Integrated Asset Services®, LLC (IAS®) (www.iasreo.com), a leader in default management and residential collateral valuation, announced today the availability of a “distressed” valuation feature within the iValue suite of automated valuation products. This new feature is intended to help mortgage servicers around the country more accurately value distressed residential properties and loans associated with such collateral. Industry leaders anticipate an unprecedented volume of distressed properties and fluctuating loan-to-value ratios over the next several quarters as a flood of default and REO properties enter the market. “Financial institutions and mortgage servicers need a fast and affordable way to review their portfolios and make decisions for each individual loan,” said Dave McCarthy, President and CEO of Integrated Asset Services. “The distressed valuation feature is a way to individualize the value of each property according to the state of the local market and the property-specific factors that may negatively impact value.” iValue already delivers deeper business intelligence than any other single Automated Valuation Model (AVM) source in the market, reporting on subject value, median house price trends, and neighborhood intelligence. The new “distressed” feature extends the AVM to extract and weigh key data points that indicate whether a property is considered distressed within the iValue model. Other AVMs typically overlook a property’s state of distress; resulting in valuation error and greater portfolio risk. The iValue enhancement will identify and flag those properties that are in some state of distress, including notice of default, company-owned, abandoned and sheriff sale. The feature also applies neighborhood analytics to search and select area listings and sales that can be identified as distressed, enabling the AVM to utilize relevant comparables. The distressed methodology isolates and monitors price trends for distressed properties in a local market, allowing the model to accurately establish the spread between retail market value and distressed value. “An intelligent AVM is able to recognize a distressed property state, quantify the price pressure on a given market and value each asset accordingly,” said Ric Miles, CEO of IntelliReal, IAS’s technology partner. “Identifying the distressed value of a property within its local market will give servicers and mortgage traders the ability to more proactively strategize and manage portfolio risk.” iValue is one of several innovations introduced by IAS to assist financial institutions mitigate risk through a fast and low cost solution. The firm recently launched its monthly-reported IAS360 House Price Index last year. IAS’s high-tech and high-touch product lines (www.iasreo.com/iseries.html) offer an unmatched level of detail in a rapidly changing housing environment. About Integrated Asset Services, LLC IAS (www.iasreo.com) is a privately-held Colorado-based corporation specializing in default mortgage services including valuation, reconciliation and full cycle REO disposition. The Company’s advanced valuation and volatility technology combined with its expert professional services help its clients reduce exposure while expediting the entire asset management process. Founded by REO industry experts, IAS provides services that go beyond industry expectations, from the level of integrity of its employees to the measurably better service it routinely provides.
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Integrated Asset Services®, LLC (IAS®) (www.iasreo.com), a leader in default management and residential collateral valuation, today released its latest IAS360™ House Price Index. The benchmark for national house prices, based upon the timeliest and most granular data available in the industry, moved up a fraction of a point in April. April’s report reflects the first non-declining numbers for the index in 10 months. The IAS360 had fallen more than 19% from its high-water mark in June of 2007. On a year-over-year basis, U.S. house prices are still down 13.0%, but the volatility of the trend line is less than the previous year, a critical point to industry analysts. More importantly, three of the four U.S. census regions were stable to positive for April. Only the South, which includes several particularly hard-hit Florida communities, was down for the month (0.3%), but there, too, the trend line was flattening. “It’s too soon to call this a turn in the housing market, particularly given all the political and regulatory uncertainties,” said Dave McCarthy, President and CEO of Integrated Asset Services. “I think that we’re still in for some difficult spells ahead, but we are seeing a certain kind of pricing equilibrium in several important markets. That’s encouraging for the long term.” Among metropolitan statistical areas (MSAs), IAS360 reports that three of the country’s ten largest MSAs—Boston, Chicago, and San Diego—joined Denver, previously the only region in the nation showing gains, in positive territory in April. “Inventory levels are declining and sales are increasing in the lower priced markets through a combination of incentives and low interest rates creating a positive outlook for the entire market,” said Rick Foos, President of SRA Foos & Associates, Inc. “However, if we begin to see rising interest rates and an increase in foreclosures in tandem we could be experiencing a “false bottom”, but if neither materializes to a great degree then it does appear that the market may have bottomed.” IAS360 data also revealed certain evidence of normalization, or at least a return to seasonality, in California, arguably the first and foremost damaged state in the U.S. (six of the 10 hardest-hit counties in the country are in California.) Representative counties up and down the state, including Monterey, San Bernadino, Ventura, Riverside, Sacramento, Sonoma, and King, continue to report convincing upticks in housing prices. For its part, the aforementioned San Diego, down almost 24% from its high in 2007, has reported three straight months of stable prices. “We’re looking at daily information on more than 15,000 market segments across the country,” said McCarthy, “and we’re keeping a keen eye out for trends all the way down to the county and neighborhood level. With the benefit of our uniquely granular and timelier data, the IAS360 will report the turn in the market first.” 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 of 15,000 “neighborhoods”, which are 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.
