More homeowners cutting their asking prices

More people are cutting their asking prices when trying to sell their home:

More than one in four U.S. homes for sale on Sept. 1 had their prices cut at least once since landing on the market, up slightly from a month earlier, a study showed on Friday. ...

Driving the increase was the pending expiration of the government's $8,000 tax credit for first-time home buyers — part of the stimulus bill — and summer months which are the peak sales period, according to data compiled by Trulia.com.

The average discount was 10 percent from the original price, unchanged from August. On average, sellers dropped their price by $39,378, Trulia said. ...

Home sellers looking to sell their property before the tax credit expires in November will continue to cut prices in hopes of attracting home buyers in search of discounts, [Trulia co-founder and CEO Pete Flint] said.