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Home Sellers in U.S. Cut Prices by $27 Billion

Started by stevejhx
almost 17 years ago
Posts: 12656
Member since: Feb 2008
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July 10 (Bloomberg) -- U.S. home sellers cut the prices of their properties by a total of $27.1 billion as the recession and rising foreclosures curtailed demand, Trulia Inc. said. One quarter of sellers with homes on the market as of July 1 reduced their price by an average of 10 percent, the San Francisco-based real estate data provider said today. Properties listed for more than $1 million had the biggest cuts, with owners taking about 13 percent off the asking price. http://www.bloomberg.com/apps/news?pid=20601213&sid=agq0NRuqLW38 Fortunately, prices never fall in Long Island City.
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