First American CoreLogic Releases December 2007 LoanPerformance House Price Index

—Three-Quarters of Zip Codes Exhibit Quarterly Decreases; Annualized Trends More Moderate—


February 14, 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 December 2007 LoanPerformance Home Price Index (HPI).

The LoanPerformance HPI provides a comprehensive set of monthly home price indices and median sales prices covering 7,472 ZIP codes, 956 Core Based Statistical Areas (CBSA) and 663 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 www.loanperformance.com/assets/images/pr0208_3mo_lg_ch.jpg (3-month map) and www.loanperformance.com/assets/images/pr0208_12mo_lg_ch.jpg (12-month map)
.

“Of the 7,472 ZIP codes tracked by the LoanPerformance HPI, home prices in 5,691 (76.16 percent) of these ZIP codes have decreased over the last three months,” said Damien Weldon, vice president, collateral and prepayment analytics for First American CoreLogic, “Year-over-year, however, just 4,028 (53.91 percent) of the ZIP codes we track indicate decreasing property values,” added Weldon.

3-Month and 12-Month Change by Top CBSAs

(Core Based Statistical Areas) as of December 2007.

3 Month Change

12 Month Change

Austin-Round Rock  TX (Metropolitan)

0.91%

8.09%

New York-White Plains-Wayne   NY-NJ (Metropolitan)

0.61%

-0.35%

San Antonio  TX (Metropolitan)

0.12%

6.82%

Houston-Sugar Land-Baytown  TX (Metropolitan)

0.00%

3.70%

Salt Lake City  UT (Metropolitan)

-0.03%

9.07%

Dallas-Fort Worth-Arlington  TX (Metropolitan)

-0.06%

3.21%

New York-Northern New Jersey-Long Island  NY-NJ-PA (Metropolitan)

-0.18%

-2.06%

Cape Coral-Fort Myers  FL (Metropolitan)

-0.75%

-13.74%

Detroit-Warren-Livonia  MI (Metropolitan)

-1.15%

-0.26%

Honolulu  HI (Metropolitan)

-1.25%

13.81%

Boston-Quincy  MA (Metropolitan)

-1.49%

-4.54%

Philadelphia   PA (Metropolitan)

-1.67%

0.13%

Portland-Vancouver-Beaverton  OR-WA (Metropolitan)

-1.96%

1.47%

Raleigh-Cary  NC (Metropolitan)

-2.38%

3.61%

Atlanta-Sandy Springs-Marietta  GA (Metropolitan)

-2.42%

-1.75%

Chicago-Naperville-Joliet  IL-IN-WI (Metropolitan)

-2.82%

-3.19%

Charlotte-Gastonia-Concord  NC-SC (Metropolitan)

-2.87%

3.10%

Seattle-Tacoma-Bellevue  WA (Metropolitan)

-3.59%

-0.02%

Denver-Aurora  CO (Metropolitan)

-3.76%

-3.83%

Minneapolis-St. Paul-Bloomington  MN-WI (Metropolitan)

-4.26%

-5.86%

Washington-Arlington-Alexandria  DC-VA-MD-WV (Metropolitan)

-4.67%

-8.42%

Las Vegas-Paradise  NV (Metropolitan)

-4.80%

-13.43%

Miami-Miami Beach-Kendall   FL (Metropolitan)

-5.24%

-9.83%

Tampa-St. Petersburg-Clearwater  FL (Metropolitan)

-5.31%

-11.18%

Miami-Fort Lauderdale-Miami Beach  FL (Metropolitan)

-5.44%

-13.26%

San Francisco-San Mateo-Redwood City  CA (Metropolitan)

-5.49%

-5.66%

San Diego-Carlsbad-San Marcos  CA (Metropolitan)

-5.53%

-14.19%

Riverside-San Bernardino-Ontario  CA (Metropolitan)

-5.69%

-18.18%

Orlando-Kissimmee  FL (Metropolitan)

-5.72%

-13.12%

Phoenix-Mesa-Scottsdale  AZ (Metropolitan)

-6.02%

-12.71%

Oakland-Fremont-Hayward  CA (Metropolitan)

-6.33%

-14.10%

St. Louis  MO-IL (Metropolitan)

-6.52%

-3.98%

Los Angeles-Long Beach-Santa Ana  CA (Metropolitan)

-6.55%

-14.71%

Cleveland-Elyria-Mentor  OH (Metropolitan)

-7.51%

-9.74%

Source: First American CoreLogic, LoanPerformance HPI, Single Family Detached Series as December 2007

 

“There continues to be strong variation across individual states. For example, according to this latest data release, 97.17 percent (961) of the ZIP codes we track in California exhibited declines year-over-year, whereas in New York the comparative number is just 45.28 percent (211),” added Weldon.

In addition, updated LoanPerformance HPI data through mid-January, 2008 is also available, providing clients with an early snapshot of trends with only a three-week lag period after sales. Full-month December 2007 and mid-month January 2008 state and top CBSA-level data can be found at www.loanperformance.com/products/hpi.aspx.

Published to the market by the third week of each month, 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 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. In addition, all LoanPerformance HPI indices are available monthly for download via file transfer protocol (FTP).

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.  The combined companies’ databases cover more than 3,000 counties, representing 99.1 percent of the United States population. With more than 600,000 users nationwide, First American CoreLogic products are used by businesses to improve customer acquisition and retention, 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
 www.facorelogic.com.

About The First American Corporation

The First American Corporation (NYSE: FAF) is a FORTUNE 500® company that traces its history to 1889.  With revenues of $8.5 billion in 2006, 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, Mortgage Information, Property Information and First Advantage. More information about the company and an archive of its press releases can be found at www.firstam.com.  

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