Joe Biden said the cost of housing is 'so important,' citing the affordability crisis in his State of the Union address.
President Joe Biden has proposed an annual tax credit that would give Americans $400 a month for the next two years to put towards their mortgages.Addressing the affordability crisis in the housing market in his State of the Union address on Thursday, Biden said: 'I know the cost of housing is so important to you. Inflation keeps coming down, and mortgage rates will come down as well.'But I'm not waiting.
High mortgage rates, together with the historic shortage of homes in the U.S.—due to the fact that the country hasn't built enough homes to meet demand since the housing crash of 2008—have contributed to the current affordability crisis.In late 2023, J.P. Morgan said that, based on then-current trends, housing affordability could be restored in 3.5 years. Newsweek contacted J.P. Morgan for comment by email on Friday morning.
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