First American CoreLogic Releases August 2008 LoanPerformance House Price Index

—Price Decline Remains Flat at 11 Percent Nationally Versus One Year Ago—

October 22, 2008, SANTA ANA, Calif.

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 full month August 2008 LoanPerformance Home Price Index (HPI).

The LoanPerformance HPI provides the most comprehensive set of monthly home price indices and median sales prices covering 7,607 ZIP codes, 958 Core Based Statistical Areas (CBSA) and 673 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 state-by-state maps, visit (12-month map) and (3-month map).

 “As of August, nominal home prices declined 11.3 percent from a year ago. Our early September view of the data indicates a decline of 11 percent from a year ago.  For the third month now, the rate of decline has held steady at around 11 percent.  Our projection for pre-foreclosure and foreclosure filings through the end of 2008  remains at approximately 3.2 million, but a significant increase in job losses reported by the government in October is likely to pressure the pre-foreclosure and foreclosure filing projection upward,” said Mark Fleming, chief economist for First American CoreLogic. “Recent events in the credit markets and financial markets, as well as economic trends, have increased risk facing the housing market.  The current assessment is that we expect house prices to maintain their steady state or potentially begin to further accelerate downward in light of the economic pressures.  No news currently points to an expectation for an improvement in price levels in the near term,” added Fleming.

12-Month Change by Top CBSAs


(Core Based Statistical Areas) as of August 2008


Los Angeles-Long Beach-Glendale CA


Oakland-Fremont-Hayward CA


Riverside-San Bernardino-Ontario CA


Miami-Miami Beach-Kendall FL


Las Vegas-Paradise NV


San Diego-Carlsbad-San Marcos CA


Cape Coral-Fort Myers FL


Phoenix-Mesa-Scottsdale AZ


Fort Lauderdale-Pompano Beach-Deerfield Beach FL


Orlando-Kissimmee FL


Tampa-St. Petersburg-Clearwater FL


San Francisco-San Mateo-Redwood City CA


Washington-Arlington-Alexandria DC-VA-MD-WV


Honolulu HI


Minneapolis-St. Paul-Bloomington MN-WI


Seattle-Bellevue-Everett WA


Cleveland-Elyria-Mentor OH


Atlanta-Sandy Springs-Marietta GA


New York-White Plains-Wayne NY-NJ


Chicago-Naperville-Joliet IL


Portland-Vancouver-Beaverton OR-WA


Boston-Quincy MA


Edison-New Brunswick NJ


Detroit-Livonia-Dearborn MI


Philadelphia PA


Denver-Aurora CO


St. Louis MO-IL


Charlotte-Gastonia-Concord NC-SC 




Salt Lake City UT


Raleigh-Cary NC


Dallas-Plano-Irving TX


San Antonio TX


Houston-Sugar Land-Baytown TX


Austin-Round Rock TX


Source: First American CoreLogic, LoanPerformance HPI, Single-Family Detached Series as of August 2008

“Thirty-four states are experiencing nominal price declines, with California, Arizona, Nevada and Florida leading the category in that order. Texas, South Dakota, Vermont and Mississippi stand out as states with house price appreciation.  In particular, the major metropolitan areas of Texas are performing well relative to much of the rest of the country,” added Fleming.

In addition, updated LoanPerformance HPI data through mid-August 2008 is available, providing clients with an early snapshot of trends with only a three-week lag period. Full-month August through mid-month September 2008 state and top CBSA-level data can be found at

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, is the largest provider of real estate, property and ownership data and advanced analytics for information on foreclosures, delinquencies, median home prices, home price indices, home valuations, sales activity and mortgage loan originations. The market-specific data covers 7,575 ZIP codes, 958 Core Based Statistical Areas (CBSA) and 3,050 counties located in all 50 states and the District of Columbia. This data represents 99 percent of the United States population, 140 million (97 percent) of all properties, more than 50 million active mortgages and $2 trillion in loan-level, non-agency mortgage securities. First American CoreLogic’s products and services enable customers to better manage mortgage risk, protect against fraud, acquire and retain customers, manage credit risk, mitigate loss, decrease mortgage transaction cycle time, more accurately value properties and determine real estate trends and market performance.  More information about First American CoreLogic can be found at

About First American
The First American Corporation (NYSE: FAF)
is a FORTUNE 500® 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



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