• Sun. Apr 14th, 2024

Are Housing Costs the Cause of Economic Woes in the US?

BySamantha Johnson

Mar 18, 2024
Are Housing Costs the Cause of Economic Woes in the US?

America’s economy has defied recession predictions and had a successful year, according to The Economist. Despite this, many voters feel discouraged about the economy, with a major concern being the housing affordability crisis. President Joe Biden emphasized the need to build more homes in order to bring down housing costs permanently. Redfin chief economist Daryl Fairweather pointed out that even though incomes are rising and the economy is doing well, people are still struggling to purchase homes, presenting a significant challenge for Biden.

The upcoming election could be impacted by the fluctuation of 30-year mortgage rates, which are currently at 6.74%, according to Moody’s Analytics chief economist Mark Zandi. The possibility of rates rising to 8% or falling closer to 6% could influence Biden’s chances of reelection. Housing costs are expected to decrease slightly this summer following a settlement on commission-fixing by the National Association of Realtors, as reported by The Wall Street Journal.

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By Samantha Johnson

As a content writer at newszkz.com, I delve into the realms of storytelling, blending words to paint vivid narratives that captivate and inform our readers. With a keen eye for detail and a passion for research, I craft compelling articles that resonate with our audience. My love for words drives me to explore diverse topics, ensuring that each piece I create not only educates but also entertains. Join me on this journey as we navigate the ever-evolving landscapes of news and knowledge together.

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