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First American CoreLogic Releases July 2008 HPI

September 24, 2008

SANTA ANA, Calif., First American CoreLogic released of its full month July 2008 LoanPerformance Home Price Index (HPI).which shows cautious optimism as no further acceleration in price decline noted. The LoanPerformance HPI provides a comprehensive set of monthly home price indices and median sales prices covering 7,575 ZIP codes, 958 Core Based Statistical Areas (CBSA) and 676 counties located in all 50 states and the District of Columbia. The indices, which are the most comprehensive available in the industry, are reported to clients five weeks after each full month ends.

“As of July, nominal home prices declined 10.9 percent from a year ago. Our early August view of the data indicates a decline of 10.8 percent from a year ago. This continues the positive trend of no further acceleration in the pace of the rate of decline. Furthermore, in part because of the declines in house prices, our projection for pre-foreclosure and foreclosure filings through the end of 2008 is 3.2 million, an increase of just over 80 percent from a year ago.” said Mark Fleming, chief economist for First American CoreLogic. “The recent price trend is similar to the Massachusetts and Texas house price declines in the 1980s and 1990s that took approximately two years to bottom out. In both cases there was stabilization in the rate of decline before the lengthy recovery in price levels. There is reason to be cautiously optimistic because the price decline stabilization we observe in this cycle is necessary before any improvement in price levels occur,” added Fleming.

12-Month Change By Top CBSAs (Core Based Statistical Areas) as of July 2008

 

 

 

12 Month
Change

Los Angeles-Long Beach-Glendale, CA

-27.95%

Oakland-Fremont-Hayward, CA

-27.28%

Riverside-San Bernardino-Ontario, CA

-26.93%

Miami-Miami Beach-Kendall, FL

 

-25.95%

 

Las Vegas-Paradise, NV

-25.13%

San Diego-Carlsbad-San Marcos, CA

-23.24%

Cape Coral-Fort Myers, FL

-23.12%

Phoenix-Mesa-Scottsdale, AZ

-22.95%

Fort Lauderdale-Pompano Beach-Deerfield Beach, FL

-20.97%

Orlando-Kissimmee, FL

-18.02%

Tampa-St. Petersburg-Clearwater, FL

-15.82%

San Francisco-San Mateo-Redwood City, CA

-13.59%

Washington-Arlington-Alexandria, DC-VA-MD-WV

-13.58%

Cleveland-Elyria-Mentor, OH

-11.27%

St. Louis, MO-IL

-10.31%

Minneapolis-St. Paul-Bloomington, MN-WI

-9.09%

New York-White Plains-Wayne, NY-NJ

-7.68%

Boston-Quincy, MA

-7.49%

Atlanta-Sandy Springs-Marietta, GA

-6.93%

Seattle-Bellevue-Everett, WA

-6.90%

Honolulu, HI

-6.73%

Detroit-Livonia-Dearborn, MI

-6.59%

Chicago-Naperville-Joliet, IL

-6.42%

Edison-New Brunswick, NJ

-6.15%

Portland-Vancouver-Beaverton, OR-WA

-4.40%

Philadelphia, PA

-3.78%

Denver-Aurora, CO

-2.21%

Charlotte-Gastonia-Concord, NC-SC

-0.74%

Salt Lake City, UT

1.37%

Raleigh-Cary, NC

1.49%

Dallas-Plano-Irving, TX

2.17%

San Antonio, TX

3.53%

Houston-Sugar Land-Baytown, TX

4.12%

Austin-Round Rock, TX

4.15



Source: First American CoreLogic, LoanPerformance HPI, Single Family Detached Series as of July 2008

“Thirty-five states are experiencing nominal price declines, which is less than last month, indicating additional stabilization in the geographic expansion of the housing market malaise. Many of the California and Florida markets have continued strong yet stable depreciation rates, but excluding these two states as well as Phoenix and Las Vegas, the markets with large rates of decline are in the Midwest and Washington D.C.,” added Fleming.

In addition, updated LoanPerformance HPI data through mid-August 2008 is also available, providing clients with an early snapshot of trends with only a three-week lag period. Full-month July through mid-month August 2008 state and top CBSA-level data can be found at http://www.loanperformance.com/products/hpi.aspx.

Source: First American CoreLogic



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