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Trulia shines light on price reductions

Prices slashed on one in four live listings

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CORRECTION: This article has been updated to correct an error. Trulia was not the first real estate-related company to roll out a price-tracking tool to the public. ZipRealty announced the debut of a "Price Track" tool in 2006 (see article), and last year released a price-reduction search filter. Trulia Inc. has rolled out a new tool to allow consumers to search for properties whose owners have slashed their asking price after listing them for sale.In announcing its new price-reduction search filter, Trulia released data showing that about one in four live listings on the site have seen at least one price cut in the last year, ranging from 6 percent to 16 percent on average in 15 major markets.More than 30 percent of listings in New York City, Los Angeles and Phoenix had been subjected to price reductions during the year ending April 13, Trulia said.The average reduction was smallest in Houston (6 percent), Denver (7 percent) and Albuquerque (7 percent), and larges...