President Joe Biden claims “Bidenomics” is working for America. A new report on the housing market indicates otherwise, and many Florida metro areas are getting hammered because of it.
According to The Center Square, “foreclosure activity” — defined as lenders issuing default notices, hosting scheduled auctions, or conducting repossessions — was up 13% nationally during the first six months of 2023, compared to last year.
Perhaps more troubling, such actions have spiked 185% compared to the first six months of 2021, Center Square reported, citing a new report by the real estate analytics firm ATTOM.
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Several blue states are feeling the worst effects of this mounting crisis.
Center Square notes that the highest number of foreclosure filings during the first half of 2023 were reported in Illinois, New Jersey, and Maryland, while the biggest jumps in actual foreclosures happened in Maryland, Oregon, and Alaska.
But Florida is feeling the effects when looking at individual metro areas.
Six Florida communities were among the 30 U.S. cities rocked most by foreclosure activity.
They include: Lakeland-Winter Haven (ranked number 5); Jacksonville (7); Orlando-Kissimmee-Sanford (15); Pensacola (16); Ocala (19); and Palm Bay-Melbourne-Titusville (27).
With six cities in the top 30, Florida ranked first among states with increased foreclosures, the report showed. Ohio, California and South Carolina tied for the second-most activity, with three cities each in the top 30.
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Among individual cities, Cleveland posted the worst rate in America for new foreclosures, with one action for every 301 homes. To put that in context for Florida, Lakeland-Winter Haven, which was the highest-ranked Florida city on the list, came in fifth with one foreclosure for each 347 homes.
The New York Times reported last month that mortgage rates have spiked to the highest levels since 2002, as the Federal Reserve tries to wrestle with the effects of runaway inflation under Bidenomics.
Yet the foreclosures are signaling another problem with Bidenomics.
Writing in Newsweek last month, Justin Haskins, director of the Socialism Research Center at the conservative Heartland Institute, noted, “Biden has failed to acknowledge the growing amount of economic data signaling the country could soon enter an economic recession. One of the most overlooked and reliable indicators—housing data—suggests the emerging recession could end up becoming the largest in six decades.”
Haskins wrote that between the fourth quarter of 2020 to the fourth quarter of 2022, “the U.S. housing market experienced one of the most significant increases in housing prices in American history,” as the average sales price of a home skyrocketed more than 36%, from $403,900 to a whopping $552,600.
For the first time in history, Haskins added, the 12-month increase in home prices topped 15 percent for seven quarters in a row, beginning in the second quarter of 2021.
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As a corrective, not only are more people unable to keep up with rising mortgage payments, feeding the foreclosure activity, Haskins argued that the overheated market will begin to slow, indicating that a recession is looming.
He pointed out that home values dropped almost 9% in the first three months of 2023, compared to the last quarter of 2022 — the biggest plunge since 1963.
“If a large recession soon develops,” Haskins noted, “there should be no mystery as to who deserves the blame. Since the day he entered the White House, President Biden has run up massive deficits and substantially increased government spending, fueling inflation.”
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