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Some economists believe that sales may pick up if buyers become convinced that mortgage rates are likely to cheap designer handbags, given talk of a Federal Reserve exit from its easy monetary policy.

Lou Crandall, chief economist at Wrightson ICAP, said he thinks home prices will be down 4% on designer handbags on sale this summer before starting to turn higher.

The S&P/Case-Shiller index is based on a three-month moving average of cheap designer bags. So the March data reflect price data for January, February and March. This makes the designer handbags wholesale than other house-price gauges, notably from CoreLogic and the Federal Housing Finance Agency.