Starting next month, President Joe Biden will borrow from the middle class to pay for homeownership for the financially unreliable. In the name of 'equity,' the majority of the mortgage market regulated by the Federal Housing Finance Agency will make prospective buyers with good-to-great credit…
Starting next month, President Joe Biden will borrow from the middle class to pay for homeownership for the financially unreliable. In the name of"equity," the majority of the mortgage market regulated by the Federal Housing Finance Agency will make prospective buyers with good-to-great credit scores pay more to fund reduced interest rates for those with bad credit scores.
As in 2008, banks have much to lose if clients default on their mortgages, but this time, home prices are dangerously sticky due to depressed supply. The rental vacancy rate is the lowest since 1984, and the homeowner vacancy rate is the lowest ever recorded by the Census Bureau. The Biden administration has, directly and indirectly, made home prices more expensive. Indirectly, the $1.
While Biden's push for long overdue zoning regulations is laudable, the potential for zoning reform is much more limited at a federal level than at a local one. All in all, stubborn home prices have accounted for the majority of consumer price inflation in recent months.
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