Industry NewsMarkets & Economy

Real estate price cuts grow for 3 months in a row

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As of Sept. 1, 26 percent of home sellers had lowered their asking price -- a share that has increased for three straight months, to bring it level with the last year's level -- according to a monthly report by property search site Trulia. That 26 percent share was up from 25 percent in August, 24 percent in July, and 22 percent in May and June. It's also the highest price-reduction level measured so far this year in Trulia's stats. In aggregate, sellers discounted more than $29 billion nationwide. The data include Trulia's active, nonforeclosure listings. Listing information on the site comes from brokers, agents, third-party aggregators and multiple listing services. Despite the rising rate of discounted listings, there were some "modest signs of recovery," the company said. Almost half (24) of the 50 largest cities nationwide reported that their discount rates remained the same or improved compared to the previous month -- a 50 percent increase from August.Also, the per...