ICYMI: The Cost-of-Living Crisis is Here to Stay – Home Foreclosures Increased 34% Nationwide

WASHINGTON, D.C. – RealEstateRama – The far-reaching detriment of Bidenomics continues to plague American homeowners as many “continue to grapple with the ongoing cost-of-living crisis,” says FoxBusiness.com in a report highlighting the terrifying uptick in home foreclosures.

Word on the Street: 

Via Fox Business News:

• “Foreclosures are up 34% from the same time one year ago.”
• “The report also indicated that there were 37,679 properties with foreclosure filings in September—up 11% from the previous month and up 18% from 2022.”
• “Real estate experts are bracing for a significant blow to the market since the pandemic-era freeze on federal student loan payments officially came to an end at the beginning of October.
  • “A recent poll conducted by Pulsenomics found homeownership rates will be affected for at least a year by the resumption of student loan payments – and many predicted the impact could be longer than that.”
  • “On top of that, many of the economists believe the resumption of payments could significantly hit the U.S. homeownership rate, and nearly one-quarter expect it would cause an uptick in the delinquency rate.”
• “The potential hit comes at an already precarious time for the housing market, thanks to the astronomic rise in mortgage rates over the past year. In fact, housing affordability is worse today than during the peak of the 2008 housing bubble.”

The Big Picture:

Not only have mortgages and interest rates skyrocketed and homeownership become increasingly unattainable under the Biden Administration, Americans are also paying more for rent and home furnishings:

• Overall Rental prices, including for housing purchased before Bidenflation, are up 17.4 percent.
  • The average family of four is paying an additional $740 per year or $61 per month for rent.
• Home furnishings and equipment prices are up 23.4 percent.
  • The average family of four is paying an additional $513 per year or $42 per month on home furnishings and equipment.

The Bottom Line:

The cost of living the American Dream is unsustainable.

Stubborn interest rates, coupled with the cost of household necessities, continue to skyrocket by more than 17 percent while their wages have fallen for 30 consecutive months since Biden took office. Americans now make 4.9 percent less per week than they did just 2 1?2 years ago, the equivalent of more than $6,000 in lost income per worker.

Instead of recognizing this somber economic reality, President Biden’s FY2024 budget proposes the highest sustained levels of spending, taxing, and borrowing in American history. But even after trillions of dollars of taxes on families, job creators, and energy producers, it still would not be enough to offset the massive growth in government the president seeks.