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March 18, 2011
January Single-Family Home Prices Decline 1.1 Percent — More Price Weakening Expected Going Forward
The FNC Residential Price IndexTM (RPI) – the industry’s first hedonic price index built on a comprehensive database combining public records and real-time appraisals – indicates that home prices continue to weaken in 2011, reflecting weak demand and significant downward pressure from the rising share of distressed sales.
Based on the latest data on non-distressed home sales (existing and new homes), the FNC National Residential Price Index shows that January home prices declined 1.1% from December. Home prices nationwide are currently below their spring 2003 levels.
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