Microsoft just announced that it will cut prices of it’s Xbox 360 Elite by 100 dollars. This announcement comes one week after Sony dropped the price of Playstation for the same amount.

Research group, NPD Group, released figures that show video game sales falling for the fifth straight month in July of 2009 ( down 29% from last year).

Nintendo has not began similar price slashing tactics as the other two major players have. Nintendo has kept Wii prices steady since its introduction into the market. It is worth noting that Nintendo is leading in game console sales.