In Portland, recent housing price declines are concentrated in the bottom tier of the market, undoubtedly the result of the end of the first-time buyers tax credit. Prices in this segment of the market have fallen at a 24.3 percent annual rate over the last three months compared with a 13.9 percent rate at the top end. In Seattle the pattern is more mixed, with prices falling at a 14.8 percent rate at the bottom end compared with a 17.4 percent rate for homes in the top tier.

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For more info, read the entire Housing Market Monitor.

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