Bidenomics: 2023 was the slowest year for US home sales in 30 years

[marvin martian]

Bidenflation and the DemoKKKrats' disastrous interest rate hikes are preventing people from buying homes.

Younger and minority buyers are feeling the most pain, as with all Biden policies.



LOS ANGELES (AP) — Sales of previously occupied U.S. homes sank in 2023 to a nearly 30-year low, as sharply higher mortgage rates, rising prices and a persistently low level of homes on the market combined to push homeownership out of reach for many Americans.

The National Association of Realtors said Friday that existing U.S. home sales totaled 4.09 million last year, an 18.7% decline from 2022. That is the weakest year for home sales since 1995 and the biggest annual decline since 2007, the start of the housing slump of the late 2000s.

The median national home price for all of last year edged up just under 1% to record high $389,800, the NAR said.

Last year’s home sales slump echoes the nearly 18% annual decline in 2022, when mortgage rates began rising, eventually more than doubling by the end of the year. That trend continued in 2023, driving the average rate on a 30-year mortgage by late October to 7.79%, the highest level since late 2000.

 

[jotathought]

Bidenflation and the DemoKKKrats' disastrous interest rate hikes are preventing people from buying homes.

Younger and minority buyers are feeling the most pain, as with all Biden policies.



LOS ANGELES (AP) — Sales of previously occupied U.S. homes sank in 2023 to a nearly 30-year low, as sharply higher mortgage rates, rising prices and a persistently low level of homes on the market combined to push homeownership out of reach for many Americans.

The National Association of Realtors said Friday that existing U.S. home sales totaled 4.09 million last year, an 18.7% decline from 2022. That is the weakest year for home sales since 1995 and the biggest annual decline since 2007, the start of the housing slump of the late 2000s.

The median national home price for all of last year edged up just under 1% to record high $389,800, the NAR said.

Last year’s home sales slump echoes the nearly 18% annual decline in 2022, when mortgage rates began rising, eventually more than doubling by the end of the year. That trend continued in 2023, driving the average rate on a 30-year mortgage by late October to 7.79%, the highest level since late 2000.

High interest rates ... why would any sane consumer, unless they are desperate, attempt to sell their current home when they have a 2%, 3% or 4%-ish interest rate?

 

[Chillicothe]

Bidenflation and the DemoKKKrats' disastrous interest rate hikes are preventing people from buying homes.

-----------------------------------------------------------
Marvin......let's have a little tutorial here, OK?

Yes, inflation has been higher the last two years than the the recent past before that. But too, the whole world experienced inflation. Most higher, sometimes much higher....than in America. So calling it "Bidenflation" seems a misnomer. Why not call it Putinflation, as his invasion restricted both oil, grain, fertilizer supply.....thus driving up fuel and food prices. For the whole world! Duh!

And then, your hissyfitting over 'interest rates"....well, amigo, how do you curb inflation?
Hint: Make it more expensive to buy stuff so that the demand is reduced and the supply can catch up. (inflation happens when demand outpaces supply. duh!).

Are you expecting inflation to abate just because you don't like it?
Good luck with that.
It takes broad macroeconomic measures (ala' central banks raising rates so borrowing money is more expensive).

Class dismissed.

 

[White 6]

Bidenflation and the DemoKKKrats' disastrous interest rate hikes are preventing people from buying homes.

Younger and minority buyers are feeling the most pain, as with all Biden policies.



LOS ANGELES (AP) — Sales of previously occupied U.S. homes sank in 2023 to a nearly 30-year low, as sharply higher mortgage rates, rising prices and a persistently low level of homes on the market combined to push homeownership out of reach for many Americans.

The National Association of Realtors said Friday that existing U.S. home sales totaled 4.09 million last year, an 18.7% decline from 2022. That is the weakest year for home sales since 1995 and the biggest annual decline since 2007, the start of the housing slump of the late 2000s.

The median national home price for all of last year edged up just under 1% to record high $389,800, the NAR said.

