Is Bidenomics The Highway To Hell? US Existing Home Sales Declines 17 Of Last 19 Months As Fed Slowly Shrinks Balance Sheet (Federal Debt Exceeds $33 Trillion As Unfunded Liabities Exceed $194 TRILLION)

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Is Bidenomics the proverbial “Highway to hell”?

The most recent report on US exisiting home sales showed that sales decreased in 17 of the last 19 months as The Fed tightens monetary policy to combat inflation caused by … 1) The Fed and 2) Bidenomics spending on green energy.

The US housing market will be “back in black” once Biden and Congress stop their reckless spending and borrowing. Biden has added $5,352,202 to the national debt since being selected (not by me!). That is a 19% increase in The Federal debt in just 33 months!

Not to mention the ludicrous $194 TRILLION in unfunded liabilities that the geezers in the Biden Administration (Biden is 80 and slipping into dementia) and the Geriatric wing of Congress (the US Senate) is home to fossils like Mitch McConnell (not looking well) and Diane Feinstein (90 and looking poorly). I didn’t forget about Nancy Pelosi (Communist-California) who is 83 and running for re-election. Younger doesn’t necessarily mean better since Pelosi’s nephew California governor Gavin Newsom is 55 years old and helped destroy California’s economy. Of course, the DNC will probably selected Newsom to replace scandal-ridden Biden as the Democrat in order to finish the job Obama started.

Existing-home sales slipped again in August as rising mortgage rates make housing prices the least affordable ever. Despite denials in many corners, a crash is underway.

The National Association of Realtors® NAR® reports Existing-Home Sales Decreased 0.7% in August.

Highlights

  • Existing-home sales retreated 0.7% in August to a seasonally adjusted annual rate of 4.04 million.
  • Sales dropped 15.3% from one year ago.
  • The median existing-home sales price climbed 3.9% from one year ago to $407,100, an increase of 3.9% from August 2022 ($391,700). It’s the third consecutive month the median sales price surpassed $400,000.
  • The inventory of unsold existing homes dipped 0.9% from the prior month to 1.1 million at the end of August, or the equivalent of 3.3 months’ supply at the current monthly sales pace.
  • First-time buyers were responsible for 29% of sales in August, down from 30% in July and identical to August 2022.
  • All-cash sales accounted for 27% of transactions in August, up from 26% in July and 24% in August 2022.

And mortgage rates are now up to 23 year highs!

If Biden bows out and Newsom runs for President … and loses, Newsom always has a career in Hollywood in vampire movies. “I will suck your (economic) blood!” – Count Newsom.

Published by confoundedinterest17

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