Under the Biden administration, the American dream of homeownership has become increasingly challenging, with soaring inflation and high mortgage rates exacerbating the situation. Critics, including Rep. Mike Collins, have attributed these difficulties to excessive government spending and have called for fiscal restraint to address the issue. President Biden, acknowledging the problem, has proposed measures aimed at reducing homeownership costs, such as cutting loan-related fees and eliminating title insurance for some borrowers. However, the situation remains dire, with reports of foreclosures rising by 50% or more in several states, and in South Carolina, foreclosures increased 51%. Families now need 80% MORE INCOME to buy a house than they did under President Trump. The Federal Reserve's response to inflation, involving the highest interest rate hikes in 23 years, has further complicated the affordability of housing. This has led to a stark decline in housing affordability, with homes being deemed 'unaffordable' in 99% of the country and the monthly mortgage payment on a median-priced home doubling since Biden took office.
Under "Bidenomics," buying a home has now been deemed "unaffordable" in 99% of the country. https://t.co/EvscZzsJnR
BIDEN: "For too many people, the dream of having a good home is still feels out of reach." FACT: The monthly mortgage payment on a median-priced home is double what it was when Biden took office and rent affordability is at its worst ever. https://t.co/3TGrysWqhU
To combat Bidenflation, the Federal Reserve has raised interest rates to the highest level in 23 YEARS and in the process made it increasingly difficult to afford a home. https://t.co/C0pjKn6207
Since Biden took office, housing affordability has plummeted to record lows.https://t.co/7EHQhzww0b
Foreclosures soaring by 50% or more in several states. This is the real cost of #Bidenomics. Ridiculous! The American people cannot afford four more years of this mess. https://t.co/fTXqLlVD4U
Bidenomics is KILLING the middle class. Hardworking families need 80% MORE INCOME to buy a house than they did under President Trump. https://t.co/YrLuM2eeWm
Bidenomics means you can't cover your mortgage. Foreclosures are going up while home affordability is at its worst. In my home state of South Carolina, foreclosures increased 51%. Joe Biden’s economic policies are failing America. https://t.co/nvl9DXxgZN
President Biden, whose spending policies have been blamed for triggering skyrocketing mortgage rates, is seeking ways to cut costs for homebuyers by trimming the fees associated with loans and eliminating title insurance for some borrowers. https://t.co/KrhquDRQ56
Under Biden, the American dream of owning a home is growing increasingly out of reach. This is why Congress must reign in Washington spending. By doing so, we can begin to address soaring inflation and high mortgage rates. https://t.co/wp950hbdlN