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, 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.