Price reductions continue to climb, weak summer sales and inflated inventory lead to highest historic levels nationwide

Today, Trulia released our October price reduction report. Price reductions for home listings currently on the market in the U.S. have increased for the fourth consecutive month to an all-time high of 27 percent and account for a total reduction of more than $30.7 billion nationwide. A deeper look into the data shows a continual and dramatic price reduction increase in many cities that began in June 2010.

“We would normally expect to see a seasonal uptick in price reductions between June and October, as motivated sellers whose homes are still on the market after the summer selling season aggressively cut prices in an effort to get their homes sold before the holidays,” said Tara-Nicholle Nelson, consumer educator, Trulia.com. “Comparatively speaking, we’ve found that seasonal considerations combined with a lack of urgency on the part of would-be buyers and continued job market doldrums nationwide have led to more significant reductions during this time period than during the same time frame in 2009.”

Highest Percentage Increase in Price Reductions: June to Oct. 2010

Price Reductions Increasing Across U.S., Highest Among Major Western Cities

Since June 2010, the five largest increases in price reductions have occurred in the Western U.S., with Las Vegas registering the most substantial increase (194 percent). Five major California cities remain beneath the national average in October, but price reduction rates in all seven of California’s largest cities have increased dramatically since June, with San Jose, Fresno, Sacramento and San Diego seeing the largest increases. Only three of America’s largest cities – Miami, Detroit and New York – have seen a decline in price reductions since June.

“As robo-signing news developments and foreclosure freezes create uncertainty about buying bank-owned properties – particularly in cities like Las Vegas where foreclosures have been exorbitant – low interest rates and wide-scale price reductions may give individually-owned homes a real desirability boost in the eyes of buyers in the coming months,” Nelson said. “This might help home sellers who have had a hard time pricing and marketing their homes to compete with distressed properties get their homes sold before the end of the year.”

Price Reductions Increase Beyond Seasonal Expectations: Cities with Largest Year-Over-Year Increases

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Trulia Price Reductions
Trulia is the first and only national real estate site to provide consumers with the ability to use price reductions as a search filter in their quest to find a deal in today’s market across all 50 states. Trulia’s Price Reduction feature can be accessed from the Trulia homepage and is deeply integrated into the existing search experience on the search results page and via the advanced search tab. Detailed information regarding multiple price reductions and prior sold data is now available on each property listing page.

Providing home buyers with access to price reduction data empowers them to make more informed decisions regarding which home to purchase and helps consumers get the most home for their dollar. Price reduction data also helps home sellers price their homes competitively as more homes come onto the market.

Methodology: To view detailed methodology, click here.

Data Chart: October 2010 Price Reductions: top 50 cities based on population – to see data chart featuring all 50 cities, click here.

Ozzy and Sharon Osbourne renting Malibu mansion for $40,000/mo

Rocker. Drug addict. Reality star. Celebrity. Black Sabbath. Singer. Songwriter. Heavy metal. Multi-platinum status. Godfather of Heavy Metal.

He’s been deemed as hot mess on occassion, but still loved by many. Word on the street has it that him and Sharon Osbourne have listed their home for rent. Why? We’re not sure. It might be because the home’s too bright and it just doesn’t suit their usual dark flavors? Tell us what you think!

21408 Pacific Coast Highway, Malibu CA 90265
$40,000/mo
5bd | 5ba | 6,856 sqft | Single-Family Home

See what other homes are for rent in Malibu, CA.

Love pads in San Diego for Bachelorette stars Roberto and Ali

Big congrats to Ali and Roberto after last night’s Bachelorette Finale. After a whirlwind adventure around the world, we’re sure the two are looking for a quieter retreat in San Diego to start nesting. Here are some Trulia rentals to get you started:

325 7th Avenue #1508, San Diego CA 92101
$3,000/mo
2bd | 2ba | 1,234 sqft

969 Market Street, San Diego CA 92101
$2,500/mo
2bd | 1ba | 1,110 sqft | Condo

350 11th Avenue #624, San Diego CA 92101
$2,495/mo
2bd | 2ba | 1,078 sqft | Condo

877 Island Avenue, San Diego CA 92101
$2,195/mo
1bd | 2ba | 1,041 sqft | Condo

700 E Street #702, San Diego CA 92101
$2,500/mo
2bd | 2ba | 1,215 sqft | Single-Family Home

See more rentals in San Diego, CA.

