U.S. Housing Market Sees 1.1% Rebound in March, Following Seven Consecutive Down Months - Metro Brokers TV Denver metro brokers real estate

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U.S. Housing Market Sees 1.1% Rebound in March, Following Seven Consecutive Down Months

Integrated Asset Services®, LLC (IAS), a leader in default management and residential collateral valuations, released its latest IAS360® House Price Index (HPI), which shows the benchmark for national house prices gained 1.1% in March.

Outsized monthly gains in two of the four U.S. census regions -- 3.2% in the Midwest and 2.5% in the South -- accounted for the bulk of the monthly turnaround. The West did manage a slight 0.8% improvement, this following seven straight declines, but the Northeast, mostly on weakness up and down the Washington-to-Boston corridor, slipped 0.4%.

With the modest rebound, the IAS360 HPI, which is designed to report changes when they happen for the most accurate and useful view of the U.S. housing market, is down 23.6% from its peak in July 2007. March's close leaves the benchmark at first-quarter 2004 levels.

"Any gain in the IAS360 is well-received, of course, but one month-over-month improvement is hardly evidence the national housing market is recovering," said Dave McCarthy, President and CEO of Integrated Asset Services. "In fact, our neighborhood trend lines indicate house prices have not found a bottom in many parts of the nation."