DENVER, Colo. – It's no surprise to California and Florida credit unions that each of the 10 hardest hit counties for home price declines are located in the two states.

Default management and residential collateral firm Integrated Asset Services today released its IAS360(TM) House Price Index for December, which includes the anticipated 10 hardest hit list. California's San Joaquin County takes the unwanted top honor, losing 51% value. California's Monterey and Kern counties follow with 49.4% and 45.2% losses, with Lee and Charlotte counties in Florida rounding out the top 5, losing 44.6% and 42.2% from peak values.

At the MSA level, San Francisco, San Diego, and Miami were the hardest hit areas in 2008, with declined rates of 23.9%, 22.7%, and 20.8% respectively. The index also showed a 13.8% decline in house prices for the full year 2008 and an overall decline of 19.1% since the market's peak at the end of 2006. December 2008 posted a decline of 1.1%.