Bidenomics, the economic gift to big donors and a boot up the backside of middle class and low wage workers, keeps on giving. Now its homebuilder sentiment falling to 45.
U.S. homebuilders are feeling pessimistic about their business for the first time in seven months, thanks to stubbornly high mortgage rates.
Builder confidence in the single-family housing market fell 5 points in September to 45 on the National Association of Home Builders/Wells Fargo Housing Market Index. The decrease follows a 6-point drop in August. Anything below 50 is considered negative.
Mortgage rates are up 152% under Biden’s Reign of Economic Error. Note the big assist the economy got from Covid-related Fed stimulus (red line). The Fed’s balance sheet is still over $8 trillion.
Bidenomics and The Fed have started a fire that The Fed is unwilling to extinguish. Hey Jay, its not magic!