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Posted by Erik Keith on August 18, 2009 at 12:25pm
Integrated Asset Services®, LLC (IAS®) (www.iasreo.com), a leader in default management and residential collateral valuation, announced today the launch of Statebridge. The new company will provide custom, high-touch investor-focused servicing for the mortgage industry. Statebridge’s risk-based servicing will introduce a new adaptive approach designed to optimize investor success through tailored, high-touch servicing that maximizes return on performing and non-performing loans. This new approach to servicing was developed by the team that helped create the market for independent surveillance of mortgage securities. “Statebridge is defining a new category, “investor-focused servicing”, for the mortgage industry”, said Dave McCarthy, President and CEO of Integrated Asset Services. “In association with IAS’ valuation and REO capabilities, Statebridge will be the only servicing company to provide a ‘one-stop shop’ for mortgage servicing that is intensely focused on the needs of investors that have grown out of this new mortgage environment.” Responding to changing industry expectations and demands, Statebridge was founded on the principle that a combination of technology, deep industry experience, custom borrower touch, and a contrarian view of servicing can make a significant difference in the performance of mortgage portfolios. Company executives created the firm’s servicing practices from the ground up, relying on years of experience in overseeing hundreds of servicers and roughly three trillion dollars worth of mortgages. “Statebridge is not a company that believes in doing things one way because that’s how they’ve always been done,” said Kevin Kanouff, President of Statebridge. “We work closely with our clients to create a servicing strategy unique to their investment philosophy for the greatest return. We treat borrowers with respect and our clients’ assets as if they were our own.” The company has been designed to provide custom special servicing of both distressed and non-distressed mortgages. In addition to unbiased service advice on existing mortgages, Statebridge experts are equipped to offer collateral analysis, fiduciary review, pool level analysis, and pricing advocacy for new investments in mortgages. With the Statebridge launch, the IAS suite of mortgage servicing products, which already includes REO management and disposition, collateral valuation, conditioned valuation, and mortgage due diligence, will effectively bridge the entire loan life cycle. “Our attitude is that there should always be a solution that is in the best interests of both the borrower and the investor,” said Kanouff. “We’re looking forward to our association with IAS and its “no excuses” philosophy to bring complete and exceptional solutions to the residential asset management industry.”
