Discount, or Reality Check?
Forbes says: "We created a list of the 10 U.S. cities with the biggest home price discounts. We compiled this list using the newly launched quarterly Home Offer Report from Trulia.com, a San Francisco-based real estate listing site. Trulia evaluated price cuts in America's 50 largest cities." Another way to put it: 10 U.S. cities in which homes were originally the most overpriced. Trulia has also been issuing a "Price Reduction Report" The data is certainly useful but the continued use of words like "reduction" and especially "discount' tend to confuse. "Value" requires a willing buyer. Until then a price is just a price, and the "Price Reduction Report" is just an "Index of Unreasonable Expectations."