According to the October 2008 RPX™ Monthly Housing Market Report released by Radar Logic Incorporated, home prices and sales volumes decreased more in October 2008 than in any other October since the beginning of Radar Logic's data, January 2000.

Five MSAs saw their largest month-over-month declines and 13 MSAs saw their largest year-over-year declines. Home sales across the 25 MSAs declined by 14.9% during October but sales in Sun Belt cities remained elevated relative to October 2007 due to rapid growth in motivated sales during the intervening year. The large concentrations of motivated sales relative to total transactions weighed heavily on prices. As a result, eight of the ten MSAs with the largest year-over-year increases in sales were also among the ten MSAs that experienced the greatest year-over-year price declines.

"Motivated sales continue to be a major factor in most markets tracked by the RPX," said Michael Feder, CEO of Radar Logic. "Until action, if any, out of Washington becomes clear, it is difficult to know if this is a long-term phenomenon or if it will work its way through and, as a result, prices will begin to recover."

Key Observations:

- For the fourth month in a row, Milwaukee, WI was at the top of the 25-MSA ranking in October. Home prices in Milwaukee were 5.3% higher than they were a year before, making Milwaukee the only MSA tracked by Radar Logic to experience year-over-year price appreciation in October.

- San Francisco was at the bottom of the rankings with 34.4% year-over-year price decline.

- Detroit, Las Vegas, Phoenix, San Diego and Seattle saw their largest month-over-month price declines since January 2000.

- Though motivated sales across the 25 MSAs grew 193% between January 1 and October 31, the rate of growth slowed over the first three quarters and turned negative in October, when 18 of 25 MSAs saw motivated sales decrease.