Home prices, and the American Dream, are “more unaffordable than ever,” according to the latest data.
“Home prices hit a record high in June, even as the housing shortage continues and rising mortgage rates have put housing out of reach for millions of Americans.” Reports Fox Business.
The report further states that “nationwide prices rose 5.4 percent in June from a year earlier,” down only slightly from “the previous month's 5.9 percent increase.”
“Upward pressures on home prices are making the housing market the most unaffordable it has ever been,” BrightMLS chief economist told Fox. “First-time homebuyers and middle-income earners, in particular, are being left behind in the housing market.”
The policies of the Harris-Biden Administration and the Democratic Party as a whole are the sole cause of this disaster.
First, Democrats are against the construction of new housing, especially single-family homes. What they really want is what's calleddensity” and cram us all into studio apartments in their damn cities. This makes it easier for them to control us, and they don't hide it. Their logic is based on the ridiculous idea that cities are better for the environment. What a lie. If you want to see filth, dirt, trash, terrible air and water, move to a city. If you want to see clean streets, clean water, clean air and a true love for nature, go to rural America where Trump supporters live.
There is a housing shortage because Democrats are doing everything they can to make it impossible to build new homes with their crazy environmental regulations.
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On top of the housing shortage, Democrats like Kamala have imported about 30 million illegal immigrants to compete with Americans for housing. Naturally, this makes housing prices higher.
Another problem is that Harris and Biden have given us all the worst inflation in our lifetimes. Biden has cut domestic energy production, causing energy prices to skyrocket. allHarris and Biden have squandered trillions of dollars like drunks, devaluing the dollar and sending prices soaring.
This will make housing more expensive to build, increasing the cost per home.
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Interest rates rose to try to rein in this record inflation, which created two bottlenecks in the housing market.
First, 30-year mortgage rates, which were under 3% under the Trump administration, have more than doubled to 7.5% under the Harris-Biden administration. They're around 6.5% now, but that's still more than double. And believe it or not, when a 30-year mortgage rate rises from just under 3% to 6.5%, you're almost doubling what you pay for a home over 30 years, and your mortgage payment is almost doubling too.
Additionally, high mortgage interest rates have reduced the number of homes on the market, and most people who sell their homes are doing so with another home in mind, meaning if they bought a home at 3% interest, they're likely waiting until interest rates drop to that amount before selling and buying again.
Buying your own home is the American dream. Owning a home is, in most cases, a great investment, and once you've paid off the loan, it's all yours as long as you keep up with your property taxes. That ownership makes retirement a reality; you finally have something valuable to fall back on in an emergency, pass on to your heirs, or pay for care costs in retirement.
Without a home, you are owned by the government and the landlords. That is serfdom.
People like Kamala Harris want to make us all her slaves.
John Nolte's first and last novel Borrowed time, Winning 5-Star Rave Reviews Submissions from our everyday readers. You can read excerpts here here And a detailed review here. Also available in Hardcover and Kindle and Audiobooks.
