Housing price declines continue to be led by the bottom third of the market, which is in a virtual free fall in several cities. Prices for homes in the bottom tier in Atlanta fell by 9.4 percent in November and have fallen at a 69.6 percent annual rate over the last three months. In Minneapolis, prices for bottom-tier homes fell by 1.7 percent in November and dropped at a 40.9 percent annual rate over the last three months. The annual rate of decline for bottom-tier homes over the last three months was 16.3 percent in New York, 21.7 percent in Boston, 28.8 percent in Chicago and 31.8 percent in Portland.
Read the full Housing Market Monitor.