U.S. home sellers cut prices by $27 billion

Home sellers nationwide had cut the prices of their homes by a total of $27.1 billion as of July 1, real estate data provider Trulia said today. A quarter of the homes on the market had reduced their prices by 10 percent, on average. Homes listed for more than $1 million saw price cuts averaging 13 percent. Trulia CEO Pete Flint said these kinds of price cuts will eventually stabilize the market, but that stabilization could take some time. The Trulia data does not include foreclosed homes.