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The richest country in the world suffered an economic crisis under the Biden-Harris administration that still leaves scars. US home sales are at their lowest point in the last two years. Towards the end of the period, we will be able to see the transition and improvement that will occur (or not) with the return of Donald J Trump.

It was the government itself that published the latest figures. According to the published data, sales of new single-family homes fell 17% last month, to an annualized rate of 610,000. Which is well below the average estimate of economists surveyed by Bloomberg, which was 725,000.

US consumer confidence increased in November to its highest level in over a year as sales of new homes in the US decreased 17% in October to a 610,000 annualized rate, the lowest in almost two years https://t.co/VZwN8t6e6W pic.twitter.com/Zl9pt8mVzA

— Bloomberg TV (@BloombergTV) November 26, 2024

The economic portal Bloomberg reports that new home sales in the United States fell in October to their lowest level in almost two years.

The phenomenon is attributed largely to the impact of two hurricanes in the south of the country and to the fact that "affordability problems continued to weigh on buyers.

They accuse that hurricanes Helene and Milton were the main aggravating factors. Since they occurred in the «largest real estate region in the country» the southeast. The devastation left by the hurricane winds and then the floods slowed sales and dragged down sales in general.

In the south alone, sales decreased by 28%, to 339,000. This is equivalent to the slowest pace since April 2020. Although there were also drops in sales in the west of the country, in the northeast and the midwest. So the drop in the southeast was significant for the country.

In other words, since the beginning of the pandemic, such low figures have not been seen. A calamity like a hurricane achieved figures comparable to those of a lockdown that paralyzed the world economy,
which also affected the US.

The US real estate market has not emerged from the sales crisis for three years.

Although hurricanes worsened the situation, the real estate market has been in crisis for three years.

This is highlighted by Diario Las Américas. This digital newspaper accuses the «complicit silence of the great far-left press with the government and federal agencies». It calls the situation «unfortunate».

That would include Bloomberg. Although hurricanes are a problem and undoubtedly an aggravating factor, they only worsened a situation that was already bad.

What’s more, Bloomberg’s estimates were far below reality and they themselves acknowledged having surveyed economists. In other words, there is a consensus not to recognize the real figures and to show optimism; in the face of a worsening situation.

«Bidenomics», Biden’s economy, did not know how to remedy the US real estate crisis. On the contrary, his term ends worse than it began. Considering that it began when the coronavirus pandemic was still afloat.

#Cultura | Museo Nacional Thyssen-Bornemisza presentó un documental que recoge el trabajo realizado durante la quinta edición de su programa Narraciones gráficas. https://t.co/API5uzywdC

— Diario Las Américas (@dlasamericas_) November 29, 2024

For this reason and more, Diario Las Américas questions what the Federal Reserve has said. It assures that inflation remains at very high levels and that they do not agree with the current figures given by the government. It should be noted that during the Biden-Harris administration, inflation reached its highest point in recent history: 9.1%.

Beyond what the portal said, there is empirical evidence. What people experience and feel. Consumers do not see that great reduction that the Central Bank speaks of. Nor is it seen in housing, food and basic necessities.

It calls the interest on credit cards, whose values ​​range between 26% and 33%, "cutthroat par excellence." It adds that when a debt exceeds $2,000 it becomes almost unpayable for customers. All of this adds to the sky-high cost of living that makes it increasingly difficult to survive, let alone buy a house.

The results of this economy were seen at the polls. The mass media and government figures can publish the figures and data they want, but the decline of the real estate market is visible and at the polls citizens hailed a resounding change. The economy was the main cause of Trump’s victory and the defeat of Kamala Harris, vice president of the government that produced the current economy.

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