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Economic Watch for the Retail Industry
 June 2009
 Walter S. Bialas
Vice President – Market Research 
Madison Marquette
 
Home Price Declines Look to be LevelingOff…
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 The recently released March Index reflects a continued smallprice decline from February. In total home prices are now down 31% from the peak.•
 
New home sales continue to show improvement as buyers took advantage of lower prices and pressure on builders.•
 
Overall, we may now be at the bottom of the market given themore active Spring selling season.•
 
 As Spring sales become reflected in the data over the coming 2months, we would expect to see firmer pricing, although nogains.
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