Msg. 45256 of 60008 (This msg. is a reply to
45255 by
Decomposed)
Jump:
this is the kind of chit that happens when there is a addled brain scumbag in the oval office and God knows who is really calling all these extreme shots coming from the white house. I somehow think it is related to a former jackass President but we can't prove it, at least yet.
I am not offended by this article because I have been of the opinion for a long time that the bar was set way too low for first time home buyers. Whatever happened to a minimum down payment amount and people having to demonstrate credit worthiness?
This is just a disaster waiting for a place to happen..
Then again, I believe it is the Bite Me bunch that wants this to happen... JMO
The American dream of home ownership is fading into the distant past under the Biden administration with mortgage applications hitting their lowest level in nearly 30 years, the Mortgage Bankers Association (MBA) said Wednesday.
UPI reports the MBA found mortgage applications declined 4.2 percent week-on-week over the seven-day period ending Aug. 18.
Joel Kan, the association’s deputy chief economist, blamed the decline on rising interest rates for helping to send the housing market into freefall, continuing a years-long trend driven by an inflationary Biden economy.
The National Association of Realtors said Tuesday existing home sales are 16 percent below year-ago levels, which it blamed on the lack of available inventory and lending rates for driving the crisis.
“Unfortunately, both have been unfavorable to buyers,” the association’s chief economist Lawrence Yun said, according to the UPI report.
Home ownership has been a point of contention under President Joe Biden with good-credit homebuyers already forced to pay more for their mortgages to subsidize loans to higher-risk borrowers under a Biden administration rule that began to take effect in April.
As Breitbart News reported, in April 2022 less than half of Americans currently renting their home expect to ever become homeowners, a survey conducted by the Federal Reserve Bank of New York showed.
The N.Y Fed’s 2022 Housing Survey revealed just the average likelihood of a renter expecting to own a home in the future has fallen to 43 percent, the first time that number has dropped well below 50 percent in the history of the surveys, according to economists at the New York Fed.
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