BIDEN ECONOMY: And Now the Housing Market Tanks
(Above – after years of working in the government Joe Biden enjoys one of his homes above.)
The Biden economy is in full swing and after destroying the stock markets, the bond markets, and people’s paychecks due to inflation, the housing market is now in the tank too.
It’s the perfect storm as the markets and everything people have and own is diminishing before their very eyes.
Joe Biden has destroyed the stock markets and the bond markets. Stocks are down a record amount this year never seen before in US history while bonds are down the most in 49 years.
Inflation is crushing the average American citizen and as a result the buying power of wages is being destroyed.
Now the average American’s largest asset is melting away. Home sales are plummeting across the country.
The Daily Mail reports:
Mortgage rates have spiked to more than 7 percent as luxury home sales plummet by 28 percent and regular market sales sink by 19.5 percent amid soaring federal interest rates and inflation.
According to Mortgage Daily News, 30-year mortgage rates have now hit 7.08 percent – the highest level in 21 years – following the Federal Reserve’s latest 0.75 percent interest rate hike.
It comes as luxury home sales see their biggest year-over-year decline in August since the pandemic brought the housing market to a standstill in 2020, with sales dropping by 23.2 percent, according to Redfin’s latest report.
As reported previously, the higher rates are expected to eventually lead to a decrease in home prices of up to 20% according to one economist.
Not a person in America is happy about Biden’s economy. No matter what Biden says about it, this economy is horrible across the board.
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Author: Joe Hoft