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Released: June 06, 2011

Cheaper homes hit hardest by price declines

Source: Amy Hoak, Wall Street Journal

CHICAGO (Dow Jones)--The values on the country's most modestly priced homes took a harder hit than their upscale counterparts during the downturn, according to a report released Monday from Harvard University's Joint Center for Housing Studies. Houses priced at the low end of housing markets typically fell about three times more than those at the upper end in the last year, according to the Center's annual report, "The State of the Nation's Housing." High-end homes are those with original sales prices in the most expensive one-third of all homes in a market; low-end homes are those in the bottom third.

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