In the garden of Biden, not all is well for housing and the mortgage market.
It has been a tough road for the US economy since Covid and Biden’s Reign of Error. For the first time since July 2020 under President Trump, we have finally seen average hourly earnings growth YoY exceed average home price growth YoY.
In REAL terms (after substracting out headline inflation), we see that US housing market is still plagued by 24 straight months of negative wage growth with REAL wage growth still being lower than REAL home price growth.
Then we have Biden’s Marxist mortgage model, making those who who saved and showed care in managing their credit score given money to those who didn’t save and are terrible at financial management. Just like taxpayers trusting DC bureaucrats to carefully spend their money.
Biden’s new theme? “Let’s go crazy!”
