Now i don't normally like reporting on rumors but this one just might end up being fact so, According to The Hollywood Reporter, Microsoft is planning a $50 price cut for the 360 in August. The unnamed retail source cited claims that the price drop will occur on August 8, two weeks The reported reason for the price cut is that August is typically a slow time of year for console sales. Industry experts have been expecting a price cut for the Xbox 360 for some time now. Many expected Microsoft to announce one during E3. Given that all three current consoles have had plenty of time to gain their legs, the timing for a price cut couldn't be much better. A $50 cut across the board would have the Core competing with the Wii at $249 and even lower the Elite to $429, much lower than the PS3's $499 price point.
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