What happened
“America’s economy” defied recession predictions and had a booming year, as noted by The Economist. However, despite this success, many voters feel down on the economy due to the “housing affordability crisis” as highlighted by The Associated Press.
Who said what
In a speech to the National League of Cities, President Joe Biden emphasized the need to “build, build, build” to lower housing costs.
Daryl Fairweather, Redfin’s chief economist, expressed concern that despite a growing economy, rising incomes, and falling inflation, people are still unable to afford homes, a challenge that may be difficult for Biden to address.
Sign up for The Week’s Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
What next?
According to Moody’s Analytics chief economist Mark Zandi, the outcome of Biden’s reelection may depend on whether mortgage rates rise to 8% or fall closer to 6%. Housing costs are expected to decrease following a recent settlement involving the National Association of Realtors as reported by The Wall Street Journal.
