Staff Reports
Homeownership, a keystone of the American Dream, has officially hit rock bottom under the misguided policies of the Harris-Biden administration. The latest data reveals that home prices reached unprecedented heights in June, setting the stage for a housing market so unaffordable it makes previous disasters look like child’s play. Reports indicate that home prices have climbed 5.4% nationally compared to the previous year and are now more unattainable than ever, particularly for first-time and moderate-income buyers.
It’s no secret that Democrats have pushed their agenda which treats the housing market as one big social experiment. The emphasis is on forcing the American populace into cramped, densely populated living spaces—think studio apartments in bustling cities, where clean air and personal space are mere dreams. Their environmental dogma would have Americans believe that cities are the ultimate ecological havens, but for anyone who has seen the trash-strewn streets and polluted waterways of urban areas, it’s clear that nature isn’t all that impressed. Instead of embracing the beauty of rural living, where individuals can enjoy clean environments and open spaces, Democrats wish to herd people into concrete jungles.
Nolte: Record High – Harris-Biden Create ‘Most Unaffordable Housing Market in History’ https://t.co/ToUtKynYhP
— Tom O’Reilly (@interactivleads) August 29, 2024
To exacerbate the crisis, the cast of characters leading the charge—namely, Harris and Biden—have not just ignored housing development; they’ve actively placed roadblocks in its way. Scare-mongering environmental regulations have turned the dream of building new homes into an expensive nightmare. The result? Limited housing supply paired with skyrocketing prices.
As if the housing shortage weren’t enough, the influx of approximately 30 million illegal immigrants, welcomed by the current administration, has intensified competition for housing among American citizens. It’s no surprise that this has driven prices ever higher, making homeownership seem even more impossibly distant for many.
Rather than addressing the root causes of this crisis, the Biden administration chose to unleash a whirlwind of inflation upon the nation—one that would make even the steadiest of sailors dizzy. With reckless spending habits that make drunken sailors look responsible, they’ve injected trillions of dollars into the economy, resulting in the weakening of the dollar and escalating prices across the board. The costs associated with building homes have followed suit, thanks to this foolish financial spree.
Then came the interest rate hikes, aiming to stifle inflation yet only compounding the housing market’s woes. Under Trump’s tenure, mortgage rates hovered just below three percent. Fast forward to today, and those rates have nearly doubled, leading to a dramatic increase in overall housing costs over three decades. These high mortgage rates have further squeezed the already limited housing supply, as many homeowners are reluctant to give up their lower-rate mortgages for new, expensive loans.
Homeownership stands as a symbol of personal achievement and security in American life. It often serves as a person’s most significant investment and provides a safety net for retirement, emergencies, or passing down wealth to future generations. Without this coveted status, individuals risk becoming beholden to their government or landlord, a reality that eerily resembles serfdom. One has to wonder if Harris’s vision of a once-proud nation is truly a future where everyone remains forever in her debt.