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Integrated Asset Services®, LLC (IAS®) (www.iasreo.com), a leader in default management and residential collateral valuations, today released its IAS360™ House Price Index (HPI). Based on the timeliest and most granular data available in the industry, the benchmark index for national house prices gained 1.6% in May. The latest IAS report, which reflects the largest one-month increase in the IAS360 HPI since July of 2005, follows a fractional gain in April. The index had previously fallen more than 19% from its high-water mark in June of 2007. U.S. house prices are still down 10.5% year over year, but all four of the U.S. census regions reported positive numbers for May. In order of gains, the Northeast was up 3.2%, the Midwest 1.9%, the South 1.1%, and the West 0.9%. The South was the only census region down in April. “Two month's worth of positive data hardly signals a turn in the national housing market," said Dave McCarthy, President and CEO of Integrated Asset Services, “but we have to be encouraged by what we’re seeing in several important counties and neighborhoods.” In fact, the IAS360 HPI reported gains in May for nine of the nation’s 10 largest metropolitan statistical areas (MSAs), a notable turnaround from just two months ago when Denver was the only region in the nation with positive performance. For its part, Denver added another 0.4% in May, while Boston and Chicago followed solid April numbers with increases of 3.7% and 1.5%, respectively. The gains in the West, meanwhile, were particularly apparent with San Francisco up 3.0%, Los Angeles 2.8%, and San Diego 1.2%. Only the Las Vegas housing market continued to slide with a drop of 0.9% for the month. “We’re seeing a mix shift in home sales and that’s manifesting itself as increased pricing,” said John Burns, CEO of John Burns Real Estate Consulting. “For a while, the bulk of homes sales were distressed properties in declining neighborhoods. Home affordability combined with tax credits have proven compelling. Sales are shifting back to more traditional submarkets and neighborhoods. That said, there is still a lot of downward pressure on pricing due to foreclosures and recent changes in the appraisal process. We aren’t out of the woods yet.” “With all of the political and regulatory uncertainties combined with rising unemployment and foreclosure inventories, it’s too soon to speculate that a housing recovery is really here,” said McCarthy. “However, I’m confident that the IAS360 will be the first to report a turn in the markets when they start to occur.” 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 of 15,000 neighborhoods, that roll 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.
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Posted by Erik Keith on August 11, 2009 at 10:41am
Integrated Asset Services(www.iasreo.com) today released its IAS360 House Price Index (HPI). Based upon the timeliest and most granular data available in the industry, the index for national house prices moved ahead another 1.2% in June. With June’s gains--the fourth consecutive positive month--the U.S. housing benchmark advanced 2.7% for full second quarter 2009, virtually offsetting the 2.6% decline across the first three months of the year. The IAS360 HPI is still down 16.7% from its high in June 2007. Like May, all four U.S. census regions reported positive numbers for the month and in like order. For June, the Northeast was up 1.9%, the Midwest 1.8%, the South 1.2%, and the West 0.4%. While values showed improvement in neighborhoods across the country, most upper end counties remained mired in a deep slump. In June, price declines continued to accelerate for Putnam County, NY, Morris County, NJ, and Howard County, MD. “I think that a lot of this valuation disparity reflects the immediate effects of Washington's housing-rescue plan,” said Dave McCarthy, President and CEO of Integrated Asset Services. “Everything so far has helped spur sales of lower-priced homes, which, at least in the short run, is producing winners and losers.” Among the nation’s 10 largest metropolitan statistical areas (MSAs) reported, only the Las Vegas housing market continued to slide with a drop of another 1.8% for the month. Boston and Chicago followed solid May numbers with increases of 2.9% and 1.3%, respectively, as did the big California MSAs, with Los Angeles gaining 2.2%, San Francisco up 1.7%, and San Diego 1.4%. “The improvement in the more traditional neighborhoods is encouraging, but it’s easy to think there may be trouble lurking further up the food chain,” said McCarthy. “If there is to be another decrease in home prices, my bet is it’s going to come from the top. One way or the other, the IAS360 will be the first to report it.” 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 of 15,000 neighborhoods, that roll 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.
