Housing in the US under Bidenomics is simply unaffordable. With the massive expansion of M2 Money supply under Biden thanks to Covid and Bidenomics, home prices are up 39.2% and mortgage demand keeps falling like a paralyzed falcon. We are truly on the highway to hell under Bidenomics in terms of housing affordability.
Mortgage applications decreased 0.6 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending March 29, 2024.
The Market Composite Index, a measure of mortgage loan application volume, decreased 0.6 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 0.1 percent compared with the previous week. The seasonally adjusted Purchase Index decreased 0.1 percent from one week earlier. The unadjusted Purchase Index increased 1 percent compared with the previous week and was 13 percent lower than the same week one year ago.
The Refinance Index decreased 2 percent from the previous week and was 5 percent lower than the same week one year ago.
What a mess! With M2 Money up 8.4% under Biden (green line), home prices are up a staggering 39.2% under Sheriff Joe and his deputy Fed chair Jerome Powell.
And conforming mortgage rates (30Y) are up 148% under Biden’s Reign of Error.
Thanks O’Biden! Although Biden is the figurehead, Obama and his team are still running The White House. Regardess of whether it is Biden or Obama (or Soros/World Economic Forum) calling the shots, the US housing market is on a highway to hell.
Bidenomics “helping” the middle class and low wage workers.
Confounded Interest - Anthony B. Sanders 
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