How Bidenomics Paralyzed the Housing Market With Worst Mortgage Mess in 20 Years.

How Bidenomics Paralyzed the Housing Market With Worst Mortgage Mess in 20 Years.

Bribed Biden's 'economic agenda sent inflation soaring to 40-year highs and triggered more than 24 consecutive months of negative real wages for Americans.' This forced the Fed to engage 'in the most aggressive interest rate hikes in decades as part of its so far unsuccessful attempt to' counteract Bidenflation with fedeflation.

The interest rate 'increase extends a lengthy stretch of high borrowing costs that has slowed the housing market to a crawl. This marked the first time since last fall that the rate on a 30-year, fixed-rate mortgage rose above 7%. A year ago, rates were around 5%.'

'The resulting slowdown in refinancing and purchase activity has battered some mortgage lenders, leading to tens of thousands of layoffs in the industry and weighing on economic growth.'

'The 10-year Treasury yield, on Thursday hit its highest level since 2007. Some analysts see ample room for the 10-year yield to keep climbing as markets brace for the possibility that rates aren’t going to decline soon.'

House payments for folks at this rate are really high.

Remember when Bribed Biden's administration claimed that 'inflation was merely "transitory" and a positive sign of economic recovery'?

It's not looking transitory.

Payments on a $200,000 house are up about $600/mo.

https://themortgagereports.com/61853/30-year-mortgage-rates-chart#loan-purpose

The hurts folks a lot.

Yet another wealth transfer from struggling working folks to rich privileged lenders.

Please discuss.

 

Homes Are Becoming Unaffordable for Average Americans Across U.S.

'Homes are now unaffordable in 99% of the US for average Americans
Housing affordability hits lowest point since 2007'

Bidenomics is great for the rich privileged gentry 1% and sucks for everyone else.

Wild Government Spending = Inflation

Inflation = you can no longer afford a home.

Wild Government Spending = You can no longer afford a home.

 

Bidenflation sucks particularly hard for young folks, but hey, they got what they voted for:



https://www.finder.com/200000-mortgage

 

Can you tell us what is the political affiliation does the head of the FED that sets these rates? While you are at it, can you tell us what was the affiliation of the president that demanded they lower interest rates to unsustainable levels to prop up his failed policy?

 

I can tell you that Joe Biden is president now and his political affiliation is Democrat, inflation was running at 1.4% when he took office and then inflation and interest rates started skyrocketing on account of his failed policies:





https://www.usinflationcalculator.com/inflation/current-inflation-rates/

Fed pauses rates at 22-year high but another hike is likely in store this year
https://news.yahoo.com/fed-pauses-rates-22-high-203847580.html


The Federal Reserve kept the target range for the federal funds rate at a 22-year high of 5.25%-5.5% in its September 2023 meeting, following a 25bps hike in July, and in line with market expectations, but signaled there could be another hike this year. Projections released in the dot-plot showed the likelihood of one more increase this year, then two cuts in 2024. Policymakers now see the fed funds rate at 5.6% this year, the same as in the June projection, while it is seen higher at 5.1% in 2024, compared to 4.6% seen in June. Meanwhile, GDP growth is seen higher in 2023 (2.1% vs 1% seen in June) and 2024 (1.5% vs 1.1%). PCE inflation was also revised slightly higher to 3.3% this year (vs 3.2%) but was kept at 2.5% for 2024. The core rate is expected lower in 2023 (3.7% vs 3.9%) but was left unchanged for 2024 (at 2.6%). The unemployment rate is projected lower at 3.8% (vs 4.1%) in 2023 and 4.1% (vs 4.5%) in 2024. source: Federal Reserve





Homes "unaffordable" in 99% of nation for average American
https://www.msn.com/en-us/money/rea...99-of-nation-for-average-american/ar-AA1hpbK7

I can also tell you that the only thing Biden's apologists, supporters and sycophants have are deflections.

 

Very good! And that’s correct.

While I am glad you are calling him your president that isn’t what I asked.

So again, what is the party affiliation of the individual currency responsible for setting these rates? And what was the party affiliation of the individual that manipulated the market rates due to failures of GDP growth which economists said would eventually cause a chain reaction?

 

Off course inflation was 1.4% on Jan 2021. Trump mishandled COVID-19 so badly the country was f### up and people were afraid to go out of their house. .

 

MAGA keep bragging about Trump economy, yet Fed cut rates 3 times in 2019 and that was not good enough for Trump, Trump wanted Fed to cut interest rate more to create FAKE economy for his MAGA supporter so they can brag about FAKE economic growth.

 

here is Trump's economy

US interest rate cut fails to impress Trump - BBC News

 

Do you understand that the interest rate changes are a response to inflation and not the other way around?

If one didnt know better, one would get the impression from you that the interest rates are the cause of economic problems as opposed to the reverse.

 

Heck, he was begging and threatening for negative rates while the economy was about to stall under his "watch".....

 

Can you tell us the political affiliation of the President and Congress which engaced in the inflationary policies, fiscal/energy/regulatory that caused the inflation the FED js trying to fight

 

Is that what happened in 2016-18?

Or is this one d-d-d-different?

Since it’s inflation only causing this — is the US the only nation experiencing inflation?

 

I dont recall saying that the US is the only country with inflation, in fact, I have said nothing of the sort.

My point is that inflation forces the hand of the fed to raise interest rates in order to get that inflation under control. It is not the other way around. There is nothing there to argue, which presumably is why you are trying to change the subject to anything other than what i just correctly pointed out.

 

Government's wild spending increases your mortgage payments.

 

The Fed doesn't set mortgage rates as I've told you already, many times. How can you still be unaware of this?

 

the FED did this by raising interest Rates to cool the hot Biden economy

 

Bribed Biden wiped out 22 years of improvement on mortgage rates in just 34 months.



Never underestimate how quickly Bribed Joe can screw things up.

 

The only correct thing you have said is that inflation is occurring. Which is why you are not wanting to answer any of the very basic questions I have asked.

 

You are unaware that the FED sets the federal funds rate which is the largest contributor to mortgage rates?

I am not really surprised tbh

 

Hmmm...what I said specifically is "Do you understand that the interest rate changes are a response to inflation and not the other way around?"

That was my entire point, and that statement is 100% correct. If you want to argue that it is incorrect I would encourage you to make your case.

Some vague denial that addresses nothing isnt exactly convincing.

Your earlier question about inflation existing elsewhere could not possibly be more irrelevant to that statement. I guess that makes it a strawman, which we all know is not the domain of those with a strong argument.

 

You are unaware that the 10 year treasury rate has the greatest impact on mortgage rates? I am not really surprised tbh.

 

Everyone was leaving their houses and Biden paid them not to go back and his fellow Dem governors fined businesses and people who tried to go back and supported the unions who didn't want to go back and then greatly inflated the money supply while ruining our oil and gas markets.

 

Global inflation is relevant when you are trying to place the blame on a single person.

I didn’t think I would need to explain that, but here we are.

 

Biden's complete screw up of the US economy, has badly devalued the US dollar, which is the world's reserve currency, and that has unleashed not just US inflation, but global inflation.

Bribed Joe and the Democrats wild reckless spending they assured us would have no consequences, but it has, it's raised the price we pay for EVERYTHING: fuel, gas, food, mortgages, construction projects, everything we buy costs a LOT more because of Bribed Joe and all the Dems spending.



In just 2.5 years under Bribed Joe, the dollar has devalued MORE than it did over the previous 9 years.

And when your dollar is worth less, everything you buy costs more. This is why folks are NOT happy with Bribed Joe and the Dems on the economy and inflation.