Thursday, July 29, 2010

Housing's fire sale continues

I survived Gulf disaster
As of July 1, one in four listings on the market experienced at least one price reduction, as sellers went after buyers with a vengeance.

by Broderick Perkins
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Deadline Newsroom - As of July 1, 25 percent of listings on the market experienced at least one price reduction, as sellers went after buyers with a vengeance.

That's a 9 percent increase from the previous month according to the real estate search engine reporting the news.

And, buyers? Take note.

The average discount for price-reduced homes continued to hold at 10 percent off of the original listing price.

That's a cool $50,000 off a $500,000 home for sale.

Many of the largest U.S. cities saw significant increases in price reduction levels. Twenty-two of the top 50 cities across the U.S. experienced price reduction levels at 30 percent or more, compared to just 10 cities in the previous month.

Trulia reported Minneapolis led the way with 40 percent of its home listings experiencing at least one price cut in the third straight month that Minneapolis has held the top spot.

• Erate has the full Housing's fire sale continues story.

• Click on the keywords below for more stories on this subject.

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Broderick Perkins, an award-winning consumer journalist, parlayed 30 years of old-school journalism into a digital real estate news service, the San Jose, CA-based DeadlineNews Group, including DeadlineNews.Com, a real estate news and consulting service and Web site, and the Deadline Newsroom, DeadlineNews.Com's news back shop.

Perkins was the first Examiner to cover three beats for the news service:
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