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Home pricing markdowns jump 23 percent in December

Home prices continue to fall around the country

Home prices continue to fall around the country

Homebuyers looking for a bargain-basement price won't have a hard time finding one, especially for those looking to buy in Florida or California.

ZipRealty, the residential real estate brokerage firm with offices in 22 states, says that the housing market continues to be flooded with price-reduced homes.

Including the Washington, D.C. area, ZipRealty surveyed 26 housing markets around the country and found that the number of homes dropping their initial price increased by 23 percent compared to December 2009.

"We continue to see high inventory levels and declining prices," said John Oldham, the director of marketing at ZipRealty. "Year-end inventory is declining but is still much higher than 2009 levels."

The most precipitous pricing markdowns are located in Florida, particularly Orlando, the Miami area and Ft. Lauderdale. However, the markets with the largest median price reduction - a measure many consider to be a more accurate representation of what numbers say - are in California, especially Orange County, San Francisco and San Diego.

While the price-reductions may not be as steep in the 28 states ZipRealty did not survey, they're sure to be found, as sellers have cut prices nationwide to drum up demand.