(ReclaimingAmerica.net) – While some are doing well in the real estate market as prices soar, the overall housing market has fallen into a recession with Joe Biden and Kamala Harris at the top of the executive branch.
According to the CNBC television business network in, “Home sales fell nearly 6% in July as housing market slides into a recession“:
“Sales of previously owned homes fell nearly 6% in July compared with June, according to a monthly report from the National Association of Realtors.
“The sales count declined to a seasonally adjusted annualized rate of 4.81 million units, the group added. It is the slowest sales pace since November 2015, with the exception of a brief plunge at the beginning of the Covid pandemic.
“Sales dropped about 20% from the same month a year ago.” [emphasis added]
And here’s the gut punch.
“In terms of economic impact we are surely in a housing recession because builders are not building,” said Lawrence Yun, chief economist for the Realtors.” [emphasis added]
And, for those who are looking to buy:
“While demand is falling off due to weaker affordability, prices remain stubbornly high. The median price of a home sold in July was $403,800, an increase of 10.8% year over year.” [emphasis added]
What is your opinion about the housing market? Do you agree with the experts that the market is now in a recession? Do you believe the Biden/Harris administration has anything to do with the current state of the housing market? Please share your thoughts by emailing [email protected]. Thank you.