Buying tax-exempt single-family housing bonds can be like walking through a minefield, but if investors sidestep the dangerous call provisions, the trip can be well worth it, according to a study by John Nuveen & Co.

Peter Fugiel, vice president of research at Nuveen and author of the report, said the municipal market is afraid to price single-family bonds because of the intense research required. As a result, the bonds can be priced significantly below -- and above -- their true value.

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