Existing home sales collapse to record low

Key Points:

• There is a stark contrast between the economic reality Americans face and the optimistic portrayal promoted by Trump and his MAGA supporters, who dismiss factual economic challenges as conspiracies.
• Trump promised in 2024 to reduce gasoline prices below $2 per gallon and mortgage rates to 2%, but current prices are $4.28 per gallon and mortgage rates average 7.4%, reflecting a significant gap between his promises and reality.
• The housing market has deteriorated sharply, with the National Association of Realtors Pending Home Sales Index dropping to a record low of 66.0, worse than during the 2008-09 financial crisis, and home sales remain historically weak.
• Rising mortgage rates have drastically increased the cost of homeownership; for example, a $370,000 loan at 7.4% interest results in monthly payments about $796 higher than at 4%, totaling an additional $286,333 over 30 years.
• Despite Trump's 2016 claims of continuous economic "winning," many Americans continue to struggle with affordability and inflation, highlighting the disconnect between political rhetoric and lived economic experience.