While prices have fallen almost everywhere since the peak of the housing bubble, it is striking how badly hit the bottom tier of housing has been in some of the most bubble-affected cities. Prices of bottom-tier homes are down by more than 50 percent from their bubble peaks in Chicago, Minneapolis and Los Angeles. They are down by more than 60 percent in Tampa and by more than 70 percent in Phoenix. Buying a moderate-income house in these markets near the peak of the bubble was an incredibly bad investment.

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For more, check out the latest Housing Market Monitor.