A new tool gauges price reductions

There’s no way of judging the validity or even determining the ultimate usefulness of what Trulia has just introduced.  But the Web provider of information about real estate properties says consumer now can see on its site how many of them have had price reductions in various cities. Trulia’s research has found that 27 percent of homes currently on the market across the United States have experienced at least one price cut. Across 15 major cities, including New York City, Chicago, Los Angeles, Boston and Atlanta, the average price reduction for homes ranged from $20,000 to $295,000.

Which city had the most reductions? New York, which, according to Trulia, saw prices cut in 39 percent of the listings. The company created three tables, for the U.S. as a whole and properties listed at above or below $1 million.

What concerns me is the quality of the database. Continue reading