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Integrated Asset Services®, LLC (IAS®) (www.iasreo.com), a leader in default management and residential collateral valuation, this month celebrated the first anniversary of its IAS360 House Price Index (http://www.iasreo.com/ias360_update.html). The IAS360 HPI remains the only index to track U.S. housing trends at a county level. The index tracks monthly change in the median sales price of detached single-family residences in more than 15,000 “neighborhoods” across the U.S., then rolls the data up to 360 counties, nine census divisions, four regions, and the nation overall. The timeliness of the data, which is based on all arms-length transactions occurring in underlying neighborhoods, makes the IAS360 HPI a leading indicator for housing price trends in the U.S. The index was recently awarded Personal Real Estate Investor Magazine’s Editors’ Choice Award. “The granularity of the IAS360 HPI takes it deeper into U.S. housing data than other observational tools” said David McCarthy, President and CEO of Integrated Asset Services. “And given the timely monthly reporting, we’ll be the first to see the markets turn at the county level.” IAS’ methodology integrates multiple data sources beginning with familiar Census Block, most Multiple Listing Services, Bureau of Labor Statistics, HUD, and county recorder data. These feed to an automated valuation model for individual home value index designed to track housing prices for banks and investors. The IAS360 HPI measures median sales price trends at multiple areas within a county to report price performance within an individual market. The index covers only single-family homes, though IAS does provide a separate report on condos. IAS’s innovative methodology has been well-received by a demanding marketplace. With its timely and granular data, the IAS 360 has been receiving increasing press attention since its first appearance 12 months ago. In addition to its recognition by Personal Real Estate Investor Magazine, the index has received increasing coverage by leading industry media outlets like The Wall Street Journal, CNBC, U.S. News &World Report, Business Week, Reuters, ABC News Radio, CBS News Radio, Housing Wire, Mortgage Banking Magazine, Mortgage Servicing News, and National Mortgage News. “The better housing price indexes are all useful at the Metropolitan Statistical Area level,” said McCarthy. “The IAS360 adds another level of information with its neighborhood data. That, plus the fact the index captures seasonality, makes it quite valuable to homebuyers, lenders, and investors.” For the financial services industry, the IAS360 HPI provides the logic to determine value, risk, and volatility for loss mitigation and short sale negotiations. This data gives lenders an indication of market movement and sets a median price range covering the previous six quarters. Regression testing of the IAS methodology has proven that the IAS360 HPI index and forecasts are extremely accurate.
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Posted by Erik Keith on December 22, 2008 at 2:30pm
It took $4 gasoline to get folks to think about their driving habits. Similarly, it looks like a meltdown of the megabanks and other financial institutions is prompting consumers to think about where they are putting their money, who they can trust and what results they should expect. And much of their hard earned cash is flowing into deposits at community banks:• According to the FDIC, banks with less than $10 billion in assets, community banks, have seen an increase in deposit growth this year from a minus 0.77% in Q1 to a positive 2.06% in Q3. Larger banks witnessed a 3.81% decline in growth of deposits for the same period.• The Federal Reserve reported that October deposits and lending at community banks outpaced the overall industry. Between October 1 and October 22, community banks saw deposits rise 1.1 percent, or nearly $27 billion, to more than $2.4 trillion. For the same period, the nation’s 30 largest U.S. chartered banks saw $44 billion, or 1.2 percent of deposits, walk out the door, leaving them with less than $3.8 trillion.• REWARDChecking, a free checking account offered by more than 450 community financial institutions across the country, reported a 96% jump in deposits in the third quarter of this year.“Through products like REWARDChecking, community financial institutions are winning back customers from the faltering megabanks and investment houses,” said Don Shafer, Chairman of BancVue, a leading provider of products and consulting to community banking institutions. “Americans are indicating that they enjoy investing their money locally, and they benefit from high yields, fiscal safety and customer service.”Higher yields on short term deposits like those found on CheckingFinder.com are certainly fueling interest in community banks. Month-to-month applications on CheckingFinder.com (https://www.checkingfinder.com/), a website that connects consumers with community financial institutions offering high-yield checking accounts, jumped 14% from July to August, 46% from August to September, and 53% from September to October. A small sampling of applicants on the site indicated nearly seven out of 10 were moving their funds to community financial institutions from large banks.Examples of the yields found at community banks compared to those higher yielding shorter term deposits at megabanks (as of December 15) includes:COMMUNITY BANKS YIELDS PRODUCTSCommunity Bank of Pleasant Hill, MO; 6.10%; High-yield CheckingFirst Robinson Bank, IL; 6.01%; High-yield CheckingLegence Bank, IL; 6.01%; High-yield CheckingCommunity Bank of Raymore, MO; 6.01%; High-yield CheckingThree Rivers FCU, IN; 6.01%; High-yield CheckingFlorida Central Credit Union, FL; 6.01%; High-yield CheckingUnion State Bank/Bank of Atchison, KS; 6.01%; High-yield CheckingBank of Granite, NC; 6.00%; High-yield CheckingMEGABANKSWAMU; 5.00%; CD (5 years)eLoan; 4.75%; CD (6 years)Schwab; 3.60%; CD (18 months)ING; 3.75%; CD (1 year)HSBC; 3.50%; CD (1 year)Countrywide (BofA); 3.10%; CD (9 months)eTRADE; 2.25%; CD (12 month)“Three years ago the issue of 'how secure is my money?' was literally not on the consumer’s radar; today, the future viability of the nation’s largest banks is,” continued Shafer. “Not so with community banking, a system that has endeared trust by its roots and not by its branches.”
