Integrated Asset Services, LLC (IAS), a Denver-based collateral valuation and default management service firm, released its latest IAS360 House Price Index (HPI) Tuesday reporting that collectively, nationwide home prices increased 1.1% from the first quarter of 2010 to the second. This is down 0.9% from the same period last year and down 16.7% from the survey’s all-time HPI high in Q407. IAS noted in their quarterly report that as prices go up, sales activity is expected to weaken due to the expiration of the tax credit option for home buyers. The company shares that view with both Capital Economics and Moody’s Investor Service, as HousingWire reported Monday. The PMI Group also reported today that the risk of a decline in house prices is slightly shrinking, though most MSAs remain at a “high risk” of further declines. “I have to be impressed that the housing market, at least at the broad level, appears to have responded well to the government’s home buyer tax credits,” said Ryan Tomazin, president of Integrated Asset Services. Prices modestly increased in all four census regions, the Midwest up 1.5%, the Northeast up 1.4%, the South up 1.2%, and the West up 0.2% from Q110. Compared to Q209, the Northeast and the South saw improvement, up 0.6% and 1.5% respectively, while the Midwest and West saw a depreciation, down 2.5% and 3.4% respectively.

IAS360 also reported that prices have been progressing upward in all nine census divisions (geographic areas within census regions of the U.S.) quarter-over-quarter, yet all but two were lower than prices a year ago:

• East South Central: up 1.4% from Q110, down 2.9% from Q209
• South Atlantic: up 0.4%, down 5.2%
• West South Central: up 3.4%, up 20.1%
• East North Central: up 0.4%, down 1.2%
• West North Central: up 2%, down 1.3%
• Middle Atlantic: up 1.5%, up 1.2%
• New England: up 1.3%, down 1.2%
• Mountain: up 0.5%, down 5.9%
• Pacific: up 0.1%, down 3.8%

The IAS360 HPI showed improvements in most metropolitan statistical areas (MSAs), most notably the Boston MSA, in which home prices strengthened 3.6%. Prices in the Miami MSA depleted 3.2% in Q210 as did prices in the Las Vegas MSA, down 0.5%. Both Miami and Las Vegas reported an increase in home sales, however, in June, the last month of the second quarter. IAS360 also revealed home price fluctuations in cities relative to each MSA. The full report is available at IAS’s official website. The IAS360 uses “next-generation” trending methodology to identify market trends. IAS data includes non-conforming, bank-owned, and conventional sales transactions segmented by property type in addition to those insured by the FHA and VA. The IAS360 also considers REO transactions along with arms-length transactions when reporting and quantifying data. Write to Christine Ricciardi.