President Joe Biden has a serious housing crisis on his hands— and he plans to do nothing about it.
Buying a home, raising a family, taking vacations, and putting dinner on the table were all once part of the American dream. But ever since Biden took office, that dream seems more like a fantasy than anything thanks to his failed economic policies and broken promises.
Experts are labeling the 2024 market as a “housing doomsday,” citing data that shows that the price per square foot of a house has massively increased by almost 85 percent since 2019.
A Fitch Ratings report found that homes were overpriced by 11.1 percent by the end of 2023 in an attempt to make ends meet for the sellers. In addition, mortgage rates skyrocketed to more than seven percent in the past two weeks. A 30-year fixed-rate mortgage currently sits at 6.875 percent and a 15-year mortgage rate at 6.125 percent.
“This is something we actually haven't seen in our lifetime that we can remember. If you think about the last time that we spent a decade with rates that were sub-5%, that was actually the 1950s,” Million Dollar Listing agent Kirsten Jordan told Fox Business.
Advancing American Freedom (AAF), a nonprofit political advocacy group founded by former Vice President Mike Pence, warned in a memo that Biden is killing the American dream.
The group warned the Biden Administration that it would certify second mortgages if they pulled out of the finance company, Freddie Mac. As a result, the government-backed entity would tackle another $3 trillion in liabilities.
In return, the inflation rates would increase and cause further instability in the housing market.
Pence’s policy group suggested that Biden's economic plan would fuel housing demand when U.S. homes face a shortage, making the issue worse.
“President Biden and the Democrats should get out of the mortgage business before America barrels headlong into a repeat of the 2008 housing crisis," AAF Executive Director Paul Teller told the outlet.
The American dream is harder than ever to accomplish after a horrendous four years of the Biden Administration.
A NORC University of Chicago poll found that many people believe such a dream is out of their reach, with the percentage of people saying that they no longer view the U.S. as the “land of opportunity” rising from 18 percent last year to 24 percent.