Posted on 12/12/2023 5:12:02 AM PST by Kaiser8408a
President Gerald For (R-MI) might be best known for his silly attempt at “whip inflation NOW” by having “Music Man” Meredith Wilson write a song: “Whip Inflation Now!” But the second line has been forgotten: “Eat crow instead of cow.” That second line is appropriate for Bidenomics which has left America’s middle class eating crow in the housing market.
The Wall Street Journal had an interesting piece showing the rise of 30-year fixed rate mortgage payments under Biden where the average monthly new mortgage payment is now $3,222, up from $1,787, up 86%!
The 86% rise in mortgage payments is two fold. First, home prices are up 33.2% under Biden and the 30-year mortgage rate is up 181%.
Yes, Americans are eating crow under the utter failure known as Bidenomics: top down government mandates for massive green energy and other nonsense.
Let’s how inflation looks today at 8:30am EST.
(Excerpt) Read more at confoundedinterest.net ...
Author has a glaring error within piece ……
The only thing that fairly regulates price is quantity and availability.
The only way you get that is with capitalism with its unrestricted freedom to produce that which the public wants.
That is a natural law that is as invincible as gravity.
Like gravity, it can be postponed or delayed, and like gravity it always wins in the end.
99% of Americans will be financially worse-off than they were pre-pandemic by mid-2024, JPMorgan says.
It’s a small price to pay for no more mean tweets from the mean/bad orange man...
12/11/2023, 12:25:37 PM · by Hojczyk · 39 replies
Business Insider ^ | Dec 7, 2023, 11:51 AM EST | Phil Rosen
“I say whip it
Whip it good
I say whip it
Whip it good”
Devo
If the average mortgage payment is about $3,200 a month, at 7% interest the principal balance of the mortgages would be about $500,000.
This is just the back of the envelope calculation. If anyone wants to provide more precise numbers go for it.
But the point is if the mortgage is $500,000 then the houses being bought with a 20% down payment would have to be well over $600,000. Which points up how even modest homes are escalating in price beyond the reach of middle-class people.
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