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First American CoreLogic Releases February 2008 LoanPerformance House Price Index
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“Thirty-three states now show year-over-year real estate declines according to this latest LoanPerformance HPI release,” said Mark Fleming, chief economist for First American CoreLogic. “However, on a quarter-over-quarter basis, there are now thirty-eight states with decreasing property values,” added Fleming.
| 3-Month and 12-Month Change By Top CBSAs (Core Based Statistical Areas) as of February 2008 | ||
| 3-Month | 12-Month | |
| Change | Change | |
| Cleveland-Elyria-Mentor, OH | -7.28% | -9.61% |
| Los Angeles-Long Beach-Glendale, CA | -7.20% | -18.67% |
| Oakland-Fremont-Hayward, CA | -7.11% | -17.94% |
| Riverside-San Bernardino-Ontario, CA | -6.74% | -21.28% |
| Tampa-St. Petersburg-Clearwater, FL | -6.69% | -15.33% |
| San Diego-Carlsbad-San Marcos, CA | -6.61% | -17.38% |
| Detroit-Warren-Livonia, MI | -6.46% | -5.08% |
| Fort Lauderdale-Pompano Beach-Deerfield Beach, FL | -6.40% | -17.03% |
| Phoenix-Mesa-Scottsdale, AZ | -6.36% | -16.42% |
| San Francisco-San Mateo-Redwood City, CA | -6.25% | -11.12% |
| Miami-Miami Beach-Kendall, FL | -5.92% | -14.06% |
| Cape Coral-Fort Myers, FL | -5.68% | -18.08% |
| Orlando-Kissimmee, FL | -5.54% | -15.38% |
| Denver-Aurora, CO | -5.52% | -7.31% |
| Las Vegas-Paradise, NV | -5.04% | -16.69% |
| Boston-Quincy, MA | -5.02% | -9.32% |
| Minneapolis-St. Paul-Bloomington, MN-WI | -4.62% | -8.98% |
| Chicago-Naperville-Joliet, IL | -4.52% | -6.60% |
| St. Louis, MO-IL | -4.43% | -3.05% |
| Atlanta-Sandy Springs-Marietta, GA | -4.34% | -6.62% |
| Honolulu, HI | -3.97% | 10.68% |
| Charlotte-Gastonia-Concord, NC-SC | -3.23% | 1.09% |
| Portland-Vancouver-Beaverton, OR-WA | -3.23% | -2.84% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV | -3.18% | -10.80% |
| Seattle-Bellevue-Everett, WA | -2.59% | -3.18% |
| Raleigh-Cary, NC | -2.25% | 1.16% |
| Philadelphia, PA | -1.47% | -1.14% |
| Edison, NJ | -1.36% | -4.67% |
| New York-White Plains-Wayne, NY-NJ | -0.80% | -3.34% |
| Salt Lake City, UT | -0.47% | 6.63% |
| Dallas-Plano-Irving, TX | -0.06% | 3.71% |
| Austin-Round Rock, TX | 0.10% | 6.22% |
| Houston-Sugar Land-Baytown, TX | 0.27% | 3.03% |
| San Antonio, TX | 0.35% | 5.58% |
Source: First American CoreLogic, LoanPerformance HPI, Single Family Detached Series as of February 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 Fleming.
In addition, updated LoanPerformance HPI data through mid-March 2008 is also available, providing clients with an early snapshot of trends with only a three-week lag period. Full-month February and mid-month March 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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