Obama and Democrat failure manifests in SC housing market

Will the poor performance on the economy finally catch up to Democrats in November?

One of the most damaging economic realities of the Obama Administration's failure for South Carolina, is the housing market.

Home-related losses have ripped financial security from families, hindered mobility and limited freedom. 

Big losses on home sales hurt wealth, families are forced to stay put or rent out their homes because they cannot afford to take a loss, under current depressed selling conditions.

According to numbers released Monday (July 14) homes sales in the Greater Columbia Area were down 4.7 percent compared to same-month sales for last year. SC Realtors reported the data.

And the only reason homes sold last year, is because of ridiculously low prices and government-forced low interest rates.

Last year's buying Boom (by depressed Obama standards anyway) was based on “Fire Sale” level prices. People had to sell their houses to keep from going bankrupt or they did go bankrupt. Many of the homes selling in the “Boom” were bank-owned, being snapped up by investors.

Sellers in the 2012 and 2013 period, who had bought a house three to seven years before, were losing $40,000 a house on a $200,000 residential property.

For families, who had a member losing a job also in the Obama economy, the losses have been even more substantial and painful. How can you afford Obamacare, rising food costs, and wildly inflated energy after that level of loss?

Before the “Boom” loans were too hard to get. As a backlash, mortgage requirements tightened after earlier federal polices of Democrats all but forced money to be given to people not able to pay it back.

Liberal politicians call that “equality” and threatened to prosecute banks if they did not hand out money for houses. It was the root of the housing market collapse of 2009. 

And it's still haunting the market today. In seven of the last eight months, the number of sales of homes has dropped in the Columbia area, compared with the same month of the year before.

But like so many other segments of the economy, the depressed state and ill-health, of the housing market is under-reported. In the Monday report from the SC Realtors, there is a boast that home sales are up statewide. But that's because the Fed has jumped in a lowered interest rates again, and wealthy investors can afford to snap up deals from the desperate-to-sell.

In other cases, the realities of the housing market have been mis-reported.

Economically, from healthcare and unemployment to inflation and gas prices, the miserable Obama economy has been covered up by the media.

But families know the truth. And hopefully they will let Democrats and the media know they know, in November.