25 percent of on-market homes see price cuts

A quarter of the homes on the market nationwide had seen at least one price cut as of the beginning of this month, according to real estate search Web site Trulia.com. A total of $27.8 billion has been cut from the prices of active listings, and the size of the price reductions has increased month-over-month for the past three months, Trulia said. Cuts have been most common in major metro markets, with 66 percent of the top 50 markets seeing above average price reductions. Cuts have averaged 10 percent off the original listing price. TRD