First American CoreLogic Releases July 2008 LoanPerformance House Price Index

—No Further Acceleration in Price Decline Noted—

September 23, 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 July 2008 LoanPerformance Home Price Index (HPI).

The LoanPerformance HPI provides the most comprehensive set of monthly home price indices and median sales prices covering 7,575 ZIP codes, 958 Core Based Statistical Areas (CBSA) and 676 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 July, nominal home prices declined 10.9 percent from a year ago. Our early August view of the data indicates a decline of 10.8 percent from a year ago. This continues the positive trend of no further acceleration in the pace of the rate of decline.  Furthermore, in part, because of the declines in house prices, our projection for pre-foreclosure and foreclosure filings through the end of 2008 is 3.2 million, an increase of just over 80 percent from a year ago.” said Mark Fleming, chief economist for First American CoreLogic. “The recent price trend is similar to the Massachusetts and Texas house price declines in the 1980s and 1990s that took approximately two years to bottom out.  In both cases there was stabilization in the rate of decline before the lengthy recovery in price levels. There is reason to be cautiously optimistic because the price decline stabilization we observe in this cycle is necessary before any improvement in price levels occur,” added Fleming.

12-Month Change by Top CBSAs


(Core Based Statistical Areas) as of July 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


Cleveland-Elyria-Mentor OH


St. Louis MO-IL


Minneapolis-St. Paul-Bloomington MN-WI


New York-White Plains-Wayne NY-NJ


Boston-Quincy MA


Atlanta-Sandy Springs-Marietta GA


Seattle-Bellevue-Everett WA


Honolulu HI


Detroit-Livonia-Dearborn MI


Chicago-Naperville-Joliet IL


Edison-New Brunswick NJ


Portland-Vancouver-Beaverton OR-WA


Philadelphia PA


Denver-Aurora CO


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 July 2008

“Thirty-five states are experiencing nominal price declines, which is less than last month. This indicates additional stabilization in the geographic expansion of the housing market malaise. 

Many of the California and Florida markets have continued strong, yet stable, depreciation rates; but excluding these two states, as well as Phoenix and Las Vegas, the markets with large rates of decline are in the Midwest and Washington, D.C.,” added Fleming.

In addition, updated LoanPerformance HPI data through mid-August 2008 is also available, providing clients with an early snapshot of trends with only a three-week lag period. Full-month July through mid-month August 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 7,569 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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