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Associated Press, Published August 12 2010

Minneapolis cuts home prices more often

MINNEAPOLIS — Minneapolis home sellers are cutting prices more often than any other U.S. city.

Figures from the Minneapolis Area Association of Realtors show purchase agreements declined nearly 38 percent in July, the lowest monthly level in nearly a decade.

Even with mortgage interest rates at 50-year lows, buyers are hesitant. Sellers cut prices at least once on 42 percent of active listings, with an average markdown of 9 percent. July is the second consecutive month that Minneapolis topped the list for the most markdowns. Sellers in Detroit had the deepest price cuts, averaging 26 percent.

The only category in which home sales increased in July was in the sale of houses priced from $500,000 to $1 million. The Star Tribune says that rose by 6 percent.

Copyright 2010 The Associated Press.