SOURCE: Integrated Asset Services

Integrated Asset Services

February 08, 2011 13:36 ET

IAS360 Shows Slide in U.S. Housing Market Continuing Into Year End

Leading House Price Index Drops Again in Fourth Quarter Despite Gains in the South

DENVER, CO--(Marketwire - February 8, 2011) - 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 (HPI) (http://www.iasreo.com/ias360_update.html). Based upon the most granular data available in the industry, the index fell 0.8% during the fourth-quarter of 2010.

For the year, the benchmark for national house prices gained 0.9%, mostly all the result of a boost from the government's home buyer tax credits across the first and second quarters.

Year-end IAS360 HPI data, meanwhile, show that three of the nation's four census regions and six of its nine census divisions lost ground over the last three months of 2010. Only the South, which includes some of the nation's hardest-hit areas, turned positive for the period. The IAS report of the nation's hardest-hit counties indicated marked improvement in Florida, where Charlotte and Pasco counties actually registered significant gains. 

Among the country's largest metro regions, only Miami, with a 1.22% gain, was positive for the quarter. Boston, Chicago, Los Angeles, New York, San Francisco, and Washington D.C. all declined more than 3.00% for the last three months of 2010.

"While the bleeding in some of Florida's bubble markets may have slowed, we can't pretend the housing crisis is anywhere near over," said Ryan Tomazin, President of Integrated Asset Services, provider of the IAS360 HPI. "The problems in the U.S. housing market are well known, and I believe the ultimate recovery will take a long time to play out."

One hopeful sign for real estate arrived in a report from the Conference Board, a New York-based private research group, that showed consumer confidence in January climbed to its highest level in eight months as Americans became more optimistic about job prospects. Moreover, the share of people who said they intended to buy a home rose to 2.2 percent, the second consecutive gain after November's 1.7 percent, which matched an all-time low.

The question remains, however, whether an improving consumer outlook will be offset by the drag from rising mortgage rates and the glut of distressed properties for sale. Many believe the enormous supply overhang of existing homes, particularly when considering all those in or soon to be in foreclosure, promises to keep pressure on prices for some time.

"Given the surge of loan defaults and foreclosures, the big picture, unfortunately enough, remains pretty familiar," says Tomazin. "America simply has an excess supply of homes on the market. The continuing problems in the California markets are proof to that point."

The IAS360 HPI 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 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.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.

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.

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