Fed Warns Of Housing Bubble

New data from the Census Department released last week reveal that the average cost of a new home hit a record high in February at $511,000. Now, the Federal Reserve is warning about a housing bubble.The Daily Wire’s Cabot Phillips joined Thursday’s episode of “Morning Wire” to explain more about the skyrocketing housing market.Housing prices have spiked 25% over the past year, and since 2012, the cost of a new house has doubled, Phillips explained. “Cities with the biggest spikes were Phoenix, Miami, and Tampa, but overall, it was houses in southeastern states that saw the largest spike in 2021,” said Phillips to “Morning Wire” hosts Georgia Howe and John Bickley. “But again, it’s really everywhere across the country.”Phillips was asked exactly why housing costs are spiking so much. He pinned the reasons on inflation, which is currently at an 8% year-to-year rate, rising costs for lumber and fuel, and the COVID-19 pandemic. …

The post Fed Warns Of Housing Bubble appeared first on Populist Press ©2022.