Home Price Reductions Soar 9%, Giving Buyers Negotiation Power

The combination of a down economy and high levels of housing inventory has put sellers at a disadvantage as home prices have continued to drop throughout the summer. According to a report released Wednesday by Trulia, 24 percent of listings on the market as of July 1, 2010 experienced at least one price reduction, a 9 percent increase from the previous month. The total dollar amount slashed came in at $27.3 billion, and the average discount for price-reduced homes continued to hold steady at 10 percent off of the original listing price.

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