Last year’s home sales slump echoes the nearly 18% annual decline in 2022, when mortgage rates began rising, eventually more than doubling by the end of the year. That trend continued in 2023, driving the average rate on a 30-year mortgage by late October to 7.79%, the highest level since late 2000.

I saw both headlines on the Drudge Report. Not being interested in selling my home to buy another one, I was more impressed by the fact that S&P 500 was at an all time high today, during the Biden administration. It turned out the previous record high was also under the Biden administration, 2 years ago. This pleases me, as a significant amount of my retirement is in CDs backed against the S&P 500.

S&P 500 rallies 1% to all-time high, surpassing previous record set in 2022: Live updates

The major averages rose Friday, as the S&P 500 traded around the 4,800 level to break its previous record intraday high.

www.cnbc.com

 

[marvin martian]

-----------------------------------------------------------
Marvin......let's have a little tutorial here, OK?

Yes, inflation has been higher the last two years than the the recent past before that. But too, the whole world experienced inflation. Most higher, sometimes much higher....than in America. So calling it "Bidenflation" seems a misnomer. Why not call it Putinflation, as his invasion restricted both oil, grain, fertilizer supply.....thus driving up fuel and food prices. For the whole world! Duh!

And then, your hissyfitting over 'interest rates"....well, amigo, how do you curb inflation?
Hint: Make it more expensive to buy stuff so that the demand is reduced and the supply can catch up. (inflation happens when demand outpaces supply. duh!).

Are you expecting inflation to abate just because you don't like it?
Good luck with that.
It takes broad macroeconomic measures (ala' central banks raising rates so borrowing money is more expensive).

Class dismissed.

You people tried calling it "Putinflation". No one bought it, especially since the invasion of Ukraine was done at Joe Biden's invitation. Remember Biden's "minor incursion" comment?

lol

 

[MarathonMike]

Bidenflation and the DemoKKKrats' disastrous interest rate hikes are preventing people from buying homes.

Younger and minority buyers are feeling the most pain, as with all Biden policies.



LOS ANGELES (AP) — Sales of previously occupied U.S. homes sank in 2023 to a nearly 30-year low, as sharply higher mortgage rates, rising prices and a persistently low level of homes on the market combined to push homeownership out of reach for many Americans.

The National Association of Realtors said Friday that existing U.S. home sales totaled 4.09 million last year, an 18.7% decline from 2022. That is the weakest year for home sales since 1995 and the biggest annual decline since 2007, the start of the housing slump of the late 2000s.

The median national home price for all of last year edged up just under 1% to record high $389,800, the NAR said.

Last year’s home sales slump echoes the nearly 18% annual decline in 2022, when mortgage rates began rising, eventually more than doubling by the end of the year. That trend continued in 2023, driving the average rate on a 30-year mortgage by late October to 7.79%, the highest level since late 2000.

I saw on the local news last night that half of the realtors here sold 1 or 0 homes in 2023.

 

[1srelluc]

High interest rates ... why would any sane consumer, unless they are desperate, attempt to sell their current home when they have a 2%, 3% or 4%-ish interest rate?

Sometimes they have to if they are transferred.

My Border Patrol friend is having a nightmare trying to find a suitable home in Western Montana due to CA trash driving up prices there.....They are stripping our Northern border of agents and sending them South and to even-up the posts they are transferring supervisorial agents hither and yon in wholesale lots.

I told him he should just lateral transfer into Customs.

 

[jotathought]

Sometimes they have to if they are transferred.

My Border Patrol friend is having a nightmare trying to find a suitable home in Western Montana due to CA trash driving up prices there.....They are stripping our Northern border of agents and sending them South and to even-up the posts they are transferring supervisorial agents hither and yon in wholesale lot
I told him he should just lateral transfer into Customs.

It would suck to have job requirements where you are unable to perform the responsibilities you are hired to do....

 

[Chillicothe]

the invasion of Ukraine was done at Joe Biden's invitation.

Link?
Show.
Or go.

Source for us, good poster Marvin, this "invitation" allegation you are making.

Thanks in advance.

