Home prices in metro areas have reached an all time low since 2002. This is the 8th straight month in the country that housing prices have dropped. They've fallen further than they did for the Great Depression, and it took us 19 years to recover from that. Prices won't stop dropping until the number of foreclosed homes for sale drops. Minneapolis had the worst drop in March at 3.7%. They took a poll and 92% of homeowners said that it is a bad time for them to sell their house. This is going to be a very slow recovery.
I was really surprised when I saw that Minneapolis had the worst drop out of all the big cities in the nation. You read about this going on, but until it hits more close to home you don't really realize it as much. I hope that we have a way to dig ourselves out of this hole so that the housing market can begin to improve. There's so many people affected by this. Homeowners are having trouble selling their house for its true value because foreclosed homes are cheaper. Also, businesses that rely on home builders aren't able to prosper because not as many homes are being built. I'm sad that people got into this mess and a little upset that they let this happen because this is what my generation is going to be dealing with when we are looking to buy homes for our families.
http://www.msnbc.msn.com/id/43222187/
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