Joe Biden is sweating bullets after he got some news that could change everything

Joe Biden’s failed regime is on the verge of collapse.

He just got a nasty surprise he never saw coming.

Now Joe Biden is sweating bullets after he got some news that could change everything.

Joe Biden’s incompetence and socialist policies have been a catastrophe for the economy.

Economic problems are piling up with no end in sight.

Inflation is running rampant, energy prices are skyrocketing, store shelves are empty, and the stock market is off to its worst start to a year since the Great Depression.

One of the few areas of the economy that hasn’t been ruined by Biden is the housing market.

Despite a sputtering economy, the demand for housing has been strong.

But with the recent rise in interest rates, the housing market could be in trouble.

Mortgage rates are surging at the fastest rate in 40 years.

With home prices at record levels in markets around the country, the increased cost of a mortgage is pushing the dream of home ownership further away for many Americans.

Mark Zandi, Chief Economist at Moody’s Analytics, commented on the effects of rising interest rates.

“It’s going to do damage to the housing market for sure,” Zandi said.

“Politically, it just adds to the financial difficulties Americans are struggling with, and it makes things more difficult for incumbent Democrats,” he added.

The combination of rising interest rates and surging home prices is a double whammy for Americans already struggling in the Biden economy.

According to the real estate website Zillow, monthly mortgage payments on the typical home increased by 19.5% during the first three months of the year.

Mortgage payments are up 38% from last year.

“A lot of people expected mortgage rates to rise this year, but the speed — to go from 3 percent to 5 percent so fast — is breathtaking,” said Zillow economist Jeff Tucker.

“It’s just a staggering change in the cost of homeownership, and over the last three months the vast majority of that shift is due to the interest rates,” Tucker continued.

“For a lot of potential first-time homebuyers, they’re stuck between a rock and a hard place,” Tucker added.

“We also know there’s a lot more of them. The biggest wave of millennials was born in 1990. As they’re arriving at a life stage where Americans tend to buy a home, the price of admission is going up really fast,” he concluded.

This combination of high prices and rising rates is trickling down the rental market, with more people being priced out of home ownership.

In April, the Apartment List National Rent Report found that rent is up 16.3% from last year.

This is a major problem that is going to get worse for Biden.

With the Fed expected to continue to hike interest rates to fight inflation, mortgage rates are only headed higher.

Joe Biden’s failed economic agenda is going to push the dream of home ownership out of reach for more Americans.

Renewed Right will keep you up-to-date on any new developments in this ongoing story.