Home Prices Decline Nationally, Some Counties Increase, IAS Says

""Integrated Asset Services LLC"":http://www.iasreo.com/index.html (IAS), an REO management and disposition company based in Denver, Colorado, released its IAS360 House Price Index for September 2008. The monthly report showed a 2.1 percent decline in house prices on a national level in September, with an annual decline of 13.3 percent. However, the data also shows bright spots at the individual county level with 75 of the 360 counties studied showing month-to-month improvements in September.
""Housing prices at the national and MSA[metropolitan statistical area] levels are still seeing declines, but we’re seeing positive signs at the county level, and even more encouraging signs at the neighborhood level,"" said Dave McCarthy, president and CEO of Integrated Asset Services. ""A review of the IAS360 House Price Index county level data, which is an aggregate of the 15,000 neighborhoods we track, provides insights into pockets of the country that may be showing signs of improvement.""
The national picture continues to look challenging. At the census region level, IAS' results for September show all four U.S. regions experiencing declines in house prices, with the South and West seeing double digit declines annually of 11.2 percent and 19 percent, respectively. For the month of September, all nine U.S. Census Divisions posted declines, IAS reported. West South Central led the way with a decline of 4.5 percent and New England, South Atlantic, and Pacific posting declines of 3.0 percent, 2.5 percent, and 1.9 percent, respectively.
At the county level, several counties in New York, New Jersey, and Colorado posted pricing increases from August to September, with Richmond County, New York seeing an annual gain of 0.4 percent. Will County, Illinois showed a 3.9 increase from August 2008 and 3.2 percent higher than September 2007 figures.
The IAS360 House Price Index tracks monthly change in the median sales price of detached single-family residences across the United States. The index, based on all arms-length transactions, tracks data of 15,000 neighborhoods, which is rolled-up to report on the changes in 360 counties, nine census divisions, four regions, and the nation overall.
To view IAS' Home Price Index, including data breakdowns by region and county, ""click here"":http://www.iasreo.com/ias360update.html.