Real-estate price cuts hit 18-month high

For the second straight month, a record number of home sellers have cut the price on their house at least once. As of Nov. 1, 27 percent of sellers had lowered the asking price, the highest number in 18 months. In several cities, those numbers were even higher.

November 19, 2010

For the second straight month, a record number of home sellers have cut the price on their house at least once, The Wall Street Journal reported. As of Nov. 1, 27% of sellers had lowered the asking price, the highest number in 18 months.

In several cities, those numbers were even higher. In Minneapolis, 46% of listed homes had at least one price reduction, and Phoenix and Mesa, Ariz., each had roughly 40%.

The data is another indication that the housing market remains stagnant.

“It makes people nervous to get tied up to a home that they may not be able to offload in a few years,” said Tara-Nicholle Nelson, an analyst at Trulia.com. Trulia.com collected the data. 

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