Bidenomics has struck once again. It seems that jacking up the prices of basic food stuffs and other goods and services that we need for day-to-day life just wasn’t enough for the current administration and its mission to obliterate the middle class. They just had to go and ensure that the cost of buying a home went up astronomically too. It skyrocketed so high it actually broke a record. Way to go, Mr. President. Good work. Way to fight for the little guy.
According to a new report by Breitbart:
The S&P CoreLogic Case-Shiller 20-city index climbed 7.4 percent year-over-year in March, an acceleration from February’s 7.3 percent increase, according to data released Tuesday.
Compared to February, prices in March were up 1.6 percent in the 20-city index before seasonal adjustments. After adjusting for seasonality, the 20-city index rose 0.3 percent. All major metro markets saw month-over-month price increases.
The Case-Shiller 10-city index rose 8.2 percent year-over-year in March, up from 8.1 percent in February. On a month-to-month basis, the unadjusted index rose 1.6 percent, and the adjusted index rose 0.5 percent.
Breitbart then noted that the National Home Price Index is showing a 6.5 percent increase in the cost of housing from a year ago in March. It went up by 1.3 percent for the month just before seasonal adjustment and increased by another 0.3 percent after that.
Back in March, the average median price to buy a house was $392,900. That is for a home that was previously owned too. A brand new, fresh built house was running $439,500. Both of these figures are absolutely insane. How in the world is anyone supposed to afford these prices? Even if you have a good job with a great salary, you’re going to be paying on this for nigh unto eternity.
San Diego saw the steepest increase with an 11.1 percent annual rise in home prices, followed by New York, Cleveland, and Los Angeles. Urban markets remain hot, but soaring prices are shutting out more and more potential buyers.
While Sunbelt markets boomed during the pandemic, northern metro areas have surged in recent years, with the Northeast region leading the way, noted Brian D. Luke of S&P Dow Jones Indices. But this growth spells trouble for affordability in these regions.
The index, which tracks repeat-sales data, reports on a two-month delay and reflects a three-month moving average. March data is based on purchase decisions made earlier last year, showing that the dream of homeownership is slipping further out of reach for many.
While the Federal Reserve is doing battle against inflation, mortgage rates have blasted off like a Space X rocket. Inflation launched into the stratosphere not long after Joe Biden took office, with the consumer price index seeing an annual increase going from 1.4 percent in Jan. 2021, to a total of 9 percent in June of 2022. The latest report to be released has revealed that the consumer price index has gone up by a total of 3.4 percent back in April from where it was a year ago around the same time.
Between the spring of 2022 and the summer of 2023, the Fed raised its benchmark interest rate from near zero to the current range of 5.25 percent to 5.50 percent. This pushed up rates on home loans, with the average rate on a 30-year fixed mortgage rising from 2.65 percent in January 2021 to around 6.75 percent in March this year.
“The Fed was widely expected to cut rates several times this year. But stubborn inflation has forced Fed officials to delay cuts, saying they will not begin reducing their benchmark federal funds rate until they have seen several months of data providing confidence that inflation will sustainably return to their 2 percent target,” the report concluded.
In other words, the economy is a freaking disaster and the cause is Joe Biden and his failed Democratic Party’s policies. Time for a change, wouldn’t you agree?
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