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There’s no denying it anymore. The local market is starting to feel the pain. From the Bulletin:

Median home sales prices in the first three months of 2008 fell almost 12 percent in Bend and 14 percent in Redmond from the first quarter of 2007, according to a report Wednesday from the Central Oregon Association of Realtors.

The paper also gives us this lovely graphic:

Just from the looks of the chart, we still have a long way to go before we can give up the title of, “most overvalued” housing market in the country.

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