October 13, 2009 -- Integrated Asset Services®, LLC (IAS®), a leader in default management and residential collateral valuations, today released the latest IAS360™ House Price Index (HPI). Based on the timeliest data in the industry, the "early-detection" index for national house prices fell 0.2% in August.

Though slight, the decline marks the second down month in a row for the big benchmark after a healthy 2.8% rise across the second quarter. With August's report, the leading U.S. housing benchmark is now virtually unchanged for the year. The South and West U.S. census regions weighed heavy on the national index for the month, with prices slipping 0.1% and 1.2% respectively.

The Northeast and the Midwest both climbed a respectable 0.7% for the month. Overall, the IAS360 HPI is down 8.0% for the trailing 12 months and a full 16.0% from its high in June 2007.

"Ordinarily, there's nothing ominous about a slowdown at the end of summer," said Dave McCarthy, president and CEO of Integrated Asset Services. "But these are hardly ordinary times. We know there's a sizable inventory of bank-owned homes out there that will be listed at some point, and that could ignite a new wave of stress in the housing market."

This "shadow inventory," basically foreclosed properties that remain unlisted and unsold, could cause a great deal of trouble for a potential recovery. When the shadow supply hits the market, home prices will be pressured, particularly in markets with large numbers of foreclosures.According to the IAS360 HPI, which incorporates data from national, regional, MSA and county levels, several of the nation's hardest-hit areas may already be feeling the strain. The index showed two of the country's most distressed counties--San Joaquin in California (Stockton) and Lee in Florida (Fort Myers)--both of which were down nearly 50% from their high-water marks, falling another 7% in August.

"The IAS360 has been designed to be an early-detection tool for the housing industry," says McCarthy. "It may well be showing us the first signs of a prolonged downturn." The IAS360 House Price Index is a comprehensive housing index tracking monthly change in the median sales price of detached single-family residences across the U.S. The index, based on all arms-length transactions, tracks data for 15,000 neighborhoods, that roll up to report on the changes in 360 counties, nine census divisions, four regions, and the nation overall. The IAS360 House Price Index is delivered on a monthly basis.

See the IAS360 Interactive map at: www.iasreo.com/ias360_update.html

DENVER, CO - September 8, 2009 - Integrated Asset Services, LLC (IAS), a leader in default management and residential collateral valuations, today released the latest IAS360 House Price Index (HPI). Based on the timeliest and most granular data available in the industry, the index for national house prices was down 0.5% in July.

The slight decline marked the first down month for the IAS360 since February. The leading U.S. housing benchmark remains ahead fractionally for the year but still well off (-16.2%) its high in June 2007

"We are seeing normal seasonality with a slight July pullback, but we are not out of the weeds yet as we will see waves of volatility while the markets correct themselves and settle down," said Dave McCarthy, President and CEO of Integrated Asset Services. "Meanwhile, there's an awful lot going on down at the neighborhood level that will take time to normalize at the top."

Conspicuous among the nation's 10 major metropolitan statistical areas (MSAs) were the 3.8% declines in both Denver, which had been reliably stable since the first of the year, and San Francisco, which had jumped almost 8.0% from February. Notable, too, was a sizable 4.8% drop for the month in Las Vegas. While the region has fallen month over month since August of 2006, July's plunge represents the largest percentage drop to date.

"A lot of this volatility has to reflect Washington's near-term influence on price behavior through actions like the foreclosure moratorium," says McCarthy. "We're already seeing buying activity moving around in different price segments. The beauty of the IAS360 is that the index captures and reports on these changes in a way that reveals the reality of the market."

The IAS360 House Price Index is a comprehensive housing index tracking monthly change in the median sales price of detached single-family residences across the U.S. The index, based on all arms-length transactions, tracks data for 15,000 neighborhoods, that roll up to report on the changes in 360 counties, nine census divisions, four regions, and the nation overall. The IAS360 House Price Index is delivered on a monthly basis.

Integrated Asset Services offers full service, end-to-end mortgage service solutions including valuation and data analytics. The firm's i-Series collateral valuation platform delivers a comprehensive combination of collateral valuation services that individually offer distinct and critical data, and when combined, a complete view of market volatility, local expert opinions and subject value. The company's data analytics provide vital data on the U.S. residential housing market.

Editor's Note: Additional IAS360 HPI data, charts, and interviews are available upon request. Data for 2008 and since the peak of 2006 are available at levels from national to MSA to neighborhood.