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Healthy Community Banks Unfairly Impacted and Consumers Should Heed Wake-Up CallAs the economic crisis puts a spotlight on the obscure world of credit default swaps (CDS), an unregulated $62 trillion market that most people never heard of and even fewer understood, the fear of a CDS catastrophe is haunting the country’s largest banks, and the nation’s healthy community institutions and consumers are paying the price.An analysis of FDIC data as of 12/2008 conducted by BancVue (www.bancvue.com), a leading provider of products and consulting to community banking institutions, shows that commercial banks $10 billion or larger have just over $24 worth of credit derivatives for each dollar of equity. By comparison, the rest of the industry has essentially one-tenth of a penny of CDS for each dollar of equity. Those numbers translate to the big banks having roughly 23,000 times as much credit derivative exposure versus all other community financial institutions.This comes at a time when megabanks are already reeling from write-downs on mortgage-related securities. "These are the same institutions that themselves have either directly or through subsidiaries invested in the subprime market," said Don Shafer, Chairman of BancVue. “After suffering losses all over the place, the megabanks are now waiting for the next shoe to drop. In the meantime, it’s placing an undue burden on healthy small banks and should serve as a wake-up call to consumers.”Since the mortgage-backed securities that many swaps were supporting began to lose value in 2007, investors have feared that the swaps, originally meant as a hedge against risk, could suddenly become huge liabilities. While the CDS marketplace is completely unregulated and the swaps trade without a central clearinghouse, it’s known that commercial banks are among the most active participants. According to the Comptroller of the Currency, JP Morgan Chase, Citibank, Bank of America, and Wachovia were ranked the top four most active players.In February, federal regulators facing a cascade of bank failures depleting the deposit insurance fund raised the fees paid by U.S. financial institutions. Although the FDIC intended on charging more from higher risk banks, they also suggested levying a hefty emergency premium in a bid to collect $27 billion this year. The higher premiums being assessed were originally set for 20 cents for every $100 of insured deposits levied equally on the 8,305 federally insured institutions. To put that in perspective, for a $250 million dollar community bank, the “one time tax” would constitute a $500,000 hit, which could wipe out 20% to 40% of a bank’s annual profits. At the Independent Community Banking Association Convention last week, FDIC Chairman Sheila Bair predicted that the assessment will probably be lower. She went on to say that the FDIC is seeking comments on whether the agency should use total assets or some other base for the special assessment, which would have consequences for how the burden is distributed.“How about basing part of the assessment on the amount of credit derivatives a bank holds compared to their equity?” continues Shafer, referencing BancVue’s research showing the extraordinary exposure to CDSs of the megabanks versus the community financial institutions. “If you are going to unfairly burden smaller banks that played by the rules, the least the FDIC can do is base the levy on the banks that helped trigger the crisis.”Even amidst this threat and turmoil among the megabanks, consumers are still trusting more than 70% of deposits in the U.S. to these large financial institutions. “Americans appear to be paralyzed in their banking relationship leaving so much of their hard earned cash in TARP and CDS-laden megabanks. It’s time for consumers to wake up and evaluate their banking options, particularly when community banks offer a less risky deposit alternative with better products and services,” concludes Shafer.
