House Republicans criticized a top Biden administration regulator for burdening an already troubled housing market with a “politically driven” rule.
The changes come at a turbulent time in the housing market. Mortgage rates have roughly doubled since early 2022 as the Federal Reserve has imposed a rapid series of increases in interest rates to fight historically high inflation.Only 21% of U.S. adults believe it is a good time to buy a house, down 9 percentage points from the prior low recorded last year, according to Gallup’s annual Economy and Personal Finance poll conducted April 3-25.
The poll results of the last two years are the only time since Gallup started asking the question in 1978 that less than half of Americans believe it’s a good time to buy a home. “In the past two years, as housing prices have soared and the Federal Reserve has raised interest rates to try to tame inflation, houses have become less affordable for many Americans, and views of the housing market have tumbled,” the Gallup report said. “Opinions of the housing market are bleak and generally similar among all major subgroups, including by region, urbanicity, homeownership status, income, education and party identification.
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