Year-Over-Year Declines in Home Prices Offset by Some Positive Signs

NEW YORK, NY, Sep 02 (MARKET WIRE) --
In June 2008, 23 of the 25 MSAs tracked by Radar Logic's Residential
Property Index(TM) (RPX(TM)) experienced year-over-year price declines
according to the June 2008 RPX(TM) Monthly Housing Market Report released
today by Radar Logic Incorporated. The largest declines were in Las
Vegas, Phoenix and the California MSAs. Seasonal increases in price per
square foot (PPSF) and transaction count were observed in many markets,
with month-over-month price increases in 12 MSAs and month-over-month
transaction count increases in 19 MSAs. Motivated sales made up an
increased share of transactions, representing 20.1% of the transactions
across all 25 RPX MSAs for June 2008, compared to 18.9% in May and 5.2% a
year ago.

"Not surprisingly, June 2008 year-over-year RPX values continue to show
weakness. But a closer examination shows both seasonally appropriate
strength as well as early signs of the absorption of distressed
inventory," said Michael Feder, CEO of Radar Logic. "While it is too soon
to call this a bottom, these factors deserve close attention in the
coming months."

Key Observations:

-- June 2008 continued to exhibit PPSF weakness compared to last year in
almost all markets we cover. 23 MSAs showed net year-over-year PPSF
declines while two MSAs were neutral.
-- 19 of 25 MSAs experienced month-over-month transaction count increases
and 12 MSAs saw month-over-month PPSF appreciation.
-- Motivated sales accounted for 20.1% of transactions across all 25 MSAs
in June. The quantity of motivated sales across all MSAs increased 16.8%
from May 2008.
-- Charlotte moved to number 1 in our 25 MSA ranking with year-over-year
depreciation of only 0.2% for June, coupled with a 3.0% appreciation in
month-over-month prices.
-- The Manhattan Condo sub-market showed a 2.2% appreciation year-over-
year in PPSF. Month-over-month PPSF declined by 0.8% despite a 9.7%
increase in month-over-month transaction volume.
-- Las Vegas replaced Sacramento as the lowest-ranking MSA, showing a
30.8% year-over-year PPSF decline for June 2008. Sacramento was second to
last with a 27.8% year-over-year decline.

The complete June 2008 RPX Monthly Housing Market Report is available
on Radar Logic's website at:

www.radarlogic.com/research/RPXMonthlyHousingMarketReportforJune2008.pdf

Report Methodology

The RPX Monthly Housing Market Report is produced by Radar Logic
Incorporated, a New York-based real estate data and analytics company.
These reports are published 63 days after the last transaction date of
every month, providing insight and detailed analysis of Radar Logic's 25
Metropolitan Statistical Areas (MSAs) and the Manhattan Condo market. This
study is based on the premise that there is not a national housing market;
rather, each of the MSAs, while having economic influences in common like
credit and mortgage rates, is influenced primarily by local conditions.

Data in the RPX Monthly Housing Market Report reflect the 28-day
aggregated value of Radar Logic Daily(TM) Prices. The price per square
foot metric used is a powerful tool for analyzing housing markets because
it significantly reduces the influence of property sizes on overall
housing price trends, which can skew results. The Daily Prices for each
MSA are not adjusted for seasonal variations. In some cases, Daily Prices
may vary based on reporting characteristics within individual MSAs.

The July 2008 RPX Monthly Housing Market Report will be released on
October 2, 2008, at 9:00 AM EDT.

About Radar Logic

Radar Logic Incorporated, a real estate data and analytics company,
calculates and publishes the Radar Logic Daily(TM) Prices. The prices
track housing values for major U.S. metropolitan areas and are the basis
of the Residential Property Index(TM) (RPX(TM)), a market that enables
real estate to be traded as a liquid asset, via property derivatives
marketed by major financial institutions. RPX allows real estate and
financial professionals to manage opportunity and risk, invest in real
estate values without owning physical assets and effectively analyze
markets using a consistent metric: price per square foot.

For more information on Radar Logic and the RPX, including licensed
dealers, please visit www.radarlogic.com.

Media Contact:
Bettina Klinger
Radar Logic Incorporated
646-224-7003
Email Contact

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