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Posted by Erik Keith on December 10, 2008 at 11:00am
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 October 2008. The monthly report, which includes the most current and granular data available in the industry, showed a 1.7% decline in house prices on a national level in October, with an annual decline of 12.9% versus a 13.3% decline in September.Denver, MSA house prices were down 1.2% in October and 15.3% year-over-year. Adams County saw an uptick of 0.2% in October but continues to decline year-over-year at a rate of 20.3%. Denver County continued to add to an already weak housing market with a decline of 2.5% in October and 21.4% year-over-year (see table below for more Denver metro area counties).Housing prices at the national level continue to look bleak. At the census region level, results for October show all four U.S. Census regions experiencing declines in house prices, with the South and West experiencing double digit declines year-over-year of 10.2% and 18.7%, respectively. Compared to October of 2007; Midwestern, Northeastern and Western regions saw a slight improvement in the rate of decline during October 2008, posting 1.5 %, 1.8% and 1.4% declines in house prices respectively. Finally, the Southern region continued to fall amid a weakened housing market.During the month of October, all nine U.S. Census Divisions posted declines. Mountain, Pacific and South Atlantic census divisions posted double digit year-over-year declines of 12.4 %, 20.0% and 10.6%, respectively. East North Central and West South Central divisions continued to hold steady with slight annual declines of 2.4% and 1.7 %.“We’re continuing to see a decline in housing prices across the country and at the county level. That said, we’re also seeing some signs of strengthening in counties that are located in ground zero states of the housing crisis,” said Dave McCarthy, President and CEO of Integrated Asset Services. “With the IAS360 and the other granular Integrated Asset Services iMVI data, we are keeping a close eye on the counties within hard hit states, because it’s the counties that will be the harbinger of signs of a market recovery.”States that have been hard hit by the housing crisis, such as Arizona and Florida, are seeing some counties appreciate in house prices.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 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. The IAS360 House Price Index is delivered on a monthly basis.Leveraging real time data and nationwide resources, Integrated Asset Services' high-tech and high-touch product lines, (www.iasreo.com/risk.html), offer an unmatched level of detail in a rapidly changing housing environment. IAS reports on "neighborhood" level house price trends, residential market climate and collateral valuation. Integrated Asset Services also provides traditional valuation products and full service REO Management and Disposition.
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With the economy and investment opportunities slimming, consumers are looking for alternative, safe avenues for storing their money other than their mattress. CheckingFinder.com, home to the highest yielding free checking accounts at community banks and credit unions across the nation, has announced a limited time offer of a trial membership to Dave Ramsey's MyTotalMoneyMakeover.com for every person who submits an application.In addition to the advice and tools from Dave Ramsey, a personal money management expert and best-selling author, consumers will find checking accounts yielding up to 5.15% APY and be able to open them within minutes on CheckingFinder.com."Dave Ramsey is renowned for offering life-changing financial advice on his nationally syndicated radio talk show and in his books, and we're proud to be able to offer his MyTotalMoneyMakeover.com, especially during these tough economic times," said Gabe Krajicek, Chief Executive Officer of BancVue, the company responsible for providing high-yield REWARDChecking® to community financial institutions and aggregating them with the help of marketing partner, FIRST ROI on CheckingFinder.com.CheckingFinder.com is an online search engine that helps consumers find free, high-interest checking accounts with no minimum balance from community financial institutions across the country. Consumers have the peace of mind knowing that all these accounts are insured through the FDIC, NCUA, or ASI. The advertised rates are not introductory teaser rates, there are no monthly fees or minimum balance requirements associated with the accounts, and ATM fees are refunded nationwide.Dave Ramsey's MyTotalMoneyMakeover.com is a subscription site helping people discover financial peace by walking them through Ramsey's 'baby step process' for dumping debt and building wealth. MyTotalMoneyMakeover.com is widely considered to be one of the best tools available to keep people motivated and accountable for their finances."Dave Ramsey has been a solid supporter of what we're doing at CheckingFinder™ and with the REWARDChecking accounts," said John Waupsh, Chief Executive Officer of FIRST ROI. "He truly understands what it means for money to work harder."For more information on these free, high-yield checking accounts at community financial institutions and the free trial offer to Dave Ramsey's MyTotalMoneyMakeover.com, visit http://www.checkingfinder.com.
