According to the article I am linking to below, houses in several parts of the Midwest as well as the South have experienced the largest reductions in price, at least percentage-wise.
Minneapolis is one of the cities named. This kind of surprises me. But the data comes from Trulia which I have always thought to be somewhat reliable, so it may actually be true.
Another interesting statistic which they site is that the price reductions are hitting the $2 million and above homes the hardest. They say that nationwide this catagory of home accounts for less than 2% of homes – yet is responsable for about 25% of the amount reduced from total homes for sale.
Here’s the link which included the list of 10 cities (Minneapolis being one of them) where sellers are still cutting prices.
