Key
The key is an item that a villager uses to get into his or her house. Every so often in Animal Crossing: City Folk, a villager will be seen walking only around the outside of their house rather than the town. Upon talking to them, they will say they are locked outside and have lost their house key somewhere around town. Talking to them further reveals the location, which is the river - including the waterfall and river pool. The key is available to find after talking to the villager.
The key appears as a small fish shadow in the river, about the same size as a Crucian Carp. Once the player has fished it out the river and returned it to the villager, the player will receive a small reward, usually furniture, a Gyroid, or 500 to 600 Bells.
If the player fails to find the key, the villager will eventually find his or her way into the house. There is no mention about how the villager got in, though. However, there is an option if the player is "locked out" in the Town Hall, which removes all items on the ground floor.
Be careful: because if you don't find it's home..... the person that that key belongs to will move out of your town.