DENVER, CO - August 18, 2009 - Integrated Asset Services (IAS), a leader in default management and residential collateral valuation, announced today the launch of Statebridge. The new company will provide custom, high-touch investor-focused servicing for the mortgage industry.

Statebridge's risk-based servicing will introduce a new adaptive approach designed to optimize investor success through tailored, high-touch servicing that maximizes return on performing and non-performing loans. This new approach to servicing was developed by the team that helped create the market for independent surveillance of mortgage securities.

"Statebridge is defining a new category, "investor-focused servicing", for the mortgage industry", said Dave McCarthy, President and CEO of Integrated Asset Services. "In association with IAS' valuation and REO capabilities, Statebridge will be the only servicing company to provide a 'one-stop shop' for mortgage servicing that is intensely focused on the needs of investors that have grown out of this new mortgage environment."

Responding to changing industry expectations and demands, Statebridge was founded on the principle that a combination of technology, deep industry experience, custom borrower touch, and a contrarian view of servicing can make a significant difference in the performance of mortgage portfolios. Company executives created the firm's servicing practices from the ground up, relying on years of experience in overseeing hundreds of servicers and roughly three trillion dollars worth of mortgages.

"Statebridge is not a company that believes in doing things one way because that's how they've always been done," said Kevin Kanouff, President of Statebridge. "We work closely with our clients to create a servicing strategy unique to their investment philosophy for the greatest return. We treat borrowers with respect and our clients' assets as if they were our own."

The company has been designed to provide custom special servicing of both distressed and non-distressed mortgages. In addition to unbiased service advice on existing mortgages, Statebridge experts are equipped to offer collateral analysis, fiduciary review, pool level analysis, and pricing advocacy for new investments in mortgages.

With the Statebridge launch, the IAS suite of mortgage servicing products, which already includes REO management and disposition, collateral valuation, conditioned valuation, and mortgage due diligence, will effectively bridge the entire loan life cycle.

"Our attitude is that there should always be a solution that is in the best interests of both the borrower and the investor," said Kanouff. "We're looking forward to our association with IAS and its "no excuses" philosophy to bring complete and exceptional solutions to the residential asset management industry.

With June's gains - the fourth consecutive positive month - the U.S. housing benchmark advanced 2.7% for full second quarter 2009, virtually offsetting the 2.6% decline across the first three months of the year. The IAS360 HPI is still down 16.7% from its high in June 2007.

Like May, all four U.S. census regions reported positive numbers for the month and in like order. For June, the Northeast was up 1.9%, the Midwest 1.8%, the South 1.2%, and the West 0.4%.

While values showed improvement in neighborhoods across the country, most upper end counties remained mired in a deep slump. In June, price declines continued to accelerate for Putnam County, NY, Morris County, NJ, and Howard County, MD.

"I think that a lot of this valuation disparity reflects the immediate effects of Washington's housing-rescue plan," said Dave McCarthy, President and CEO of Integrated Asset Services. "Everything so far has helped spur sales of lower-priced homes, which, at least in the short run, is producing winners and losers."

Among the nation's 10 largest metropolitan statistical areas (MSAs) reported, only the Las Vegas housing market continued to slide with a drop of another 1.8% for the month.  Boston and Chicago followed solid May numbers with increases of 2.9% and 1.3%, respectively, as did the big California MSAs, with Los Angeles gaining 2.2%, San Francisco up 1.7%, and San Diego 1.4%.

"The improvement in the more traditional neighborhoods is encouraging, but it's easy to think there may be trouble lurking further up the food chain," said McCarthy. "If there is to be another decrease in home prices, my bet is it's going to come from the top. One way or the other, the IAS360 will be the first to report it."

The IAS360 House Price Index is a comprehensive housing index tracking monthly change in the median sales price of detached single-family residences across the U.S. The index, based on all arms-length transactions, tracks data of 15,000 neighborhoods, that roll up to report on the changes in 360 counties, nine census divisions, four regions, and the nation overall.

The IAS360 House Price Index is delivered on a monthly basis. Integrated Asset Services offers full service, end-to-end mortgage service solutions including valuation and data analytics. The firm's i-Series® collateral valuation platform delivers a comprehensive combination of collateral valuation services that individually offer distinct and critical data, and when combined, a complete view of market volatility, local expert opinions and subject value. The company's data analytics provide vital data on the U.S. residential housing market.

