First American CoreLogic Releases February 2008 LoanPerformance House Price Index
Thirty-eight States Show Decline in Past Three Months
SANTA ANA, Apr. 22, 2008–First American CoreLogic, a member of The First American Corporation (NYSE:FAF) family of companies and a leader in residential mortgage data and analytics for the mortgage industry and Wall Street, today announced the release of its February 2008 LoanPerformance Home Price Index (HPI).
The LoanPerformance HPI provides a comprehensive set of monthly home price indices and median sales prices covering 7,508 ZIP codes, 957 Core Based Statistical Areas (CBSA) and 670 counties located in all 50 states and the District of Columbia. The indices, which are the most comprehensive available in the industry, are reported to clients five weeks after each full month ends.
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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.
About First American CoreLogic
First American CoreLogic, a member of The First American Corporation (NYSE:FAF)
family of companies, was formed through the merger of First American Real
Estate Solutions, America’s largest provider of advanced property and ownership
information, analytics and services, and CoreLogic, the leading provider of
residential mortgage risk management and fraud protection technology and
services, and the acquisition of LoanPerformance, the leading provider of
mortgage performance data and analytics. The combined companies’ databases
cover more than 3,000 counties, representing 99.1 percent of the United States
population, data on over 43 million active mortgages and over $2 trillion in
loan-level non agency mortgage securities. With more than 600,000 users
nationwide, First American CoreLogic products are used by businesses to improve
customer acquisition and retention, better manage credit risk, loss mitigation,
securitization and investment, detect and prevent fraud, improve mortgage
transaction cycle time and cost efficiency, measure the value of residential
and commercial properties, identify real estate trends and neighborhood
characteristics, track market performance and increase market share. More
information about First American CoreLogic can be found at
www.facorelogic.com.
About The First American Corporation
The First American Corporation (NYSE: FAF) is a FORTUNE 500® company
that traces its history to 1889. With revenues of $8.2 billion in 2007, it is
America’s largest provider of business information. First American combines
advanced analytics with its vast data resources to supply businesses and
consumers with valuable information products to support the major economic
events of people’s lives, such as getting a job, renting an apartment, buying a
car or house, securing a mortgage and opening or buying a business. The First
American Family of Companies, many of which command leading market share
positions in their respective industries, operate within five primary business
segments, including: Title Insurance and Services, Specialty Insurance,
Mortgage Information, Property Information and First Advantage. More
information about the company and an archive of its press releases can be found
at www.firstam.com.
Media Contact:
Carrie Gaska
Corporate Communications
The First American Corporation
(714) 250-3298
cgaska@firstam.com
Investor Contact:
Mark Seaton
Investor Relations
The First American Corporation
(714) 250-4264
mseaton@firstam.com
