House prices fell sharply in March. Experts: another 5% drop before the end of the year.

House prices dropped sharply in March. Experts: another 5% drop before the end of the year. Due to many factors such as the flood of foreclosures, numerous houses for sale, and people’s lack of willingness or ability to buy houses,...

House prices dropped sharply in March. Experts: another 5% drop before the end of the year. Due to many factors such as a flood of foreclosures, a large number of homes for sale and people's lack of willingness or ability to buy a home, home prices across the United States fell sharply in March, reaching the lowest level since 2002, highlighting that the housing market is still struggling. The S&P/Shiller 20 metropolitan area housing price index shows that the home price index in metropolitan areas across the United States fell to a nine-year low. Among the 20 metropolitan areas, as many as 18 areas fell in March, and in 12 of them, housing prices fell to the lowest since the housing market bubble in 2006. Economists predict it will fall by at least another 5% before the end of the year. Currently, housing prices in 12 metropolitan areas have fallen to a new low in nearly four years, including New York, Minneapolis, Atlanta, Chicago, Detroit, Las Vegas, Miami, Phoenix, etc. Among them, Minneapolis has the worst situation, with housing prices falling by 3.7%, followed by Charlotte and Chicago by 2.4%, and Detroit by 2%. Some areas rose instead of falling, including Seattle, which rose 0.1%, and the Washington area, which rose 1.1%. The Washington area was the only metropolitan area to see home prices increase over the past year. According to the survey, the national housing price index has fallen for the eighth consecutive month. The decline in housing prices since the housing bubble has been even worse than during the Great Depression. After the Great Depression, it took about 19 years for the housing market to truly recover. Last summer, housing prices temporarily rebounded under the government's tax incentives to encourage home purchases, but prices began to fall again after the incentives were withdrawn. Belize, chairman of the S&P Index Committee, believes that the latest report shows that housing prices in most areas of the United States have already entered a "second recession." After adjusting for inflation, the house price index fell to its lowest level since 1999. Many economists believe that U.S. home prices will fall at least another 5% before the end of the year. The decline in home prices is unlikely to stop until the inventory of foreclosed homes for sale decreases, employers begin to recruit employees in greater numbers, banks relax their lending thresholds, and potential home buyers gain confidence that buying a home is a wise investment. Wynell, a senior economist at Wells Fargo, said people are having difficulty getting mortgages and housing prices may not bottom out until early next year. According to the report, Phoenix entered the ranking of the 10 cities in the United States where single-family home prices fell to new lows in the first quarter of this year. The following is the ranking of these 10 cities: ★Minneapolis, Minnesota, fell by 10%; ★Phoenix, Arizona, fell by 8.4%; ★Chicago, Illinois, fell by 7.6%; ★Portland, Oregon, fell by 7.6%; ★Tampa, Florida fell 6.9%; ★Charlotte, North Carolina fell 6.8%; ★Cleveland, Ohio fell 6.3%; ★Miami, Florida fell 6.1%; ★Las Vegas, Nevada fell 5.3%; ★Atlanta, Georgia fell 5.2%.