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Widespread price reductions creating low-cost options for families

Home sellers in many areas are being forced to reduce their asking prices.

Home sellers in many areas are being forced to reduce their asking prices.

As the usual seasonal slowdown in home sales takes hold, those considering relocation in the coming months may find significantly lower prices, as home sellers are continuing to cut their asking prices.

A new report completed by Trulia.com found that approximately 27 percent of currently available listings include at least one price reduction from their original listing, and that the average reduction is for roughly 10 percent of the price - which creates significant buying opportunities.

"We typically see an increase in price reductions toward the end of the year, so buyers hoping to add a home to their holiday wish list are in prime position to take advantage of low prices," said Tara-Nicholle Nelson, a consumer educator at Trulia.com.

Some of the most significant price reductions have been seen in struggling housing markets, such as Phoenix, where 40 percent of homes had reduced prices, with sellers trimming their listing price by an average of 14 percent.

In addition to a lack of buyers in the winter, sellers in Phoenix are also competing with low-priced foreclosures. According to RealtyTrac, one in every 165 homes in Arizona received a foreclosure filing in October.