The October 2008 IAS360™ House Price Index has been released by Integrated Asset Services, LLC, a leader in default management and residential collateral valuation, and shows that the housing market is seeing double-digit declines in some markets. 

All of the nine U.S. Census Divisions recorded declines in housing prices during the month of October. The South and West are seeing some of the largest drops in a October 2007 to October 2008 comparison; the South saw a 10.2 percent decline and the West has reported an 18.7 percent decrease in housing prices.

It’s the markets with the most significant declines that should be monitored closely as those markets will often be the first to show improvements. “We’re continuing to see a decline in housing prices across the country and at the county level. That said, we’re also seeing some signs of strengthening in counties that are located in ground-zero states of the housing crises,” said Dave McCarthy, President and CEO of Integrated Asset Services. “With the IAS360 and the other granular Integrated Asset Services iMVI data, we are keeping a close eye on the counties within hard-hit states, because [those are the counties] that will be the harbinger of signs of a market recover.”

States such as Arizona and Florida have been most affected by the grim state-of-the business. But, as the market fluctuates, there is hope. According to October 2008 numbers, some counties in Arizona and Florida are beginning to see home prices appreciate.

Using the combined data of 15,000 ‘neighborhoods,’ the IAS360™ House Price Index monitors the monthly median house price changes in 360 counties, nine census divisions, four regions and the nation overall.

—Lauren Varga