Magazine article Mortgage Banking

House-Price Declines Accelerate in First Quarter

Magazine article Mortgage Banking

House-Price Declines Accelerate in First Quarter

Article excerpt

According to the latest report from Integrated Asset Services LLC (IAS), Denver, the decline in house prices accelerated across the country in the first quarter, based on its IAS360 [R] House Price Index. The latest index reading was released on May 10, and it found national prices fell by 2.6 percent during the first three months of 2011.

The company said U.S. house prices are now down by more than 25 percent from their high-water mark reached four years ago. Even the nation's wealthiest markets showed price declines in the first quarter. Eight of the 10 wealthiest counties tracked by IAS reported house-price declines in the first quarter. IAS said all eight showed positive price trends in the prior reporting period.

In the first quarter, all four census regions and all nine census divisions, plus all of IAS360's largest metro regions showed price declines. In markets such as Las Vegas and Miami, house prices were down more than 50 percent from their peaks reached in 2007, according to IAS.

"There are simply too many market factors weighing against house prices to correct the supply-and-demand gap in the near term," says Paul Sveen, chief executive officer of IAS. …

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