Price reductions hit new highs

Price reductions for home listings currently on the market in the United States have increased for the third consecutive month to 26 percent and account for a total reduction of more than $29 billion nationwide, according to Trulia.com. These figures only tell part of the story, however, as modest signs of recovery appear to be emerging across the nation.

Despite the increase of price reduction figures to historic levels, 24 of the 50 largest U.S. cities held steady or dropped compared with data from the previous month. This represents a 50 percent increase from August, which saw 16 cities report positive or unchanged price reduction data. The reduction percentage remains unchanged at 10 percent ($33,892 average price reduction).

September 2010 Price Reductions: Top 10 cities based on population.
1. Minneapolis MN
2. Milwaukee WI
3. Phoenix AZ
4. Mesa AZ
5. Albuquerque NM
6. Memphis TN
7. Boston MA
8. Tucson AZ
9. Baltimore MD
10. Dallas TX

Source: Trulia.com

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