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Radar Logic's Home Price Index Hits Lowest Mark Since 2007

Radar Logic's latest RPX Composite, which tracks home prices in 25 major metros, declined to $179.50 per square foot in January, its lowest level since 2007. The company says the rapid decline suggests weak market fundamentals, including a high supply of homes coupled with high rates of mortgage defaults. The report also notes that sales of foreclosed homes by financial institutions, or "motivated sales," made up 35 percent of all home sales as of January 20, the second highest share of motivated sales that Radar Logic has observed. » Read More