More Bad News For Biden’s Economy
The downward slide officially begins.
Economists are now saying that the United States housing market is officially in a recession.
According to Fox, home builders’ confidence in the U.S. housing market plunged even lower than they expected in August and hit its lowest level since the beginning of the pandemic. This is all because unprecedented inflation has been met with the combination of rising borrowing costs, this has resulted in no one buying homes.
The National Association of Home Builders/Wells Fargo Housing Market Index has indicated that the housing market is now in the worst position since 2008 when the financial crisis happened.
Homebuilder sentiment still in freefall: August @NAHBhome Housing Market Index fell to 49 vs. 54 est. & 55 in prior month; future sales, present sales, and prospective buyers traffic all fell pic.twitter.com/T5uXyKSLSc
— Liz Ann Sonders (@LizAnnSonders) August 15, 2022
NAHB chief economist Robert Dietz explained, “Tighter monetary policy from the Federal Reserve and persistently elevated construction costs have brought on a housing recession.”
President Biden and the Democrats keep saying the housing market crisis isn’t their fault. Many Americans are now asking if this isn’t Biden and the Democrats’ fault, then whose fault is it?
