Biden Causes Biggest Scare Since WWII
This was unexpected.
President Biden and the Democrats have caused the 2nd largest price correction in the American housing market for the first time since World War II.
According to Breitbart, Mitch Roschelle of Macro Trends Advisors explained that this new correction in the U.S. housing market is due to Americans’ uncertainty and concern about President Biden’s economy.
Roschelle explained, “A couple of things are going to cause it to turn in the opposite direction, meaning home prices are going up. One is certainty. And when you don’t know if interest rates are going to go up or not. I think that is what is driving a lot of people away from buying because they just don’t know if rates are going to be cheaper in two months, and they’re just going to wait.”
He added, “And the other thing is uneasiness regarding the economy. And I think the shoe to drop there would be if we start seeing layoffs, and we start seeing unemployment starting to rise, I think that could be something that causes a leg down in the housing market in a big way.”
Home prices declined for the 3rd straight month in September which gained attention of many economists.
Roschelle also pointed out how Americans are no longer competing to purchase homes by getting into bidding wars. “So, if there’s a house that hits the market that’s perfect, and it ticks all the boxes for buyers and there are buyers out in the market, I think you could see sporadically bidding wars, but mostly, you know, it’s one or two people chasing that house. And we’re not seeing that. We’re not,” he noted.
