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Trulia: Price reductions reach new low

California cities discounted the least

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As of the first day of this month, sellers had reduced prices on less than 20 percent of listed homes for the first time since Trulia started tracking price reductions in April 2009, the property search site announced in a report Tuesday. The March report found that sellers had reduced prices at least once on 19 percent of the homes listed on the site, compared with 21 percent the month before. The report included about 3 million properties and excluded foreclosures and new homes from its calculations. The average discount held steady at 11 percent off the original asking price, a total of $21.6 billion, the report said. "As we get closer to the government incentives running out, we expect price reductions to increase as sellers begin to feel the pressure to lure buyers in, in advance of the tax credit expiration," said Pete Flint, Trulia co-founder and CEO. Among the top 50 cities (in terms of population) in the country, those with the biggest percentage drop in di...