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January 24, 2012

While All Eyes on Foreclosures and REOs, the Non-Distressed Market Increases the Pace of Price Markdowns

The latest FNC Residential Price Index™ (RPI) indicates that U.S. home prices continued to decline despite recent signs of job recovery, rising home sales, and new residential construction.

The continued price weakening should come as no surprise as the housing market remains considerably constrained by delinquent mortgages and foreclosures. According to a recent staff report prepared by the Federal Reserve Board for congressional review, as much as a million new REO properties are expected to be added to those already held by banks, servicers, and GSEs in 2012.

Reflecting weak housing demand and drag from foreclosures and distressed sales, the non-distressed housing segment remains discernibly constrained. Based on a for-sale properties database that captures pre-listing activities for nearly 75% of the properties sold nationwide, the latest data indicate that homeowners are making more frequent price markdowns during the listing period.

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