-Thirty-Three States Show Decline in Past 12 Months-
SANTA ANA, Calif., July 2 /PRNewswire-FirstCall/ -- 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 April
2008 LoanPerformance Home Price Index (HPI).
The LoanPerformance HPI provides a comprehensive set of monthly home
price indices and median sales prices covering 7,529 ZIP codes, 958 Core
Based Statistical Areas (CBSA) and 672 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. (For a state-by-state maps, visit
http://www.loanperformance.com/assets/images/pr0608_3mo_lg.jpg (3-month
map) and http://www.loanperformance.com/assets/images/pr0608_12mo_lg.jpg
(12-month map).
"Home price declines accelerated in two-thirds of the states already
experiencing price declines, while appreciation rates are decelerating in
the handful of states with positive appreciation, particularly in Idaho,
Utah and Hawaii. Ohio and Minnesota have separated from other Midwestern
states and are declining at the fastest rates within the Midwest," said
Mark Fleming, chief economist for First American CoreLogic. "Energy-rich
sector states are experiencing the fastest price increases. West Virginia
is leading the nation in home price appreciation, followed by Montana, Utah
and Texas," added Fleming.
12-Month Change by Top CBSAs 12 Mo.
(Core Based Statistical Areas) as of April 2008 Change
Riverside-San Bernardino-Ontario CA -24.59%
Los Angeles-Long Beach-Glendale CA -23.75%
Cape Coral-Fort Myers FL -22.87%
Oakland-Fremont-Hayward CA -22.29%
Las Vegas-Paradise NV -21.01%
San Diego-Carlsbad-San Marcos CA -20.54%
Fort Lauderdale-Pompano Beach-Deerfield Beach FL -19.70%
Phoenix-Mesa-Scottsdale AZ -19.26%
Miami-Miami Beach-Kendall FL -18.82%
Orlando-Kissimmee FL -17.71%
Tampa-St. Petersburg-Clearwater FL -15.53%
Washington-Arlington-Alexandria DC-VA-MD-WV -13.22%
San Francisco-San Mateo-Redwood City CA -12.91%
Cleveland-Elyria-Mentor OH -12.73%
St. Louis MO-IL -10.22%
Boston-Quincy MA -9.56%
Minneapolis-St. Paul-Bloomington MN-WI -9.43%
Atlanta-Sandy Springs-Marietta GA -7.65%
Edison-New Brunswick NJ -6.94%
Chicago-Naperville-Joliet IL -6.75%
New York-White Plains-Wayne NY-NJ -6.43%
Denver-Aurora CO -5.75%
Seattle-Bellevue-Everett WA -4.49%
Portland-Vancouver-Beaverton OR-WA -4.34%
Detroit-Livonia-Dearborn MI -4.00%
Philadelphia PA -2.37%
Raleigh-Cary NC -0.49%
Charlotte-Gastonia-Concord NC-SC -0.31%
San Antonio TX 3.09%
Dallas-Plano-Irving TX 3.28%
Salt Lake City UT 3.64%
Houston-Sugar Land-Baytown TX 4.06%
Austin-Round Rock TX 6.14%
Honolulu HI 7.15%
Source: First American CoreLogic, LoanPerformance HPI, Single Family
Detached Series as of April 2008
"On a year-ago basis, four of the top six large CBSAs for home price
appreciation are in Texas. Although declines are occurring in a majority of
the states, over two-thirds of all 958 CBSAs are experiencing nominal
increases. Among large CBSAs, St. Louis, Miami and Los Angeles have
suffered the largest acceleration in home price declines so far this year."
In addition, updated LoanPerformance HPI data through mid-May 2008 is
also available, providing clients with an early snapshot of trends with
only a three-week lag period. Full-month April and through mid-month May
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(R) 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
http://www.facorelogic.com.
About First American
The First American Corporation (NYSE: FAF) is a FORTUNE 500(R) company
that traces its history to 1889. With revenues of approximately $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, Information and Outsourcing
Solutions, Data and Analytic Solutions, and Risk Mitigation and Business
Solutions. More information about the company and an archive of its press
releases can be found at http://www.firstam.com.
Media Contact: Investor Contact:
Carrie Gaska Mark Seaton
Corporate Communications Investor Relations
The First American Corporation The First American Corporation
(714) 250-3298 cgaska@firstam.com (714) 250-4264 mseaton@firstam.com
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