Homes where price cuts exceed $5 million

Are you a home seller who has reached his pricing pain threshold and swear you just can't drop the asking price on your home another nickel? Imagine how these sellers feel, having already dropped by $5 million or more? OK, we're guessing there's not a lot of sympathy aimed at the rich guys. But perhaps there is some small comfort in knowing that even those occupying the top berths of the MLS are likely being advised by their agents to go lower, lower, lower still.

As for the rest of the market, the just-released Trulia study showed a slight decrease in the number of home sellers lowering their prices. A year ago, 23.6% of the homes on the market had seen at least one price reduction, and now it's just 22%. The average price lowering is about 10% off the original asking price.