BUSINESS
03/18/2010 05:12 am ET Updated May 25, 2011

Home Prices Cut By $28.4 Billion In U.S., Trulia Says

Oct. 8 (Bloomberg) -- U.S. home sellers cut their asking prices by a total of $28.4 billion to attract buyers as the real estate recovery stalled, Trulia Inc. said.

The average discount was 10 percent as of Oct. 1, the San Francisco-based real estate data provider said today. Homes listed for more than $2 million were cut the most, with owners taking an average of 14 percent off the original price. Luxury homes accounted for 25 percent of all of the reductions.

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