Homeownership is the pathway to wealth. Most aspire to work hard and live the American Dream by becoming proud homeowners. It is not a Republican or Democrat issue, it is an American issue, a common ground despite political beliefs. In recent years, we have seen this goal and aspiration fade away. The stress on the housing market decline is not based on feelings or sentiment, it is based on facts and data.
The Trump campaign put out a video on August 28, 2024 titled “Kamala Harris has COMPLETELY DESTROYED the housing market…” The video presented news clips with supporting data describing how home ownership has become unattainable for average Americans. This presentation is in line with what I presented in my WarRoom interview on Augst 27, 2024. The Trump campaign video has the finger on the pulse of average Americans who want to own a home but can’t afford it.
As was presented on WarRoom, Americans are faced with a drastic decline in affordability in the last 3 to 4 years. Mortgage rates during the Trump administration were at record lows around 3%, but with inflation on the rise, mortgage rates have soared and are currently hovering around 7%. For every 1% increase in mortgage rates, a potential homebuyer loses about 9% of buying power. This is an astonishing number when you put it into perspective. This means that when rates were 3%, if you were able to afford a $500,000 home, now with rates at 7% you are only able to afford a home in the low to mid-$300,000 range.
Not only have high mortgage rates affected the affordability for most Americans, soaring home prices due to low inventory has further put a strain on the housing market. Recent Fannie Mae statistics unveiled that 62% of existing homeowners had mortgage rates of less than 4%. There is no surprise that now with rates at 7%, many existing homeowners are staying put. They are not giving up their low mortgage rates for higher payments, and you can’t blame them. As a result, the supply of homes for sale has been depleted to record low levels while the demand has not decreased at the same rate. As a result, more demand is vying for fewer homes resulting in multiple offers and soaring home prices. […]
— Read More: warroom.org
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