Biden Sets Another Bad Record

( – Although he claims he has fixed the economy, Joe Biden just set a new bad record as home prices in the United States reached a new peak in March.

As announced by S&P Global, this marks the sixth time in the past twelve months that records have been set.

The Case-Shiller U.S. National Home Price Index, which evaluates home prices nationwide, noted a 6.5% increase from last year in March, sustaining the same annual growth rate as in February.

This rise in home prices is also surpassing the general inflation rate, which was reported at 3.4% in April.

“This month’s report boasts another all-time high,” stated S&P Dow Jones Indices head of commodities Brian Luke. “We’ve witnessed records repeatedly break in both stock and housing markets over the past year. Our National Index has reached new highs in six of the last 12 months.”

A more dramatic growth was observed in the country’s top 10 cities, where home prices escalated by 8.2% over the year in March, a slight increase from 8.1% in February.

For the top 20 cities, the index reported a 7.4% increase in March, up from 7.3% in February.

San Diego led the surge in March with an 11.1% increase in home prices, followed by New York and Cleveland, which saw increases of 9.2% and 8.8% respectively.

On the flip side, Portland experienced the smallest growth, with a modest 2.2% increase year-over-year.

The climbing cost of buying a home is further worsened by the recent spike in average rates for 30-year mortgages, which are currently near 7% after peaking at nearly 8% in October 2023 under Joe Biden’s administration. This rate has risen sharply from below 3% at the beginning of 2021.

Additionally, the housing market is under strain from an uptick in illegal immigration at the U.S. southern border, adding to a national shortfall of 4 to 7 million housing units.

Since Biden took office, the foreign-born population has increased by 6.6 million, with an estimated 58% attributed to illegal immigration.

“Regionally, the Northeast remains thе top performer with an 8.3% annual gain, showcasing robust growth compared to other metro markets,” Luke noted.

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