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Since President Biden entered the Oval Office in January 2021, spending for the Supplemental Nutrition Assistance Program (SNAP), also known as food stamps, has increased by 27 percent. This giant increase in SNAP funding has unsurprisingly coincided with a steep rise in food prices. According to the U.S. Department of Agriculture, “Average annual food-at-home prices were 11.4 percent…
If the White House and House Republicans fail to raise the debt ceiling and the U.S. defaults on its national debt for the first time ever, the economic consequences for Americans will be wide-ranging and long-lasting. Social Security checks could be held up, government salaries and contracts could be frozen, Medicare reimbursements to doctors and…
“Mortgage rates rise for first time in seven weeks” The average long-term US mortgage rate rose this week after falling for six straight weeks, adding to the challenges potential homebuyers face amid higher home prices and a limited supply of available houses. Mortgage buyer Freddie Mac reported Thursday that the average on the benchmark 30-year…
“Fed slows pace of rate hikes as inflation cools” The Federal Reserve dialed back the pace of its inflation-fighting effort on Wednesday as officials seek a delicate balance between taming prices and avoiding a sharp recession. The rate-making Federal Open Market Committee hiked its benchmark interest rate by a half percentage point following a two-day…
“US home prices will post first year-over-year decline in decade in 2023: experts” The US housing market’s deep freeze is likely to accelerate next year and result in the first year-over-year decrease in home prices in a decade, according to experts at real estate firm Redfin. The median US home sale price is projected to…
“Mortgage rates fall for fourth straight week” The average long-term mortgage rate fell for the fourth consecutive week and have dropped more than three-quarters of a point since hitting a 20-year high last month. Mortgage buyer Freddie Mac reported Thursday that the average on the benchmark 30-year rate dipped to 6.33% from 6.49% last week….
“Why US homes were pulled off market at record pace last month” US listings of home for sale got pulled a record clip in November because of a major freeze in the market that surprised sellers, according to a recent report by real estate firm Redfin. An average of 2% of US homes up for…
“Here’s how much US home prices will plunge in current market bubble” US home prices will likely have to decline by as much as 20% over the course of a multi-year correction before the housing sector can get back on track with historical trends, a research firm warned this week. The most recent correction cycles…
“Mortgage rates fall for third straight week” The average long-term US mortgage rate ticked down for the third week in a row and have fallen more than a half-point since hitting a 20-year high less than a month ago. Mortgage buyer Freddie Mac reported Thursday that the average on the benchmark 30-year rate fell to…
“Home prices fall for third straight month in September” US single-family home prices slowed further in September as higher mortgage rates eroded demand, closely watched surveys showed on Tuesday. The S&P CoreLogic Case Shiller national home price index dropped 0.8% month-over-month in September. Monthly house prices fell in July for the first time since late 2018. House prices…