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And follow me for your latest celeb blurbs.

Sacha Baron Cohen aka Ali G, Borat, Bruno, lists Mid Century property for sale

He’s won over tons of fans with his quirky humor and is best known for his three unorthodox characters: Ali G, Borat and Bruno. Is there a method to the madness Sacha? Or do you just go with how you’re feeling? Rumor has it he’ll be retiring these characters and coming up with new ones for future films...

Sacha Baron Cohen never ceases to amaze his audience – not only in entertainment but real estate, too. Sacha recently listed his Mid Century property that’s perched above the Woodrow Wilson Preserve. The pad includes a detached guest suite, 22-foot ceilings, river rock fireplace. Outside, it might be hard to decide where you want to relax since there’s a spa bath, lagoon-style pool with spa and fire pit. The backyard is noted as breathtaking and serene. He must need his space to gather his thoughts and generate his amazing humor.

Check out Sacha’s humble abode:

2950 Okean Place, Los Angeles CA 90046
$2,900,000 | 3bd | 2 full, 1 partial ba

Mad Men Season 4 kicks off – we’ve got places for you Don Draper and Betty (and husband #2)

The new season of Mad Men kicked off with some serious real estate woes.  With Don in a tragically lackluster apartment, and Betty and husband #2 living in Don’s Ossining home after the agreed upon exit date, the former Draper family could use a serious real estate makeover. Check out Trulia’s suggestions for new homes for Don and Betty.

Potentials for Don Draper

Potential #1
245 East 87th Street, New York NY 10128
$1,395,000 | 3bd | 2ba | 1,600 sqft

Potential #2
70 Little Street West, New York NY 10280
$1,955,000 | 3bd | 2full, 1 partial ba | 1,681 sqft

See other homes for sale in New York, NY.

Potentials for Betty and hubby #2

Potential #1
375 Polly Pk Road, Rye NY 10580
$2,250,000 | 5bd | 3.5ba | 3,670 sqft

Potential #2
110 Walworth Avenue, Scarsdale NY 10583
$2,195,000 | 5bd | 4full, 1 partial ba | 4,750 sqft

See other homes for sale in Westchester County, NY.

Love the gossip? Keep up with us!

Follow Trulia on Twitter and Facebook.

And follow me for your latest celeb blurbs.

Congrats Chelsea Clinton & Marc Mezvinsky – here’s Trulia’s real estate gift to you

We’re just two days shy from seeing Chelsea Clinton and Marc Mezvinsky tie the knot in Rhinebeck, NY. Congrats lovebirds! Of course, it wouldn’t be polite of us to let the adorable couple go without some real estate gifts.

Here are some fun vacation digs in the Hamptons that’ll be great getaways after a long week of work and studying.

*Warning: potential ‘oohing’ and ‘ahhing’ sounds may occur.

Address Not Disclosed, Sagaponack, NY 11962
$25,950,000 | 8bd | 8.5ba | 12, 737 sqft

87 Parsonage Pond, Sagaponack NY
$8,995,000 | 7bd | 8full, 5partial ba

East Hampton NY 11937
$6,900,000 | 7bd | 4 full, 2 partial ba | 6,000 sqft

Address Not Disclosed, Westhampton Beach NY 11978
$4,900,000 | 7bd | 4full, 1 partial ba | 4,346 sqft

47693 – 12 Soutwood Court, Amagansett NY 11930
$4,995,000 | 6bd | 9.5ba | 7,379 sqft

Some crazy facts:

• Rumor has it that former President Bill Clinton and wife, Secretary of State Hillary Clinton dropped a pretty $3-5M for the extravagant event.
• President Obama was invited (but declined because he didn’t want to steal her thunder).
• The Federal Aviation Administration has issued a temporary no-fly zone for the area surrounding Astor Courts, the estate they’ll be wed at.

