By Prashant Gopal

Where the deep cuts are

Real estate prices have been dropping for more than a year now, even in formerly strong areas like Manhattan and San Francisco. But where some cities have seen more of their inventory lower their prices, other cities have seen deeper price reductions. For example, Scottsdale, Ariz., leads the nation in terms of having the most discounted homes on the market, but Detroit has the dubious honor of having the deepest price reductions. How bad? The average asking price in the motor city, not including foreclosures, has dropped 23%. For anyone in the market to buy, that's good news. To find out which other cities have experienced the greatest price drops, read on.

Editor's Note: The ranking is limited to the top 100 cities in terms of population. The cities were ranked based on the average listing price reductions for single-family houses, condos, co-ops, and townhouses with price reductions. The analysis, which did not include foreclosure listings, was a snapshot of listings as of Apr. 27. The days on Trulia refers the time a property has been listed on the Trulia site, which only tracks the first 180 days. Trulia covers listings from across the country and has about 70% of all listings on the market.