SAN FRANCISCO - The real estate search website, Trulia.com, announced this week that at the beginning of February, 21 percent of homes currently on the market in the United States have experienced at least one price cut.

The web site has tracked price reduction data since April 2009 and the latest figures indicate they are at their lowest level since November 2009 when 26 percent of homes listed had at least one price reduction.

"Seeing lower levels of price reductions nationally is an early indicator that we may be getting closer to a healthier real estate market," stated Pete Flint, Trulia co-founder and CEO. "However, the tax credit extension is scheduled to expire soon and last year's experience indicates that sellers may begin to panic by reducing prices ahead of the deadline."

Trulia's top 50 list shows the percentage of listings that have had a price reduction out of all listings in each of the major metro areas. St. Louis is not included in the list, but local data is available.

The range starts at the high end with Jacksonville, FL in the first slot with 36 percent to a low with San Jose, CA at 12 percent in the number 50 slot.

The percentage of the price reduction off the initial listing price ranges from a high of 26 percent to a low of 6 percent.

How does the St. Louis stack up to the national averages? Out of the St. Louis metro area listings for St. Louis City, St. Louis County, St. Charles and Jefferson County, 26 percent on average have had a price reduction compared to the national average of 24 percent.

A St. Louis area price reduction will be on average 7.6 percent off the initial listing price, more that 2 percent lower than the national average of 10.1 percent. Some St. Louis area homeowners may be overpricing their homes and are not facing the reality of the local market.

However, price reductions are very common in today's market. Sellers continue to slash prices for a variety of reasons. Sometimes the home was over priced to begin with and sometimes sellers are forced to lower the price below fair market value because they are in a bind and need to sell.

When you see a home that has been reduced, what is the first thought that comes to mind? Swansea, Illinois agent, Renee Estes at Strano & Associates Real Estate thinks "it may just be a good deal, but always check Continual Days ON Market (CDOM). A potentially bad home may be indicated when this number is high, especially after several reductions. Never hesitate on viewing these though, it may be for you!"