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December 21, 2010

October Single-Family Home Prices Decline 0.9% and Establish New Market Low

The FNC Residential Price Index indicates that the U.S. residential housing market in recent months has picked up the pace of its post-tax-credit weakening trends. From May to October, home prices in the 30 major metropolitan cities have fallen 3.1%. Nationwide, home prices dropped approximately 2.5%. October, declining 0.9% from September, marks the 5th consecutive month in which the FNC 30-MSA composite index has trended lower.

More importantly, October home prices have dropped below the recent market low attained in February during the temporary tax-induced rebound, replacing February as the new low and sending the market continue looking for the bottom of the current housing cycle.

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