BIDEN ECONOMY: Home Values Across the Country Dropping Rapidly – Especially on the West Coast
Housing prices are falling as the Biden economy falls further into a recession.
The Biden economy is destroying Americans’ futures by crushing their 401ks and savings accounts. Now housing prices are down as well.
The powers that be won’t label what is happening as a recession but that is exactly what we are experiencing. The last time the GDP hit an all-time high was a year ago in October of 2021. A recession is when there are two declining GDP quarters in a row which is what we saw in the 1st and 2nd quarters of 2022.
According to the Wall Street Journal:
[…] The housing market has slowed abruptly this year due to a rapid increase in mortgage rates, which has raised borrowing costs for home buyers and pushed many prospective buyers out of the market. Existing-home sales fell for eight straight months through September. (link)
As noted in The Daily Mail review of a similar analysis: “It’s Northern California that leads the way, with San Jose experiencing a drop of 10.8 percent since September, followed by San Francisco at 8.5 percent, then it’s Seattle at 8.2 percent, Denver at 5.8 percent, San Diego 5.2 percent, Portland 5.1 percent, Las Vegas 4.8 percent and Phoenix at 4.4 percent.” (link)
The Conservative Treehouse reports:
As inflation bites the working-class hard, U.S. household savings rates continue dropping fast. When combined with drops in home values the loss in home equity compounds the issue. American families are getting poorer much more quickly under Joe Biden’s economic policies…
…What we are seeing is a confluence of events, generally brought about by the outcomes of larger Biden administration policy. Massive increases in energy costs are the result of energy policy; those increases are fueling inflation from the supply side on food, fuel, electricity, home heating etc. Simultaneously, Fed monetary policy is driving consumer demand down. The recession debate continues amid the economic think-tanks while Main Street outcomes show we have been in a recessionary period all year.
The majority of consumers have stopped purchasing nonessential goods and services. As a result, the only thing holding the economy together is employment. Sooner or later, as the natural lags in the economy bite down, the lack of consumer spending (noted in increased inventories) is going to result in lay-offs and unemployment. It’s almost a guarantee at this point once the boxcar impact of the prior supply chain shortages straightens out.
The third wave of food price increases is now here, and we are all likely starting to see those price increases in retail food stores. Depending on how much higher energy prices go this winter (gasoline, natural gas, home heating oil etc.) the middle class will again be making tough checkbook decisions on spending.
Steve Cortes preaches the three I’s on Steve Bannon’s War Room – Inflation, Immigration and Injections. These three areas will lead to a Republican sweep in the 2022 mid-terms. Cortes says that evictions are now looming thanks to Biden’s horrible economic policies.
Rents soar. Evictions loom.
— Steve Cortes (@CortesSteve) October 25, 2022
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