With the release of a new version of the iPhone, we always hear rumors that Apple is working on a smaller version of the iPhone, and right on schedule we have more of these rumors. Bloomberg is reporting that Apple will be releasing an iPhone Mini this year.
Normally, we would laugh, but what Bloomberg is saying makes a lot of sense, since a smaller iPhone would open up a new market for Apple, which they will need with all of the tablet competition. The new iPhone Mini could retail for $200 without a contract, which would open up the iPhone to a budget market. It is supposedly one third smaller than the existing iPhone with no home button.