‘Bear Some Responsibility’: Here’s How Biden’s Massive Spending Splurge Is Making Housing Unaffordable

by: Will Kessler
2023-12-01
Source: Daily Caller
12/01/2023

brown and white concrete house near green trees under blue sky during daytime by Johnson Johnson is licensed under unsplash.com

President Joe Biden’s push for huge government spending has contributed to higher interest rates across the board, putting mortgages for average Americans out of reach, according to experts who spoke to the Daily Caller News Foundation.

High-interest rates on debt made up the biggest increase in home unaffordability in September, contributing 0.9 index points to the decrease in housing affordability compared to 0.4 points for home prices, according to the Federal Reserve Bank of Atlanta. High mortgage rates, fueling the recent decrease in housing affordability, have been heavily influenced by Biden’s inflationary spending policies and the Federal Reserve’s rate hikes in response to rising prices, according to experts who spoke to the DCNF. (RELATED: Gov’t Sponsored Bank Judges Applicants’ ‘Diversity’ Before Handing Out Key Housing Grant Money)

“[The Federal Reserve] kept its foot on the gas pedal; they had the low zero interest rate policy, but then they also had quantitative easing, where they started buying treasuries and mortgage-backed securities, and of course, they flooded the market with cash, and that provided a lot of extra liquidity, but eventually, over time, that resulted in higher and higher prices,” Tobias Peter, co-director of the American Enterprise Institute’s Housing Center, told the DCNF. “But then, at the same time, you have the Biden administration — and to some extent the Trump administration which played a role in this too — who were doling out money left, right and center, like the stimulus checks that got sent out.”

brown and white concrete house near green trees under blue sky during daytime by Johnson Johnson is licensed under unsplash.com

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