Trulia.com just announced that as of January 1, 2010, 21 percent of U.S. homes on the market have had their prices cut at least once, a number that represents a slow-down in price cutting for the second straight month. Price cuts came to $21.2 billion, a drop from the December $24.7 billion figure. Price reductions still average 11 percent off the original listing prices. For the second month in a row, the number of U.S. condos and single family homes for sale has dropped as well.

The brightest spot in this U.S. real estate news is the South, where only 20 percent of homes suffered a price cut. For luxury home buyers, the news is still good in that market. Luxury home prices are still the hardest hit, with average price cuts 15 percent.

For the details of this report, including the hardest-hit major U.S. cities, see the Trulia announcement.

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