Tumble Continues in November: Home Price Report
U.S. housing prices, by no surprise, continued a nationwide decline in November according to a report released Tuesday. Integrated Asset Services, LLC, a provider of default management and residential collateral valuation, said its most recent IAS360 House Price Index found that home prices declined 1.7 percent from October to November, posting a 13.3 percent annual decline. “As expected, home prices on the national level continue to drop as the economic volatility continues,” said Dave McCarthy, president and CEO of Integrated Asset Services. The IAS360 tracks home sales down to the neighborhood level, and then rolls up local totals in 360 counties, nine census divisions, four regions, and the nation overall. County level house prices posted weak results across the board in November. At the census region level, results for November showed all four U.S. Census regions experiencing declines in home prices, with the South and West experiencing double digit declines year-over-year of 11.5 percent and 18.4 percent, respectively. The South and Northeast saw a slight improvement in their rate of decline from October. And the Midwest continued to generate the largest drop in values with a decline of 2.9 percent. On the U.S. Census Division front, West South Central continued to defy the odds with an appreciation of 1.9 percent month-over-month, while the rest of the 9 U.S. Census Divisions languished in declines. Mountain, Pacific and South Atlantic census divisions continued to add to its double-digit declines year-over-year. “But, as you peel away the onion, we are seeing some minor improvements at select county levels," said McCarthy. "The question is whether it is sustainable.” The IAS360 data showed that some of the counties that have weathered 20 percent drops over the past year saw slight improvements in November -- places such as San Diego, Denver and Orange County. Write to Kelly Curran at firstname.lastname@example.org. Disclosure: The author held no relevant investment positions when this story was published. Indirect holdings may exist via mutual fund investments. HW reporters and writers follow a strict disclosure policy, the first in the mortgage trade.