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

[Dragonlady]

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

No I don't remember any invitation to Putin to invade, but I do recall Trump telling Putin he'd let him have the Ukraine if he's elected President.

 

[BrokeLoser]

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.
View attachment 890458

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

From 2016-2020 all the purple haired faggots with nose rings and neck tattoos said Presidents have nothing to do with the stock market…they cared passionately about whether or not dark people could live the American dream and buy homes….Now they can’t give two-fucks if dark people can’t buy homes and they say the President drives the stock market….WTF…do you really have to wonder why NOBODY sane takes you weirdos seriously?

 

[Chillicothe]

The thing is if leftist policies hadn't increased inflation.......

So, it seems the good poster Independent is suggesting that it was American "leftists" who drove up inflation in the rest of the world, i.e., the UK - 4%, Norway -4.8%, Russia - 7.4%, Turkey - 67% (USA - 3.4%) (all as of December 2023).

If Independent is correct in that suggestion, well, I gotta admit I'm impressed with those American 'leftists'...whoever they may be.....they have a helluva an impact. Worldwide!

 

[White 6]

From 2016-2020 all the purple haired faggots with nose rings and neck tattoos said Presidents have nothing to do with the stock market…they cared passionately about whether or not dark people could live the American dream and buy homes….Now they can’t give two-fucks if dark people can’t buy homes and they say the President drives the stock market….WTF…do you really have to wonder why NOBODY sane takes you weirdos seriously?

The President, indeed does not drive the stock market, but economics during the administration (related or not related) to actual actions of a president do affect the stock market. If the economy or the stock market tanks, the president gets a huge share, if not most of the blame. In turn, President brag if the stock market goes up.

In this case, people that watch business numbers (stock market people) are reasonably happy with the economy. Joe, certainly has not screwed it up, nor did it crash on his watch. About all he has had to contend with was inflation after all the free Covid money was dumped into the system, mostly from bottom up. That money started the same route as seen in the past, heading from the bottom up. Businesses recognized a good time to reclaim some of their losses to bottom line, and raised prices, absorbing the free money as it rose to the top.

Now, they have all these signs of a vigorous economy, production up, GDP up, employment up, wages up, significant investment in national infrastructure, large oil and gas projects actually gotten through the courts and approved. Largest oil lease sales on federal controlled areas of gulf in 20 years, inflation reduction, unemployment down, the list just goes on and on. So, naturally they feel a certain confidence and it is reflected in the market.

Some of this Joe did affect, some he did not (such as the tweaking of the Fed that helped control the inflation reduction), but yes, it is on his watch, so he does get credit, even if it is luck. It is like that with all Presidents. I and others that were significant losers in the Bush crash, still blame Bush. Was it directly his fault when the crash occurred? No. But, he was sitting in the big chair at the time when banks, industries, stocks, working people, took the hit.

 

[AntonToo]

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.

Bidenflation? Idiot, inflation was a GLOBAL post-covid phenomenon primarily due to economies coming to halt, supply getting disrupted followed by inability for the two to recover in instant sync.

Fed raised the interest rate exactly as they should have and without a doubt that helped drive down inflation to managable levels now, which was far more important than continuing to overheat the housing marking.

Your deperate straw grasping is not going to change the fact that Biden is going into election on a fairly solid economic record of recovery and growth.

 

[BluesLegend]

Bidenomics = Biden's BIG GOVERNMENT deficit spending...on BIG GOVERNMENT waste. Coupled with his shit for brains CLIMATE policies. Coupled with his shit for brains 8 million dirt poor illegals that cost us hundreds of billions. This jacked up inflation, prices, energy, and interest rates clobbering the American people.

With friends like Biden and stupid idiot Democrats who needs enemies.

 

[AntonToo]

Bidenomics = Biden's BIG GOVERNMENT deficit spending...on BIG GOVERNMENT waste.

That makes Trump is one of the biggest Bidenomicists out there.

 

[pknopp]

I read threads like this one and I marvel at the absolute ignorance of some people. Is the argument here that money should have been kept super cheap and we should have simply printed more and more and more and more to meet the demand?

(not that the OP will answer this question)

The current market is working as close to "Capitalism" as this country gets. Granted it's a highly manipulated form of Capitalism.

