First American CoreLogic Releases March 2008 LoanPerformance House Price Index
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First American CoreLogic a member of The First American Corporation family of companies, today announced the release of its March 2008 LoanPerformance Home Price Index (HPI).
The LoanPerformance HPI provides a comprehensive set of monthly home price indices and median sales prices covering 7,523 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.
“Two thirds of all 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. “Although only one-third of CBSAs are depreciating on a nominal basis, on an inflation adjusted basis 90 percent of CBSAs are experiencing real price declines. Only 10 percent of CBSAs are experiencing real inflation-adjusted price increases,” added Fleming.
| 3-Month and 12-Month Change By Top CBSAs (Core Based Statistical Areas) as of March 2008 | ||
| 3-Month | 12-Month | |
| Change | Change | |
| Los Angeles-Long Beach-Glendale, CA | -7.41% | -21.19% |
| Cleveland-Elyria-Mentor, OH | -7.38% | -11.77% |
| Oakland-Fremont-Hayward, CA | -7.33% | -19.87% |
| Cape Coral-Fort Myers, FL | -7.26% | -20.70% |
| Riverside-San Bernardino-Ontario, CA | -7.09% | -22.74% |
| Tampa-St. Petersburg-Clearwater, FL | -6.90% | -16.46% |
| San Diego-Carlsbad-San Marcos, CA | -6.82% | -19.02% |
| Miami-Miami Beach-Kendall, FL | -6.77% | -16.52% |
| St. Louis, MO-IL | -6.69% | -6.62% |
| Fort Lauderdale-Pompano Beach-Deerfield Beach, FL | -6.01% | -18.39% |
| Honolulu, HI | -5.48% | 6.38% |
| Phoenix-Mesa-Scottsdale, AZ | -5.43% | -17.74% |
| Las Vegas-Paradise, NV | -5.11% | -17.86% |
| Boston-Quincy, MA | -4.99% | -10.35% |
| Detroit-Livonia-Dearborn, MI | -4.82% | -5.30% |
| Orlando-Kissimmee, FL | -4.69% | -16.18% |
| San Francisco-San Mateo-Redwood City, CA | -4.47% | -12.86% |
| Denver-Aurora, CO | -3.86% | -8.74% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV | -3.66% | -12.65% |
| Chicago-Naperville-Joliet, IL | -3.53% | -7.55% |
| Atlanta-Sandy Springs-Marietta, GA | -3.46% | -7.58% |
| Charlotte-Gastonia-Concord, NC-SC | -3.20% | -1.35% |
| Minneapolis-St. Paul-Bloomington, MN-WI | -2.48% | -8.87% |
| Edison, NJ | -1.72% | -4.98% |
| Portland-Vancouver-Beaverton, OR-WA | -1.32% | -3.03% |
| Philadelphia, PA | -1.06% | -1.67% |
| Austin-Round Rock, TX | -0.90% | 4.40% |
| Salt Lake City, UT | -0.70% | 5.27% |
| Seattle-Bellevue-Everett, WA | -0.62% | -3.80% |
| San Antonio, TX | -0.11% | 4.38% |
| Dallas-Plano-Irving, TX | -0.06% | 3.38% |
| Houston-Sugar Land-Baytown, TX | 0.00% | 2.23% |
| Raleigh-Cary, NC | 0.05% | 0.83% |
| New York-White Plains-Wayne, NY-NJ | 0.26% | -3.58% |
Source: First American CoreLogic, LoanPerformance HPI, Single Family Detached Series as of March 2008
“The CBSAs with the largest declines continue to be in California, which accounted for nine out of the top ten CBSAs for price declines on a year-ago basis. The largest declines in California are concentrated in the Central Valley. Four CBSAs have declined over 50 percent on a cumulative basis since their last peak in home prices and 48 CBSAs have declined 25 percent on a cumulative basis,” added Fleming.
In addition, updated LoanPerformance HPI data through mid-April 2008 is also available, providing clients with an early snapshot of trends with only a three-week lag period. Full-month March and mid-month April 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.