Housing Crisis Escalates Under Biden Admin as American Dream Fades

The current president, Joe Biden, is facing a serious housing crisis, and it seems like he has no plans to address it. The cost of buying a house and taking care of a family has become more difficult under Biden’s leadership, with many Americans feeling like the traditional American dream is slipping away due to his failed economic policies and unfulfilled promises.

Experts predict a troubling future for the housing market in 2024, as data shows that the price per square foot of a house has risen dramatically by almost 85 percent since 2019. A recent report from Fitch Ratings reveals that homes were overpriced by 11.1 percent by the end of 2023, leading to a significant increase in mortgage rates. Currently, 30-year fixed-rate mortgages stand at 6.875 percent and 15-year mortgages at 6.125 percent.

According to a Million Dollar Listing agent, Kirsten Jordan, the current situation is unprecedented, with interest rates not seen since the 1950s. Advancing American Freedom (AAF), a nonprofit political advocacy group founded by former Vice President Mike Pence, has warned the Biden Administration, claiming that Biden is destroying the American dream.

The AAF memo expressed concern that if the government were to withdraw from the finance company Freddie Mac, they would face an additional $3 trillion in liabilities, leading to increased inflation rates and further instability in the housing market. The group also argued that Biden’s economic plan would worsen the housing crisis by increasing demand at a time when there is a shortage of homes in the U.S.

According to AAF Executive Director Paul Teller, the Democrats and President Biden should exit the mortgage business to prevent a repeat of the 2008 housing crisis. A NORC University of Chicago poll found that more people believe the American dream is out of reach, with the percentage of people viewing the U.S. as the “land of opportunity” decreasing from 18 percent to 24 percent.

Written by Staff Reports

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