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Posted by Erik Keith on October 14, 2008 at 4:00pm
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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Posted by Erik Keith on November 12, 2008 at 9:30am
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 September 2008. The monthly report, which includes the most current and granular data available in the industry, showed a 2.1% decline in house prices on a national level in September, with an annual decline of 13.3%. However, the data also shows bright spots at the individual county level with 75 of the 360 counties showing month to month improvement in September.“Housing prices at the national and MSA 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, results for September show all four U.S. Census regions experiencing declines in house prices, with the South and West experiencing double digit declines annually of -11.2% and -19.0%, respectively. Compared to September of 2007, Western and Midwestern housing prices improved slightly while Northeast and South continued to weaken.Results for the month of September at the census division level, all nine U.S. Census Divisions posted declines. West South Central led the way with a decline of 4.5% and New England, South Atlantic, Pacific posting declines of 3.0%, 2.5% and 1.9%, respectively.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 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. The IAS360 House Price Index is delivered on a monthly basis.Leveraging real time data and nationwide resources, IAS' high-tech and high-touch product lines offer an unmatched level of detail in a rapidly changing housing environment. IAS reports on "neighborhood" level house price trends, residential market climate and collateral valuation. IAS also provides traditional valuation products and full service REO Management and Disposition.
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As Personal Savings Rise to 5%, Consumers Could be Making Up to 6% APRAccording to the U.S. Commerce Department on Wednesday, the personal savings rate surged to 5% in January. As consumers frantically try to save their money as the economic outlook continues to look bleak throughout much of the country, they could be making up to 6% APR on their checking account.A “personal financial stimulus package” starts with the basics—your banking relationship. Community banks are still offering the best interest rates on free checking accounts:Florida Central Credit Union 6.01First Robinson Savings Bank 6.01Communications Federal Credit Union 5.25Connexus Credit Union 5.15Community Bank of Pleasant Hill 5.01Three Rivers FCU 5.01Union State Bank/Bank of Atchison 5.01Beacon Federal Credit Union 4.51In over 4000 community financial institution branches across the country, consumers are receiving from 3% to 6% interest rates on free checking with no minimum balance and reimbursed ATM fees. And these are NOT teaser rates.With a history of delivering value and customer-centric service, selected community banks and credit unions are offering free checking accounts with CD-like yields. The bank or credit union realizes operational savings when account holders accept eStatements, utilize direct deposit, access online banking, and increase their debit card usage and returns it to the consumer in the form of higher yields.To help consumers find community banks and credit unions with high-yield checking accounts, www.checkingfinder.com was created.
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Integrated Asset Services®, LLC (IAS®) (www.iasreo.com), a leader in default management and residential collateral valuation, today released its latest IAS360™ House Price Index. Based on the timeliest and most granular data available in the industry, the index showed a staggering 3.5% plunge in house prices for January, the worst single-month decline since its peak in November of 2006.January’s drop by itself represents more than $610 billion in reduced value of U.S. housing stock and brings the total loss from the start of the economic meltdown last September to roughly $2.4 trillion. Following a 1.1% decline in December, the national housing index has now fallen 24.7% from its peak in November of 2006.At the U.S. Census region level, the Midwest, which has been particularly impacted by the economic turmoil, fell another 4.5% in January bringing the region’s total decline since September 2008 to 12.4%. The other three census regions were down in line with the national drop of 3.5% for the month, though the West, not too surprisingly, far outpaces the rest of the country with what is now a 23.4% decline for the last 12 months.IAS 360’s granular data indicates the areas that experienced the largest gains during the housing bubble, California and Florida in particular, are continuing to be hit the hardest. Three counties in Florida—Charlotte (Punta Gorda), Hernando (Spring Hill), and Pasco (New Port Richey)—are now down more than 50% from their highs in 2006.The January IAS360 report also reveals the nation’s wealthiest counties have not at all been insulated from the national decline. Three Virginia counties—Loudoun, Stafford, and Prince William have each fallen more than 30% from their respective peaks.