Miami homeowners keep cutting prices

Eighteen percent of Miami’s homes for sale saw their prices reduced last
month by an average of 12 percent, according to Trulia.com. Despite the
reductions, the city ranks relatively low nationally; on a list of 50
cities, Miami is only 49th with $123.8 million in price reductions,
ahead of Detroit. Nationally, 26 percent of homeowners cut prices last
month for a reduction of over $29 billion. Still, 24 of the 50 largest
U.S. cities dropped their home prices or held steady, compared to the previous
month. “This is a worrisome trend,” said Trulia’s CEO Pete Flint.
“However, we’re seeing gradual improvement in many U.S. cities —
several for consecutive months.” [SFBJ]