Trump and Biden created trillions of dollars of debt (creating money out of thin air) to prop up the economy, which was collapsing due to their Covid shut down orders.
We pay the price now and into the future through high inflation.
Home sales have collapsed due to higher interest rates (they are on par with where interest rates were, historically from about 1975 to 1995). Where prices normally fall as sales go down, this time prices remain high. The likely reason for that is, in part, due to Covid shutdowns, fewer homes were constructed, and simultaneously we see an increased housig demand due to high immigration to the United States. Sort of like what happened in Canada – which led Canada to prohibit real estate purchases by non-citizens.
But then, home price declines tend to lag. At some point, those who need to sell end up lowering their ask prices and become willing to accept lower offers. We are not there yet.
