Article

2023-10-22 Economy

‘Bidenomics' Gifts Homebuyers Highest Mortgage Rates In More Than Two Decades

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Posted by Besoeker 2023-10-22 06:45|| || Front Page|| [16 views ] Top

#1 Took out my home loan in '94 with a 30 year at 10%. Cry me a river.

Posted by Procopius2k 2023-10-22 08:27|| 2023-10-22 08:27|| Front Page Top

#2 Shouldn't Bidenomics inflation rates, coupled with Federal Income Taxes for Return on Investments, be generating $$$$$$ for the DC Swamp?

But then why are Fed tax revenues collected to date over $457 Billion behind last the last fiscal year? Which 2021-2022 itself was stagnated by a Pandemic. Especially given the tax brackets have not been adjusted to account for the real economy/housing inflation rates yet.

Could it be, the newly hired & armed IRS agents are still busy with their SWAT & Tactical assault training?

Posted by NN2N1 2023-10-22 08:30|| 2023-10-22 08:30|| Front Page Top

#3 ..they lie about employment, about everything, why shouldn't they lie about revenue? Who's going to check their books?

Posted by Procopius2k 2023-10-22 08:38|| 2023-10-22 08:38|| Front Page Top

#4 #1 P2K: But what was the house price? 10% of a $250K house monthly payment is a bit different than 10% of a $800K house price

Posted by Frank G 2023-10-22 09:44|| 2023-10-22 09:44|| Front Page Top

#5 "Since Biden took office, the compounded or aggregated inflation rate, whichever term you prefer, is over 21 percent. That means that Americans are paying 21 percent more today to live the same way they were living just two and a half years ago."

"Perhaps the worst detriment to attaining the American dream, though, is the current interest rate situation... but it's also made buying a house nearly impossible. What has historically been the safest way for American families to grow their wealth? That would be the ownership of property. Under Biden, mortgage rates have topped eight percent. That translates to around $1000 more a month for a $400,000 house than just two years prior. "

https://redstate.com/bonchie/2023/10/21/joe-biden-has-destroyed-the-american-dream-n2165404

Posted by NoMoreBS 2023-10-22 11:08|| 2023-10-22 11:08|| Front Page Top

#6 ^Yea, well, supporting a huge non-productive (sometimes actually harmful - see affirmative action) population is not cheap. By comparison, IMO, military-industriac complex are peanuts.

Posted by Grom the Reflective 2023-10-22 11:18|| 2023-10-22 11:18|| Front Page Top

#7 Home prices have risen since our old 10+% mortgages in significant part due to decreased rates. Rising rates will drive home prices down, tying many people to their current location, unable to follow employment or politics or family to somewhere more appealing because they can’t sell for what they owe.

Posted by Glenmore 2023-10-22 12:21|| 2023-10-22 12:21|| Front Page Top

#8 #4 - I decided to buy where others don't want to live. Built a new house in a new development, quarter acre lot, 1200 sq ft. Pretty much in the boonies. 75K of which I put 32K down. Monthly income was 1.8K. monthly payments less than a studio apartment up in the big city. About 40 miles to the big city. You could add 1K or more for every mile towards the city limits for housing back then.

Posted by Procopius2k 2023-10-22 13:36|| 2023-10-22 13:36|| Front Page Top

#9 #2, I understand that the so-called Inflation Reduction Act contained so many tax breaks and loopholes for all the green fantasies that it was pretty much guaranteed to tank federal revenues.

Posted by Tom 2023-10-22 14:47|| 2023-10-22 14:47|| Front Page Top

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