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Case-Shiller/FHFA House Prices (Sep.)

A deterioration in affordability helped the Case-Shiller house price index to fall for the third consecutive month in September. The FHFA reported a small rise in prices, but we think more falls are still to come. With affordability at its worst since 1985, credit conditions set to tighten and the economy headed for a recession, we expect house prices will drop 8% from peak to trough.

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