Numerous experts predicted a recession over the last year and a half. But Biden and his Democrats ignored them all, pushing reckless spending and other moves that poisoned the economy. They just put the nail in the coffin with their latest tax-and-spend bill, which will only make things worse.
Biden had the audacity to try to redefine recession, so he wouldn’t be responsible for the massive fallout of his terrible policies. But anyone with a brain knows you can’t keep suffering from inflation without consequences. And, in the latest sign we are in a recession, news hit that the housing market is in free fall.
Sales of newly built houses in the United States fell by more than expected in July, confirming a slump in the housing market seen in surveys of home builders.
Purchases of new single-family homes fell 12.7 percent compared with the previous month to a seasonally adjusted annual rate of 511,000, the Commerce Department said Tuesday.
Compared with a year ago, sales are down 29.6 percent.
Economists had forecast a new home sales rate of 575,000. The prior month’s estimate was revised down to 585,000 from 590,000…
The median sales price of new houses sold in July 2022 was $439,400. That represents a gain of around eight percent compared with a year ago, a far slower pace of price appreciation than the above 20 percent figures seen last year and earlier this year. [Source: Breitbart]
Biden can deny it all he wants, but a recession is upon us. In the aftermath of the COVID panic, the housing market was out of control. Homes in non-lockdown states were selling in hours, not days. It was impossible for first-time buyers to even look at a home, considering how other buyers outbid them instantly.
But in a matter of months, all that went away. Biden’s inflation ramped up the cost of homes, just as interest rates increased. The cost of moving is getting higher and higher. And new homes have been priced way above what they are worth—because of the rising cost of materials.
As inflation hurts Americans in all areas, they are far less likely to take out a big loan and buy a house, right now—new or otherwise. So, it’s not a surprise to anyone paying attention that new house sales are in the toilet.
Anyone, but Joe Biden.
Biden continues to lie and pretend like the economy’s strong. Yet its his very policies that are crippling America’s economy. And the liberal media continues to defend Biden by redefining the word recession, hoping Americans won’t bother seeing the signs all around them.
But when people can’t even put food on their tables, let alone buy a house, something is very wrong.
Author: Bo Dogan