Editor's Note: Additional IAS360 HPI data, charts, and interviews are available upon request. Data for 2008 and since the peak of 2006 are available at levels from national to MSA to neighborhood.

Integrated Asset Services(R), LLC (IAS(R)), a leader in default management and residential collateral valuations, today released its IAS360(tm) House Price Index (HPI). Based on the timeliest and most granular data available in the industry, the benchmark index for national house prices gained 1.6% in May.  

The latest IAS report, which reflects the largest one-month increase in the IAS360 HPI since July of 2005, follows a fractional gain in April. The index had previously fallen more than 19% from its high-water mark in June of 2007.

U.S. house prices are still down 10.5% year over year, but all four of the U.S. census regions reported positive numbers for May. In order of gains, the Northeast was up 3.2%, the Midwest 1.9%, the South 1.1%, and the West 0.9%. The South was the only census region down in April.    

"Two month's worth of positive data hardly signals a turn in the national housing market," said Dave McCarthy, President and CEO of Integrated Asset Services, "but we have to be encouraged by what we're seeing in several important counties and neighborhoods."  

In fact, the IAS360 reported gains in May for nine of the nation's 10 largest metropolitan statistical areas (MSAs), a notable turnaround from just two months ago when Denver was the only region in the nation with positive performance. For its part, Denver added another 0.4% in May, while Boston and Chicago followed solid April numbers with increases of 3.7% and 1.5%, respectively. The gains in the West, meanwhile, were particularly apparent with San Francisco up 3.0%, Los Angeles 2.8%, and San Diego 1.2%. Only the Las Vegas housing market continued to slide with a drop of 0.9% for the month.

"We're seeing a mix shift in home sales and that's manifesting itself as increased pricing," said John Burns, CEO of John Burns Real Estate Consulting. "For a while, the bulk of homes sales were distressed properties in declining neighborhoods. Home affordability combined with tax credits have proven compelling. Sales are shifting back to more traditional submarkets and neighborhoods. That said, there is still a lot of downward pressure on pricing due to foreclosures and recent changes in the appraisal process. We aren't out of the woods yet."  

"With all of the political and regulatory uncertainties combined wtih unemployment and foreclosure inventories, it's too soon to speculate that a housing recovery is really here," said McCarthy. "Howenver, I'm confident that the IAS360 will be the first to report a turn in the markets they start to occur."

The IAS360 House Price Index is a comprehensive housing index tracking monthly change in the median sales price of detached single-family residences across the U.S. The index, based on all arms-length transactions, tracks data of 15,000 neighborhoods, that roll up to report on the changes in 360 counties, nine census divisions, four regions, and the nation overall. The IAS360 House Price Index is delivered on a monthly basis.  

Integrated Asset Services offers full service, end-to-end mortgage service solutions including valuation and data analytics. It's i-Series collateral valuation platform delivers a comprehensive combination of collateral valuation services that individually offer distinct and critical data, and when combined, a complete view of market volatility, local expert opinions and subject value. The company's data analytics provide vital data on the U.S. residential housing market.

ABOUT JOHN BURNS REAL ESTATE CONSULTING: John Burns Real Estate Consulting is a national consulting firm that helps executives make informed decisions on the housing industry. The company is on retainer with many of the largest companies in the housing and investment industries. Providing independent third-party research and analysis, John and his team consult with executives all over the country and deliver the information they need to make housing industry decisions with confidence. Editor's Note: Additional IAS360 HPI data, charts, and interviews are available upon request. Data for 2008 and since the peak of 2006 are available at levels from national to MSA to neighborhood.

Integrated Asset Services, LLC a leader in default management and residential collateral valuation, today released its latest IAS360(tm) House Price Index. The benchmark for national house prices, based on the timeliest and most granular data available in the industry, moved up a fraction of a point in April. April's report reflects the first non-declining numbers for the index in 10 months. The IAS360 had fallen more than 19% from its high-water mark in June of 2007.

On a year-over-year basis, U.S. house prices are still down 13.0%, but the volatility of the trend line is less than the previous year, a critical point to industry analysts. More importantly, three of the four U.S. census regions were stable to positive for April. Only the South, which includes several particularly hard-hit Florida communities, was down for the month (0.3%), but there, too, the trend line was flattening. 

