For the nation's real estate market, home valuations have dropped off dramatically. However, the actual listing prices have not fallen as much, with realtors and sellers clinging onto original valuations, trying to minimize losses on their investments.
But reduced prices could significantly increase the chances of a final sale, with homeowners finally choosing to cut their losses and accept a lower price. In a recent report by Trulia.com, the real estate website found that 21% of US listings have seen at least one price reduction. The average discount for price-reduced homes continues to hold at 11 percent off of the original listing price. This was also the second straight month where inventory levels have dropped for single family homes and condos across the United States.
So, which US cities have seen the highest proportion of home listings getting price reductions? Click ahead to find out!
Posted 12 Jan 2010