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Million Dollar Price Reductions

America's real estate market has had a rough ride over the past two years, with home valuations dropping and foreclosure rates on the rise, but how big can these drops really be?

Recently, Trulia.com released their "October Price Reduction Report," which highlights some of their high-end listings that have dropped significantly in price, in excess of $1 million. The report also found that 25.6% of all homes on the market as of Oct 1 have experienced at least one price cut, with the total amount of prices slashed reaching a shocking $28.4 billion. Of the houses with price reductions, the luxury market represents only 2% of the listings on Trulia, but represents 25% of the value in total home price reductions.

So, what are some of the country's biggest real estate markdowns? Click ahead to see 10 examples of million dollar price reductions!

By Paul Toscano
Posted Oct 8 2009

Photo and Info: Trulia.com