IAS: House price index drops in 4Q, despite gains in South
Integrated Asset Services’ home price index fell 0.8% during the fourth quarter of 2010, compared to 3Q but gained 0.9% when compared to the year-ago quarter — a slight gain attributed mostly to the government’s homebuyer tax credit boost. Three of the nation’s four census regions and six of its nine census divisions lost ground over the last three months of 2010, according to the IAS360 House Price Index. Only the South, which includes some of the nation’s hardest-hit areas in the housing crisis, turned positive for the period. Among the largest metro regions, only Miami was positive for the quarter with a 1.22% gain. Boston, Chicago, Los Angeles, New York, San Francisco and Washington, D.C., regions all declined more than 3% for the last three months of 2010. The District of Columbia, without its suburban counties included, was one of the biggest gainers, however, with prices up 6.9%. Broward County, an area hard-hit by foreclosures, saw prices gain 3% and Miami-Dade County was up 2.8% from 3Q to 4Q, according to the index. Charlotte County, Fla., considered one of the nation’s hardest hit counties in the housing downturn, saw prices rise 9.9% in 4Q over the previous quarter. They were up 10.1% over the year-ago period. “While the bleeding in some of Florida’s bubble markets may have slowed, we can’t pretend the housing crisis is anywhere near over,” said Ryan Tomazin, president of Integrated Asset Services. IAS said its home price index uses“next-generation” trending methodology to identify market trends early. IAS data includes nonconforming, bank-owned and conventional sales transactions segmented by property type in addition to those insured by the Federal Housing Administration and the Veterans' Administration. It also considers REO transactions along with arms-length transactions. Write to Kerry Curry.