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March 28, 2012
January Residential Property Values Drop 0.6%
FNC’s latest Residential Price Index™ (RPI), released Wednesday, indicates that U.S. residential property values declined in January, in spite of continued economic expansion and an improving job market in recent months. The latest persistent downtrends are driven primarily by conditions in the distressed market, which remains overwhelmed by the disposal of foreclosed and REO properties. Down 0.6% from December, January marks the sixth consecutive month-to-month price decline. Property values nationwide have returned to January 2003 levels.
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