One in Four Home Sellers in U.S. Has Cut Asking Price

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One in four home sellers in the United States has lowered the asking price on their house, according to a report by real estate search website Trulia.com.

The total dollar amount cut from home prices in the country's 50 largest cities as of Aug. 1 was $30.1 billion, Trulia said in a statement. The average discount was 10% off the listing price.

"Sellers are feeling no relief this summer," Trulia CEO Pete Flint said. "If buyers are unqualified to buy, it doesn't matter how low interest rates are or how discounted a home is."

Of the 50 largest American cities, half had price reduction levels of 30% or more. In Minneapolis, 42% of sellers had experienced at least one price reduction, a national record.
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