In February, housing price declines were spread more evenly through the housing market than was the case in prior months; although the bottom tier continues to disproportionately suffer from the end of the first-time buyers tax credit. In Denver, prices for bottom-tier houses fell 1.4 percent in February and have fallen at a 17.9 percent annual rate over the last three months. In Chicago, they fell 4.7 percent in February and have fallen at a 28.4 percent rate over the last three months. In Minneapolis, prices in the bottom tier fell 6.5 percent in February and have fallen at a 42.8 percent rate over the last three months.

On the other hand, prices for homes in the bottom tier in Atlanta actually rose 0.6 percent in February; although they are still down 29.4 percent from their year-ago level.

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For more, read the latest Housing Market Monitor.

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