{"id":1701361,"date":"2022-10-18T15:49:15","date_gmt":"2022-10-18T19:49:15","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1701361"},"modified":"2022-10-18T15:49:19","modified_gmt":"2022-10-18T19:49:19","slug":"housing-affordability-plummets-trade-group-calls-out-biden-for-ignoring-the-problem","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/housing-affordability-plummets-trade-group-calls-out-biden-for-ignoring-the-problem\/","title":{"rendered":"Housing Affordability Plummets, Trade Group Calls Out Biden For Ignoring The Problem"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">24<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fhousing-affordability-plummets-trade-group-calls-out-biden-for-ignoring-the-problem%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1701361&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>Sentiment among <a href=\"http:\/\/dailywire.com\/topic\/housing\">homebuilders<\/a> plummeted for the tenth consecutive month as traffic for prospective buyers neared the lowest level in a decade, according to a <a href=\"https:\/\/www.nahb.org\/news-and-economics\/press-releases\/2022\/10\/builder-confidence-down-ten-straight-months-as-housing-market-continues-to-weaken\">report<\/a> from the National Association of Home Builders released on Tuesday.<\/p>\n<p>The organization\u2019s Housing Market Index dropped to 38 in October, meaning that the score has halved over the past six months. Current sales conditions fell to 45, sales expectations fell to 35, and prospective buyer traffic fell to 25, with market conditions in the western portion of the United States appearing most depressed.<\/p>\n<p>\u201cHigh mortgage rates approaching 7% have significantly weakened demand, particularly for first-time and first-generation prospective home buyers,\u201d National Association of Home Builders Chairman Jerry Konter, a home builder and developer from Savannah, Georgia, said in a <a href=\"https:\/\/www.nahb.org\/news-and-economics\/press-releases\/2022\/10\/builder-confidence-down-ten-straight-months-as-housing-market-continues-to-weaken\">press release<\/a>. \u201cThis situation is unhealthy and unsustainable. Policymakers must address this worsening housing affordability crisis.\u201d<\/p>\n<p>The 30-year fixed mortgage rate remained below 3% for much of the past two years, according to <a href=\"https:\/\/fred.stlouisfed.org\/series\/MORTGAGE30US\">data<\/a> from government-backed mortgage company Freddie Mac. Since the beginning of the year, however, the rate has surged from just over 3% and reached 6.9% as of last week, marking a jump of nearly 1% in less than one month.<\/p>\n<p>Interest rates across the economy have increased as the Federal Reserve introduces a contractionary monetary policy regime. The central bank <a href=\"https:\/\/www.dailywire.com\/news\/heres-what-the-federal-reserves-recent-rate-hike-means-for-the-economy\">raised<\/a> the target federal funds rate by 0.75%, a move which followed two identical hikes in June and July, in an attempt to relieve elevated inflationary pressures.<\/p>\n<p>Analysts are worried that the high mortgage rates will further erode housing affordability. \u201cWhile some analysts have suggested that the housing market is now more \u2018balanced,\u2019 the truth is that the homeownership rate will decline in the quarters ahead as higher interest rates and ongoing elevated construction costs continue to price out a large number of prospective buyers,\u201d National Association of Home Builders Chief Economist Robert Dietz remarked.<\/p>\n<p>Shelter costs increased 6.9% between September 2021 and September 2022, according to recent <a href=\"https:\/\/www.bls.gov\/news.release\/cpi.t07.htm\">data<\/a> from the Bureau of Labor Statistics. While responding to the dismal inflation news last week, President Joe Biden <a href=\"https:\/\/www.dailywire.com\/news\/shows-some-progress-biden-responds-to-another-dismal-inflation-report\">insisted<\/a> that the report \u201cshows some progress in the fight against higher prices.\u201d<\/p>\n<p>Konter <a href=\"https:\/\/www.nahb.org\/news-and-economics\/press-releases\/2022\/10\/statement-from-nahb-chairman-jerry-konter-on-resident-bidens-remarks-on-inflation\">called<\/a> the claim \u201ctruly disingenuous\u201d and noted that housing expenses account for nearly one-third of the total rise in price levels. \u201cIf President Biden is truly serious about fighting inflation, he needs to address the nation\u2019s growing housing affordability crisis,\u201d he said last week. \u201cAcknowledging and getting serious about tackling the nation\u2019s housing affordability crisis will go a long way to reining in stubbornly high inflation and reduce the economic pain of millions of American families,\u201d even though \u201cprices are still too high.\u201d<\/p>\n<p>Among other actions, Konter suggested that the White House could end regulations that \u201cartificially increase the cost of building apartments and new homes,\u201d encourage vocational job training programs, and suspend tariffs on Canadian lumber imports that \u201cact as a tax.\u201d<\/p>\n<p>In the second quarter of 2022, the median sale price of a home in the United States was $440,300, according to <a href=\"https:\/\/fred.stlouisfed.org\/series\/MSPUS\">data<\/a> from the Department of Housing and Urban Development, marking a 36% rise from $322,600 in the second quarter of 2020.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Sentiment among homebuilders plummeted for the tenth consecutive month as traffic for prospective buyers neared the lowest level in a decade, according to a report from the National Association of Home Builders released on Tuesday. The organization\u2019s Housing Market Index dropped to 38 in October, meaning that the score has halved over the past six &#8230;<\/p>\n","protected":false},"author":1,"featured_media":1890456,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[541],"tags":[],"class_list":["post-1701361","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-daily-wire"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1701361","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1701361"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1701361\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1890456"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1701361"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1701361"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1701361"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}