Index Provides Better Picture of Collateral Value.

Denver -- Integrated Asset Services LLC joined the ranks of home price index producers recently, saying it provides "more granular data" that demonstrate "pockets of opportunity" for nonperforming loan buyers.

While "on a national level, the housing picture is still challenging," IAS said in a press release that, "the picture at the regional level is far more encouraging."

David McCarthy, president and chief executive officer of Integrated Asset Services, told MSN that many index providers do not break data down far enough to see some of the pockets of opportunity within an area. He said Denver provides an example of this, as parts of that market are "tanking while other parts" are "doing real well."

Carl Cozine, chief scientist at IAS, told MSN that the index has been in development for two years and facilitates an automated valuation model product the company has. He said the company has put a lot of time into the product's creation. While based on historic data, the index also allows for forward projections, although Mr. Cozine warns that such projections get less reliable the further ahead they attempt to look, like weather forecasts. Asked if the index shed light on what many see as an unprecedented housing market cycle, Mr. McCarthy said it is one in which home price behavior is "certainly more volatile" than in the past.

The IAS360 House Price Index tracks monthly changes in the median sales price of detached single-family residences in more than 15,000 neighborhoods across the United States, IAS said. The April data indicate "measurable improvements in some of the nation's hardest-hit areas" despite the fact that many areas are still in the throes of the credit crunch, IAS said. For example, the Midwest "rebounded nicely" with a 5.90% gain in median sales prices, according to IAS. "Given the granularity, the methodology, and the timely monthly reporting of the IAS360, we are able to provide the market with early warning signs on housing price trends," said Mr. McCarthy, in a press release. "When the housing markets are rosy, a 50,000-foot view may be acceptable. But when we are facing tumultuous markets, we need to go deeper."

IAS is a provider of default ...