"It's too soon to call this a turn in the housing market, particularly given all the political and regulatory uncertainties," said Dave McCarthy, President and CEO of Integrated Asset Services. "I think that we're still in for some difficult spells ahead, but we are seeing a certain kind of pricing equilibrium in several important markets. That's encouraging for the long term."

Among metropolitan statistical areas (MSAs), IAS360 reports that three of the country's ten largest MSAs — Boston, Chicago, and San Diego — joined Denver, previously the only region in the nation showing gains, in positive territory in April.

"Inventory levels are definitely declining and the number of sales and pending sales are both increasing.  This is primarily in the lower price areas where the incentives appear to be having an impact, along with low interest rates, but it is also having a positive effect psychologically on the entire market," said Rick Foos, President of SRA Foos & Associates, Inc. "That said, there are two big unknowns that could change this trend, increasing interest rates and a significant increase in the number of foreclosures. If those two items hit in tandem, then we could be seeing a "false bottom", but if neither materializes to a great degree then it does appear that the market may have bottomed." 

IAS data also revealed certain evidence of normalization, or at least a return to seasonality, in California, arguably the first and foremost damaged state in the U.S. (Six of the 10 hardest-hit counties in the country are in California.) Representative counties up and down the state, including Monterey, San Bernadino, Ventura, Riverside, Sacramento, Sonoma, and King, continue to report convincing upticks in housing prices. For its part, the aforementioned San Diego, down almost 24% from its high in 2007, has reported three straight months of stable prices.

"We're looking at daily information on more than 15,000 market segments across the country," said McCarthy, "and we're keeping a keen eye out for trends all the way down to the county and neighborhood level. With the benefit of our uniquely granular and more timely data, the IAS360 will report the turn in the market first." The IAS360 House Price Index is a comprehensive housing index tracking monthly change in the median sales price of detached single-family residences across the U.S. The index, based on all arms-length transactions, tracks data of 15,000 "neighborhoods", which are rolled up to report on the changes in 360 counties, nine census divisions, four regions, and the nation overall. The IAS360 House Price Index is delivered on a monthly basis.

Integrated Asset Services' high-tech and high-touch i-Series collateral valuation platform offers an unmatched level of detail in a rapidly changing housing environment. Leveraging real-time data and nationwide resources, IAS reports on neighborhood level house price trends, residential market climate, and collateral valuation. Integrated Asset Services also provides traditional valuation products and full service REO Management and Disposition. 

Editor's Note: Additional IAS360 data, charts, and interviews are available upon request. Historical data from 2006 to present are available for the nation and on an MSA and neighborhood-level.

This new feature is intended to help mortgage servicers around the country more accurately value distressed residential properties and loans associated with such collateral. Industry leaders anticipate an unprecedented volume of distressed properties and fluctuating loan-to-value ratios over the next several quarters as a flood of default and REO properties enter the market.

"Financial institutions and mortgage servicers need a fast and affordable way to review their portfolios and make decisions for each individual loan," said Dave McCarthy, President and CEO of Integrated Asset Services. "The distressed valuation feature is a way to individualize the value of each property according to the state of the local market and the property-specific factors that may negatively impact value."

iValue already delivers deeper business intelligence than any other single Automated Valuation Model (AVM) source in the market, reporting on subject value, median house price trends, and neighborhood intelligence. The new "distressed" feature extends the AVM to extract and weigh key data points that indicate whether a property is considered distressed within with the iValue model. Other AVMs typically overlook a property's state of distress; resulting in valuation error and greater portfolio risk.

The iValue enhancement will identify and flag those properties that are in some state of distress, including notice of default, company-owned, abandoned and sheriff sale. The feature also applies neighborhood analytics to search and select area listings and sales that can be identified as distressed, enabling the AVM to utilize relevant comparables. The distressed methodology isolates and monitors price trends for distressed properties in a local market, allowing the model to accurately establish the spread between retail market value and distressed value.

"An intelligent AVM is able to recognize a distressed property state, quantify the price pressure on a given market and value each asset accordingly," said Ric Miles, CEO of IntelliReal, IAS's technology partner. "Identifying the distressed value of a property within its local market will give servicers and mortgage traders the ability to more proactively strategize and manage portfolio risk."

iValue is one of several innovations introduced by IAS to assist financial institutions mitigate risk through a fast and low cost solution.  The firm launched its monthly-reported IAS360 House Price Index last year. IAS's high-tech and high-touch product lines (www.iasreo.com/iseries.html) offer an unmatched level of detail in a rapidly changing housing environment.