 

[marvin martian]

Link?
Show.
Or go.

Source for us, good poster Marvin, this "invitation" allegation you are making.

Thanks in advance.

Sometimes I forget how tiny your bubble is. lol

https://www.npr.org/2022/01/20/1074466148/biden-russia-ukraine-minor-incursion#:~:text=%22I%20think%20what%20you're,came%20at%20a%20delicate%20time.

On Wednesday, Biden had predicted Russia would invade Ukraine, but suggested there was a split among NATO members about how to respond if Moscow took action that stopped short of sending its troops across the border — something Biden referred to as a "minor incursion." He said:

"I think what you're going to see is that Russia will be held accountable if it invades. And it depends on what it does. It's one thing if it's a minor incursion and then we end up having a fight about what to do and not do."

 

[Chillicothe]

Sometimes I forget how tiny your bubble is.

Quoted by Marvin:
"I think what you're going to see is that Russia will be held accountable if it invades. And it depends on what it does. It's one thing if it's a minor incursion and then we end up having a fight about what to do and not do."

Marv, really?
You seem to be missing a lot of cogent and relevant points here today.
What's up with that?

As your very own quote details, Joe Biden states Russia will be held accountable, but.............
....but depends on the then current disagreements amongst allies.
Depends on how severe the incursion.

Ps.....look up the word (in google) of what 'depends' means.

Trust me.

 

[ColonelAngus]

The economy is perfect.

Macy's to cut more than 2,300 jobs, about 3.5% of its workforce, and close five stores

The legacy department store Macy's is aiming to trim costs and turn around slowing sales.

www.cnbc.com

 

[Lord Long Rod]

I don't want any of those skeevy Gen YZ people moving in next to me.

 

[Chillicothe]

The economy is perfect.

Said no one of any relevance anywhere at any time.
Our economy, the world's economy has never been perfect.

But right now, today, America's economy is stronger than the vast vast majority of the economies of the world. And, notably, America emerged from the Covid pandemic more stable and less damaged than most other economies.

America's economy....relative to the rest of the world......is much stronger, more vibrant, and growing.

Sounds really dire for this forum's Chicken Littles. No?

 

[Winco]

Bidenflation and the DemoKKKrats' disastrous interest rate hikes are preventing people from buying homes.

Marvin still believes that the Southern Confederates were Liberals.

 

[Winco]

I saw on the local news last night that half of the realtors here sold 1 or 0 homes in 2023.

Too many uneducated people looking for an easy career in Real Estate, and failing.

 

[marvin martian]

View attachment 890481


Marvin still believes that the Southern Confederates were Liberals.

I believe only what you told me...that you still support the guy in the KKK uniform:

 

[Winco]

I believe only what you told me...that you still support the guy in the KKK uniform:

View attachment 890488

He's NOT in my voting area.
Fucking retard.

 

[Independentthinker]

Bidenflation and the DemoKKKrats' disastrous interest rate hikes are preventing people from buying homes.

Younger and minority buyers are feeling the most pain, as with all Biden policies.



LOS ANGELES (AP) — Sales of previously occupied U.S. homes sank in 2023 to a nearly 30-year low, as sharply higher mortgage rates, rising prices and a persistently low level of homes on the market combined to push homeownership out of reach for many Americans.

The National Association of Realtors said Friday that existing U.S. home sales totaled 4.09 million last year, an 18.7% decline from 2022. That is the weakest year for home sales since 1995 and the biggest annual decline since 2007, the start of the housing slump of the late 2000s.

The median national home price for all of last year edged up just under 1% to record high $389,800, the NAR said.

Last year’s home sales slump echoes the nearly 18% annual decline in 2022, when mortgage rates began rising, eventually more than doubling by the end of the year. That trend continued in 2023, driving the average rate on a 30-year mortgage by late October to 7.79%, the highest level since late 2000.

The thing is if leftist policies hadn't increased inflation, the fed would have never had to raise interest rates.

 

[Lesh]

Low level of homes on the market

That means homes will be built. Jobs will be created and prices will come down.

These are good things