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U.S. housing market backtracks with 23% year-over-year rise in price reductions. Contributing factors include the tax credit expiration, mortgage rates, housing inventory and unemployment. Among 50 largest U.S. cities, the ones with the highest price reduction levels include Minneapolis, Mesa, Phoenix, Baltimore and Tucson. In a year-over-year comparison, the U.S. cities with the highest percentage change in price reductions include Fresno, Long Beach, Albuquerque, San Diego and Las Vegas.