still feeling the pressure. Broomfield County, for example, posted a -4.8 percent decline, adding to the year-over-year decline of -18.5 percent. "The housing market is a local phenomenon," said McCarthy. "To get a clearer picture of the market, it is important to drill down to the county and the neighborhood level to begin seeing the trends that are truly moving the housing market." For more information, visit www.iasreo.com.
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