Falling House Prices in August Adds Pressure to an Already Volatile Economy

Integrated Asset Services, LLC (IAS, www.iasreo.com), a leader in default management and residential collateral valuation, today released its IAS360 House Price Index for August 2008. The monthly report, which includes the most current and granular data available in the industry, showed a 0.2 % decline in house prices on a national level in August, and an 11.6% decline from August 2007 to August 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.“As the economy continues to weaken everyone is watching the housing market for signs of a recovery,” says Dave McCarthy, President and CEO of Integrated Asset Services. “The IAS360 HPI’s ability to gauge housing volatility on a granular level and in a timely manner makes it the most essential house price index available for investors, lenders and consumers during these tumultuous times.”At the broader census region level, results for August show three out of four U.S. Census regions experiencing declines in house prices, with only the Northeast region continuing to show a marked improvement, up 1.3%. Showing the most significant loss among the four census regions is the West with a year-over-year double-digit decline of 18 %.Results for the month of August at the census division level showed five out of nine U.S. Census Divisions posting gains during August. New England led the way with a 2.4% appreciation and Mountain, Middle Atlantic and West South Central posting 1.1%, 0.4% and 0.2% appreciation respectively. That said all nine census divisions posted declines year-over-year with Pacific and Mountain divisions maintaining double digit declines.

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Comment by Denver Patriot on October 18, 2008 at 5:29pm
We need to have more dialogue and consider having Trade and banking reform. In just plain adding more money into the system without getting at the root of the problem will only Add to the inflation and later bring us back to the same circumstance but yet at a later date. We should just try to have more debate on this issue and then try to come to a more sound solution.

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