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First American CoreLogic Releases January 2008 LoanPerformance House Price Index
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“Twenty-eight states now show year-over-year real estate declines according to this latest LoanPerformance HPI release,” said Damien Weldon, vice president, collateral and prepayment analytics for First American CoreLogic. “However, on a quarter-over-quarter basis, there are now thirty-six states with decreasing property values,” added Weldon.
| 3-Month and 12-Month Change By Top CBSAs (Core Based Statistical Areas) as of January 2008 | ||
| 3-Month | 12-Month | |
| Change | Change | |
| Cleveland-Elyria-Mentor, OH | -7.50% | -10.42% |
| Las Vegas-Paradise, NV | -7.34% | -15.88% |
| New York-White Plains-Wayne, NY-NJ | -6.80% | -2.62% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV | -6.66% | -9.93% |
| Raleigh-Cary, NC | -6.44% | 3.00% |
| Tampa-St. Petersburg-Clearwater, FL | -6.32% | -13.32% |
| Philadelphia, PA | -6.17% | -0.05% |
| San Francisco-San Mateo-Redwood City, CA | -5.91% | -8.63% |
| Los Angeles-Long Beach-Santa Ana, CA | -5.82% | -16.99% |
| Houston-Sugar Land-Baytown, TX | -5.47% | 4.31% |
| Oakland-Fremont-Hayward, CA | -5.45% | -16.09% |
| Miami-Fort Lauderdale-Miami Beach, FL | -5.28% | -15.04% |
| Miami-Miami Beach-Kendall, FL | -5.01% | -12.20% |
| St. Louis, MO-IL | -4.91% | -2.71% |
| San Diego-Carlsbad-San Marcos, CA | -4.77% | -15.65% |
| Seattle-Tacoma-Bellevue, WA | -4.40% | -1.04% |
| Denver-Aurora, CO | -4.34% | -5.28% |
| Cape Coral-Fort Myers, FL | -4.27% | -17.76% |
| Chicago-Naperville-Joliet, IL-IN-WI | -4.00% | -5.10% |
| Atlanta-Sandy Springs-Marietta, GA | -3.90% | -4.92% |
| Boston-Quincy, MA | -3.82% | -7.66% |
| Detroit-Warren-Livonia, MI | -3.76% | -1.37% |
| Phoenix-Mesa-Scottsdale, AZ | -3.22% | -14.40% |
| San Antonio, TX | -2.75% | 6.74% |
| Portland-Vancouver-Beaverton, OR-WA | -1.92% | -1.10% |
| Charlotte-Gastonia-Concord, NC-SC | -1.61% | 4.37% |
| Orlando-Kissimmee, FL | -1.10% | -14.02% |
| New York-Northern New Jersey-Long Island, NY-NJ-PA | -0.80% | -2.73% |
| Minneapolis-St. Paul-Bloomington, MN-WI | -0.47% | -8.19% |
| Riverside-San Bernardino-Ontario, CA | -0.08% | -19.95% |
| Dallas-Fort Worth-Arlington, TX | 0.00% | 3.71% |
| Salt Lake City, UT | 0.87% | 8.05% |
| Honolulu, HI | 0.88% | 11.82% |
| Austin-Round Rock, TX | 1.20% | 7.70% |
Source: LoanPerformance HPI, Single Family Detached Series as of January 2008
“Regionally, it is notable that the three month declines in New York-White Plains, Philadelphia, Seattle, Detroit and Portland are steeper than the twelve month declines in these areas, whereas in California and Florida this pattern is reversed,” added Weldon.
In addition, updated LoanPerformance HPI data through mid-February 2008 is also available, providing clients with an early snapshot of trends with only a three-week lag period. Full-month January and mid-month February 2008 state and top CBSA-level data can be found at http://www.loanperformance.com/products/hpi.aspx.
The LoanPerformance HPI incorporates more than 30 years worth of repeat sales transactions, representing more than 45 million observations sourced from First American CoreLogic’s industry-leading property information database. LoanPerformance HPI provides a multi-tier market evaluation based on price, time between sales, property type and loan type (conforming vs. nonconforming). With LoanPerformance HPI, users can monitor real estate trends by market, identify at-risk markets as they unfold, selectively evaluate markets by tier and fine tune investment strategies. LoanPerformance HPI is delivered through the TrueStandings® Web-based business intelligence platform, which provides instant access to real estate price trends in all of the key local markets in the United States. Data can be sorted by time period, state, county, CBSA and ZIP code.
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