“These are unprecedented times to say the least,” said Dave McCarthy, President and CEO of Integrated Asset Services. “We’re seeing house prices plummet at a rapid pace throughout the country. We’ll be keeping a close eye on the data for signs of a bottoming out.”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 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. The IAS360 House Price Index is delivered on a monthly basis.Leveraging real time data and nationwide resources, Integrated Asset Services' high-tech and high-touch product lines, (www.iasreo.com/iseries.html), offer an unmatched level of detail in a rapidly changing housing environment. IAS reports on "neighborhood" level house price trends, residential market climate and collateral valuation. Integrated Asset Services also provides traditional valuation products and full service REO Management and Disposition.Editor’s Note: Additional IAS360 data, charts and interviews are available upon request. Data for full year 2008, since the peak of 2006 at levels from national to MSA to neighborhood level are available.About Integrated Asset Services, LLCIAS (www.iasreo.com) is a privately-held Colorado-based corporation specializing in default mortgage services including valuation, reconciliation and full cycle REO disposition. The Company’s advanced valuation and volatility technology combined with its expert professional services help its clients reduce exposure while expediting the entire asset management process. Founded by REO industry experts, IAS provides services that go beyond industry expectations; from the level of integrity of its employees to the measurably better service it routinely provides.###This press release contains various forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding future results of operations and market opportunities that are based on IntelliReal and IAS’ current expectations, assumptions, estimates and projections about the company and its industry. Investors are cautioned that actual results could differ materially from those anticipated by the forward-looking statements as a result of the success of IAS’ branding and consumer awareness campaign and other marketing efforts; competition from existing and potential competitors; and IAS’s ability to continue to develop and integrate new products, services and technologies. Due to the timeliness of the data, the IAS360 House Price Index is subject to revisions on a monthly basis.
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Posted by Erik Keith on September 9, 2008 at 11:53am
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 July 2008. The monthly report, which includes the most current and granular data available in the industry, showed a 0.9% appreciation in house prices on a national level in July, and a -11.4% decline from July 2007 to July 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.“The IAS360 HPI is unique in that it’s not a seasonally adjusted or smoothed index,” says Dave McCarthy, President and CEO of Integrated Asset Services. “This combined with its timeliness and granularity give lenders, investors and consumers a peek at the raw changes in home price forecasts from the front lines.”At the broader census region level, results for July show three out of four U.S. census regions experiencing gains in house prices, with only the West region continuing to show a decline. On a year-over-year basis, however, all four census regions are still posting losses, the most notable being the West, the only region with a double-digit decline.Results for the month of July at the Census Division level showed six out of nine U.S. census divisions posting gains during July, but only two—East North Central, which posted the largest jump in July, and West South Central, which posted the largest decline—have appreciated year over year.IAS also provides “neighborhood” level house price trends through its iMVI product. More information on iMVI can be found on the IAS website, www.iasreo.com/cs.html.*Due to the timeliness of the data, the IAS360 House Price Index is subject to revisions on a monthly basis.About Integrated Asset Services, LLC.IAS (www.iasreo.com) is a privately-held Colorado-based corporation specializing in default mortgage services including valuation, reconciliation and full cycle REO disposition. The Company’s advanced valuation and volatility technology combined with its expert professional services help its clients reduce exposure while expediting the entire asset management process. Founded by REO industry experts, IAS provides services that go beyond industry expectations; from the level of integrity of its employees to the measurably better service it routinely provides.###This press release contains various forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding future results of operations and market opportunities that are based on InteliReal and IAS’ current expectations, assumptions, estimates and projections about the company and its industry. Investors are cautioned that actual results could differ materially from those anticipated by the forward-looking statements as a result of the success of IAS’ branding and consumer awareness campaign and other marketing efforts; competition from existing and potential competitors; and IAS’s ability to continue to develop and integrate new products, services and technologies.
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