The housing prices, as well as the mortgage rates, have contributed to high costs.
Treasury Secretary said this week that President Trump is exploring how best to address the housing crisis facing the United States.
In June, some estimates showed there were around 500,000 more home sellers than buyers, but prices are so expensive that home buyers have struggled to obtain a mortgage in their price range.
Secretary Bessent shared some general strategies the president’s administration may implement. Among them were canceling tariffs for imported construction materials, standardizing building and zoning codes, decreasing closing costs, and possibly “declaring a housing emergency in the fall.”
“We’re trying to figure out what we can do, and we don’t want to step into the business of states, counties, and municipal governments,” Secretary Bessent said. He also said that interest rate cuts from the Federal Reserve could relieve some of the financial pressure on home buyers.
As the Lord Leads, Pray with Us…
- For Secretary Bessent to be prudent as he oversees the nation’s financial obligations.
- For Treasury Department officials as they assess the economy and the mortgage lending market.
- For President Trump and members of his administration to be led by the Lord as they seek to make home ownership more affordable.
Sources: Axios, Washington Examiner, MSN
