In situations wherein real estate interests are utilized as security, ORICS has implemented a Declining Markets Policy (DMP) in response to the current housing market conditions. A review of housing data indicates that the phenomenon of the declining value of residential real estate is not geographically isolated or a rare occurrence. To better align our products with the levels of risk associated in this new lending environment, a Declining Markets List has been developed for each quarter. The current and previous lists are included below. 

For lenders whose insurance coverage is subject to ORICS' Declining Market Policy:

List of Declining Markets (effective November 1, 2009 - January 31, 2010)