First American CoreLogic Releases June 2008 LoanPerformance House Price Index

—Nominal Price Declines Stabilizing; Real Prices Continue to Decline—

August 18, 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 June 2008 LoanPerformance Home Price Index (HPI).

The LoanPerformance HPI provides a comprehensive set of monthly home price indices and median sales prices covering 7,569 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  and

“As of June, nominal home prices declined 10.7 percent from a year ago. Given our home price expectations for the remainder of this year, we expect 2.7 million preforeclosure and foreclosure filings in 2008, up nearly 50 percent from 2007,” said Mark Fleming, chief economist for First American CoreLogic. “Nominal home price declines have stabilized in the 10 to 11 percent range for several months. However, given the surge in inflation, real inflation-adjusted home prices are still declining at a faster rate. Between April and June, home price declines were flat, falling by an average of 10.8 percent, but real home price declines accelerated from 15.3 percent in April to 16.8 percent in June.” added Fleming. “Thirty-seven states are experiencing nominal price declines, which is the same as last month. California and Nevada are clearly experiencing the largest drops, declining at more than 20 percent. Arizona and Florida decreased more than 17 percent from a year ago. Several New England and Midwestern states have declined between 9 and 13 percent during the last year.”


12-Month Change by Top CBSAs


(Core Based Statistical Areas) as of June 2008


Los Angeles-Long Beach-Glendale CA 


Riverside-San Bernardino-Ontario CA 


Oakland-Fremont-Hayward CA 


Miami-Miami Beach-Kendall FL 


Las Vegas-Paradise NV 


Cape Coral-Fort Myers FL  


San Diego-Carlsbad-San Marcos CA 


Phoenix-Mesa-Scottsdale AZ 


Fort Lauderdale-Pompano Beach-Deerfield Beach FL 


Orlando-Kissimmee FL 


Tampa-St. Petersburg-Clearwater FL 


Cleveland-Elyria-Mentor OH 


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


San Francisco-San Mateo-Redwood City CA 


St. Louis MO-IL 


Boston-Quincy MA 


Minneapolis-St. Paul-Bloomington MN-WI 


Chicago-Naperville-Joliet IL 


New York-White Plains-Wayne NY-NJ 


Edison-New Brunswick NJ 


Atlanta-Sandy Springs-Marietta GA 


Detroit-Livonia-Dearborn MI 


Seattle-Bellevue-Everett WA 


Portland-Vancouver-Beaverton OR-WA 


Philadelphia PA 


Denver-Aurora CO 


Charlotte-Gastonia-Concord NC-SC 


Honolulu HI 


Raleigh-Cary NC 


Dallas-Plano-Irving TX 


San Antonio TX 


Salt Lake City UT 


Houston-Sugar Land-Baytown TX 


Austin-Round Rock TX 



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

“Although nominal prices have moderated overall, the moderation is occurring for a few select states.  With the exception of Florida, the top five and bottom five states in terms of price appreciation continue to experience larger declines and smaller increases relative to the last few months. The more interesting price trends are occurring in the middle of the appreciation distribution, where several formerly moderately depreciating states, such as New York, Colorado, Louisiana and the District of Columbia, are experiencing fairly slower, albeit still negative, declines.” added Fleming.

In addition, updated LoanPerformance HPI data through mid-July 2008 is also available, providing clients with an early snapshot of trends with only a three-week lag period. Full-month June through mid-month July 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, 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; and the acquisition of LoanPerformance, the leading provider of mortgage performance data and analytics.  The combined companies’ databases cover more than 3,000 counties, representing 99.1 percent of the United States population, data on over 43 million active mortgages and over $2 trillion in loan-level non-agency mortgage securities. With more than 600,000 users nationwide, First American CoreLogic products are used by businesses to improve customer acquisition and retention, better manage credit risk, loss mitigation, securitization and investment, 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

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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