IAS Home Price Index Fell 3.2% in May

The IAS360 House Price Index declined 3.2% on a national level in May and was 20.1% below the level recorded a year earlier, according to Integrated Asset Services LLC, Denver. The index tracks monthly changes in the median sales price of detached single-family residences in "neighborhoods" in 360 counties across the United States, the company said. All four U.S. regions designated by the index posted declines in May, "further eroding an already volatile housing market," IAS reported. "The South continues to face the greatest struggle, with a decline of 7.7% for the month and a 19.6% reduction in regional house prices since May 2007." The declines in the other regions were 2.2% in the Midwest, 1.5% in the Northeast, and 1.1% in the West. The company, a provider of default management and residential collateral valuation services, can be found online at http://www.iasreo.com.