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April 20, 2012

February Residential Property Values Down 0.8%

FNC’s latest Residential Price Index™ (RPI), released Friday, indicates that U.S. residential property values continued to show signs of persistent weakening - ending in February with a seventh consecutive month-to-month decline. Despite sharply rising activities in existing home sales and new housing starts from a year ago, prices on non-distressed home sales (excluding foreclosure auction sales, REO sales, and short sales) continue to slide, down 0.8% from February or 3.0% from a year ago.

In this seven month period, the steady price declines on non-distressed properties coincided with a rising share of distressed properties in total home sales, which climbed from 22.8% in July to 27.0% in February, pushing down the prices on non-distressed home sales. Continued acceleration in disposing the inventory of distressed homes could further dampen home prices in the coming months.

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