US homeowners cut their asking prices by $27.8bn with some of the biggest reductions in Nevada and Florida, states hardest hit by the property slump, Trulia said.

Owners slashed prices by 15% in Nevada and by 13% in Florida and Arizona in the year through 1 Aug, the San Francisco-based real estate data provider said today. A quarter of home sellers lowered prices at least once, by an average of 10%.

bloomberg.com