Some Markets Show Signs of Hope.(Managing REO)

Byline: Amilda Dymi

Denver-Whether one sees county and neighborhood data as early indicators of overall changes in market trends or not, changes in local housing prices show where to look for the strongest and weakest mortgage markets.

Integrated Asset Services LLC, a default management and residential collateral valuation provider, reported that while the decline in overall home prices nationwide indicate the recession and bad housing news are consistent, there are some significant deviations from that norm at the local level.

At least IAS executives see it as a relevant and promising change.

The IAS360 House Price Index for September 2008 showed a 2.1% decline in house prices on a national level in September, with an annual decline of 13.3%.

The IAS360 monthly report, which includes the most current and granular single-family housing data based on the census, "also shows bright spots at the individual county level with 75 of the 360 counties showing month-to-month improvement in September," IAS said.

"Housing prices at the national and MSA levels are still seeing declines, but we're seeing positive signs at the county level, and even more encouraging signs at the neighborhood level," said Dave McCarthy, president and CEO of Integrated Asset Services.