Tell us what home you think would be most fitting for Chelsea and Marc.

Want to be their neighbor?

See more homes for sale in the Hamptons.

Love the gossip? Keep up with us!

Follow Trulia on Twitter and Facebook.

And follow me for your latest celeb blurbs.

Comedian Chris Tucker’s home up for short sale

It’s hard to believe, but celebrities are people, too. And yes, even they experience financial difficulties. Sad to report, but Comedian/Actor Chris Tucker is facing short sale for his home at 16607 Arezo Court, Montverde FL 34756. Rumor has it that he currently owes the Feds quite a few million on back taxes. Tsk tsk Chris. If regular citizens can pay their taxes, you should be able to, too.

Check out Chris Tucker’s home:

16607 Arezo Court, Montverde FL 34756
2,000,000 | 5bd | 5 full, 3 partial ba | 8,861

If down payments for a $2M dollar home are too much, here are some less pricier suggestions for you to consider. Perks, it’s still in the neighborhood!

15025 Vinola Place, Montverde FL 34756
$899,900 | 5bd | 4.5ba


Ps- The home includes a pool with a covered lanai!

Or, check out this beauty that’s a quarter of your current home price Chris!

16153 Harbar Oaks Drive, Montverde FL 34756
$550,000 | 6bd | 5ba | 4,551 sqft

Not ready to buy again Chris? Don’t worry!

Check out what’s for rent in Montverde, FL.

Today Show 7/23 – Barbara Corcoran’s top picks for the week

This week, Barbara featured four great homes from Trulia for her segment on “Affordable House Hunting.”

See what the deals are below or watch the segment here.
3851 Madeline Lane, Carmel IN
$199,900 | 4bd | 2.5ba | 2,968 sqft

14209 Ciudad Court Northeast, Albuquerque NM
$299,900 | 3bd | 2.5ba | 2,259 sqft

609 Shadow Grove Court, Norman OK
$380,000 | 5bd | 5.5ba | 3,800sqft

6002 North Serenity Lane, Meridian ID
$400,000 | 4bd | 3.5ba | 4,022 sqft

Got a home you think will be perfect for the show? Send it our way! Reply here or send it to sharongo@trulia.com.

Sheryl Crow’s Tennessee ‘solar farm’ for sale

I know, most celebrity posts that I’ve written have been around homes for sale. But not this time. We’ve got a farm this time around. And it’s not just any old farm, it’s a ‘solar farm’ – owned by Sheryl Crow.

The nine time Grammy Award winning musician, actress and all other sorts of talents (that would take too long to list) is selling her exquisitely designed equestrian facility with private nanny quarters, guest house and 14 stall barn. Don’t worry too much about the electric bills because this solar farm is estimated to create a 42% reduction in electric costs.

6664 Cross Keys Road, College Grove TN 37046

See other homes for sale in Sheryl’s neighborhood.

Trulia Facebook Webinar with Clara Shih – Learn How to Grow Your Real Estate Business with Facebook

Facebook is the most popular online social network. As a real estate professional, are you using it effectively?

Following up on the successful social media podcast we had earlier this year with @Garyvee, Trulia is exited to offer another free webinar to our Trulia Voices real estate community of over 400,000 real estate professionals.

Join Trulia and Clara Shih, the author of the Facebook Era, as we dive into tips and strategies that real estate professionals can use to grow their real estate business on Facebook.

Date: Tuesday June 1st, 2010

Time: 10am PST

Register for Trulia’s LIVE Facebook Webinar

You’ll learn the following:

• How to establish your Facebook strategy by defining clear goals

• Farming 2.0: Better understand how to engage and grow your existing relationships and connections on Facebook

• Take advantage of Facebook’s built-in functionality including it’s new social plugins and updated privacy settings

• What’s next with Facebook and Social Media Marketing?

As a bonus, Clara will share insights on her new stealth social media marketing and Facebook fan management startup, Hearsay Labs. Very exciting!

The webinar will be approximately 45 minutes long and we’ll have about 15 minutes of Q&A at the end.

Thanks in advance for attending!