First American CoreLogic Releases May 2008 LoanPerformance House Price Index

—Prices Declined 10.8 Percent Nationally in the Past 12 Months—


July 30, 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 May 2008 LoanPerformance Home Price Index (HPI).

The LoanPerformance HPI provides a comprehensive set of monthly home price indices and median sales prices covering 7,544 ZIP codes, 958 Core Based Statistical Areas (CBSA) and 677 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 http://www.loanperformance.com/assets/images/pr0708_3mo_lg.jpg and http://www.loanperformance.com/assets/images/pr0708_12mo_lg.jpg).

“Nationally, home prices declined 10.8 percent over the last 12 months. In fact the 12-month depreciation rate has been hovering around the 10 to 11 percent range for the last four months.  We are cautiously optimistic that stabilization in the decline rate is the first indicator that house price declines may not be getting any worse nationally,” said Mark Fleming, chief economist for First American CoreLogic. “Thirty-six states are experiencing price declines, notably four states (California, Nevada, Arizona, and Florida) are depreciating at an annualized rate of 18 percent or more.  But even here, one can be cautiously optimistic, because while these rates of decline are high, they have remained stable at this level for the last few months.  We will have to wait until the end of the summer to see if this is a seasonal effect or a true temperance of the decline rates.”

12-Month Change by Top CBSAs

12-Mo.

(Core Based Statistical Areas) as of May 2008

Change

Riverside-San Bernardino-Ontario  CA  

-25.31%

Los Angeles-Long Beach-Glendale  CA 

-25.23%

Oakland-Fremont-Hayward  CA 

-23.92%

Cape Coral-Fort Myers  FL  

-23.49%

Las Vegas-Paradise  NV  

-22.56%

Miami-Miami Beach-Kendall  FL 

-21.51%

San Diego-Carlsbad-San Marcos  CA  

-21.41%

Fort Lauderdale-Pompano Beach-Deerfield Beach  FL 

-20.26%

Phoenix-Mesa-Scottsdale  AZ  

-18.65%

Orlando-Kissimmee  FL  

-18.29%

Tampa-St. Petersburg-Clearwater  FL  

-15.57%

Cleveland-Elyria-Mentor  OH  

-13.31%

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

-12.59%

San Francisco-San Mateo-Redwood City  CA 

-12.11%

Boston-Quincy  MA 

-11.54%

St. Louis  MO-IL  

-11.16%

Minneapolis-St. Paul-Bloomington  MN-WI  

-9.67%

Atlanta-Sandy Springs-Marietta  GA  

-7.58%

Edison-New Brunswick  NJ 

-7.25%

Chicago-Naperville-Joliet  IL 

-7.07%

New York-White Plains-Wayne  NY-NJ 

-7.07%

Detroit-Livonia-Dearborn  MI 

-5.15%

Seattle-Bellevue-Everett  WA 

-4.97%

Portland-Vancouver-Beaverton  OR-WA  

-4.77%

Denver-Aurora  CO  

-4.45%

Philadelphia  PA 

-3.93%

Charlotte-Gastonia-Concord  NC-SC  

-1.82%

Raleigh-Cary  NC  

-1.60%

Dallas-Plano-Irving  TX 

2.25%

San Antonio  TX  

2.55%

Honolulu  HI   

2.61%

 

Salt Lake City  UT  

2.94%

Houston-Sugar Land-Baytown  TX  

3.90%

Austin-Round Rock  TX  

5.19%


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


“Large markets in California and Florida remain fast decliners, while markets in Texas remain stout and appreciating performers. Two-thirds of all 958 CBSAs are experiencing nominal increases.  Many of these markets are located along the coasts.  Additionally, 16 percent of the CBSAs have appreciation of 2.5 percent or more indicating that house prices in these markets are in line with longer term nominal growth rates for real estate,” added Fleming.

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

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 www.facorelogic.com.

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 www.firstam.com.

 

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