Magazine article Mortgage Banking

IAS 360 Finds Yearly Decline in National Home Prices

Magazine article Mortgage Banking

IAS 360 Finds Yearly Decline in National Home Prices

Article excerpt

Denver-based Integrated Asset Services LLC released its latest IAS360[R] House Price Index (HPI) on Feb. 9 and found the index for national home prices fell by 5.3 percent in the period from December 2008 to December 2009. The quarterly decline in December was 0.7 percent.

Summing up the findings, Dave McCarthy, president and chief executive officer of Integrated Asset Services, said, "We're still in a mess."

The latest report found that the index is now down by more than 22 percent from its high-water mark in July 2007. The HPI is now at a level last seen in mid-2004. In a press release announcing the findings, McCarthy said, "I still think the risk of continued weakening in house prices nationally is considerable."

The latest HPI report found the index turned positive in only one census region in the monthly results for December 2009 compared with November 2009. The South saw the home-price index rise by 2.3 percent in that period. The Midwest saw the index drop by 4.2 percent in the same period.

The latest HPI report found that prices in Monterey, California, were now at levels last seen in December 2000. Las Vegas (Clark County) saw prices drop by 29.2 percent in the one-year period from December 2008 to December 2009, according to the HPI report. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.