Charlotte, NC — The housing market across the United States has been absolutely red-hot. In many states, home prices have risen significantly and homes are only available for a very short period of time before they are sold. But it seems that the Left may be ready for that to come to an end.
In a recent article at CNN, the author starts to raise speculation that the housing market will soon be in decline. The author cited a recent Home Depot earnings call where the company cited uncertain economic conditions as a reason for not providing future guidance. While the Home Depot official cited the pandemic, we all know the real reason here.
Think back to when former President Barack Obama took office. Sure, the economy was not the greatest when he took office, but he took extra measures to destroy it. The housing crisis took place late in the Bush administration and the decisions of the Obama administration prolonged the economic turmoil and kept the housing market cold as ice.
It took nearly the entire 8-year term of Obama for the housing market to recover from the initial sting and retraction. Now, we sit at an even more challenging moment if you think about it.
During the midpoint of the Obama administration, mortgage rates were falling fast. CNN, at the time, said that the rates were the lowest in the 40-year history of the Freddie Mac Primary Mortgage Market Survey. Rates continued to decline and currently sit at an even lower level.
As Biden reverts our economy back to those disastrous Obama policies, one can only expect that the economy will take the nose-dive that we all expect. Not only taking jobs but the housing market along with it. Interest rates are still at zero from the Fed. The 10-year treasury rate that mortgage loans are more closely associated with has been on the rise, but still sits at just over 1%.
In other words, if we thought the housing crisis under Obama was bad, the housing crisis under Biden will be much worse.
It seems that each time the Left transitions their target to a specific segment of the economy, they end up destroying it. Take for example their recent mission against the Keystone XL pipeline. Not only did Biden eliminate thousands of jobs and billions in revenue, but his continued “green” actions have also driven the costs of gasoline higher across the country. That’s exactly what the Left wanted though. They wanted to crash the oil industry and have often celebrated its struggles.
Now, they will focus on the housing market. As they want to force everyone into government housing and support, it should come as no surprise that they want to cause the housing market to crumble.
JD Washington is the Editor-in-Chief at The Liberty Loft and host of The JD Washington Show. Be sure to subscribe to The Liberty Loft’s daily newsletter. If you enjoy our content, please consider donating to support The Liberty Loft so we can continue to deliver great content.