To any informed consumer it was obvious rates had to rise to address the inflation. It's basic econ 101. So they bought in before the rates went up. Rates go up, fewer buy in and inflation comes down. Again econ 101.

We allow it all to go to the extreme's because people hate seeing the "good times" end but this is the system we have created. It's working as designed.

 

[jknowgood]

-----------------------------------------------------------
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.

Lol, we wouldn't have putinflation if Trump was in office. So yes it is Biden's fault, the entire world is falling apart. Because we have a weak leader.

 

[jknowgood]

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

Yes, when Trump is reelected.

 

[Blaster]

The economy is bad and no amount of spin by Biden can change that fact.

 

[jknowgood]

No I don't remember any invitation to Putin to invade, but I do recall Trump telling Putin he'd let him have the Ukraine if he's elected President.

He did, and he also told Putin that nato was going to let Ukraine join. He also gave Putin his pipeline. In fact went to the floor of the house and pleaded with them to lift the sanctions. The first president to do it. You loons deep down love Putin.

 

[Lesh]

He did, and he also told Putin that nato was going to let Ukraine join. He also gave Putin his pipeline. In fact went to the floor of the house and pleaded with them to lift the sanctions. The first president to do it. You loons deep down love Putin.

What are you talking about? Who told Putin that Ukraine was joining NATO?

 

[Chillicothe]

About all he has had to contend with was inflation after all the free Covid money was dumped into the system, mostly from bottom up.

"Free Covid Money"....certainly played a role in the inflation in the U.S.
However, only partially. The real impetus to inflation was the disruption to supply as poster AntonToo above suggests. After all, it ain't just America that experienced inflation. The whole world did. And most of that world experienced it....and is still experiencing it.....more severely than America.

----------------------------------------------------------------------------------

the economy is bad and no amount of spin by Biden can change that fact.

I demur.
The American economy is good right now. Most especially compared to the economies in the rest of the world. Our inflation was smaller; it is declining faster; we have full employment; low unemployment; wages are rising; home values are rising; corporations are reporting strong profits, some reporting record profits; order files and factory backlogs are strong,; and our equity markets have advanced steadily. All of that compares very very favorably to the rest of the world. The world that America is an important player in, and with whom America depends upon for supply, and as the markets we sell into. In short, we are doing better than most all of the other world economies.

Now, if poor poster Blaster's personal economy is "bad"...... there is a valid argument to be made that that is more 'operator error' than it is the macroeconomy of America. In short, if his personal financial situation is dire.....that's on him. Not on the rest of us. Not on America.

 

[jknowgood]

What are you talking about? Who told Putin that Ukraine was joining NATO?

Biden told putin that nato was considering letting Ukraine join nato. So Putin had really no choice, because if they did join nato. We could put troops on their border. Do you people not pay attention to what your leaders are doing? Biden wanted this war.

 

[BrokeLoser]

I read threads like this one and I marvel at the absolute ignorance of some people. Is the argument here that money should have been kept super cheap and we should have simply printed more and more and more and more to meet the demand?

(not that the OP will answer this question)

The current market is working as close to "Capitalism" as this country gets. Granted it's a highly manipulated form of Capitalism.

To any informed consumer it was obvious rates had to rise to address the inflation. It's basic econ 101. So they bought in before the rates went up. Rates go up, fewer buy in and inflation comes down. Again econ 101.

We allow it all to go to the extreme's because people hate seeing the "good times" end but this is the system we have created. It's working as designed.

Didn’t Democrats decide to shut the nation down and forbid people from earning a living and sustaining the economy?

 

[pknopp]

Didn’t Democrats decide to shut the nation down and forbid people from earning a living and sustaining the economy?

No, both parties did but you understand that.

 

[Crepitus]

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.

And even this didn't manage to drag the great Biden economy down!

Way to go Joe!

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[BrokeLoser]

No, both parties did but you understand that.

But you tell us Mexifornia and Loon York carry us economically…who closed them down while Florida was kicking ass?

 

[pknopp]

But you tell us Mexifornia and Loon York carry us economically…who closed them down while Florida was kicking ass?

You need to ramble at the moon.