July 2008 LoanPerformance Home Price Index

“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
	12-Month
	Change
Los Angeles-Long Beach-Glendale, CA	-27.95%
Oakland-Fremont-Hayward, CA	-27.28%
Riverside-San Bernardino-Ontario, CA	-26.93%
Miami-Miami Beach-Kendall, FL	-25.95%
Las Vegas-Paradise, NV	-25.13%
San Diego-Carlsbad-San Marcos, CA	-23.24%
Cape Coral-Fort Myers, FL	-23.12%
Phoenix-Mesa-Scottsdale, AZ	-22.95%
Fort Lauderdale-Pompano Beach-Deerfield Beach, FL	-20.97%
Orlando-Kissimmee, FL	-18.02%
Tampa-St. Petersburg-Clearwater, FL	-15.82%
San Francisco-San Mateo-Redwood City, CA	-13.59%
Washington-Arlington-Alexandria, DC-VA-MD-WV	-13.58%
Cleveland-Elyria-Mentor, OH	-11.27%
St. Louis, MO-IL	-10.31%
Minneapolis-St. Paul-Bloomington, MN-WI	-9.09%
New York-White Plains-Wayne, NY-NJ	-7.68%
Boston-Quincy, MA	-7.49%
Atlanta-Sandy Springs-Marietta, GA	-6.93%
Seattle-Bellevue-Everett, WA	-6.90%
Honolulu, HI	-6.73%
Detroit-Livonia-Dearborn, MI	-6.59%
Chicago-Naperville-Joliet, IL	-6.42%
Edison-New Brunswick, NJ	-6.15%
Portland-Vancouver-Beaverton, OR-WA	-4.40%
Philadelphia, PA	-3.78%
Denver-Aurora, CO	-2.21%
Charlotte-Gastonia-Concord, NC-SC	-0.74%
Salt Lake City, UT	1.37%
Raleigh-Cary, NC	1.49%
Dallas-Plano-Irving, TX	2.17%
San Antonio, TX	3.53%
Houston-Sugar Land-Baytown, TX	4.12%
Austin-Round Rock, TX	4.15%

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