Taxpayers Should Not Guarantee Million Dollar Homes

The COVID-19 pandemic may have permanently altered how Americans work, shop, and live. Yet, despite the fundamental shift and uncertainty of the economic future, the U.S. housing market has remained reliably strong. Driven by low interest rates in conjunction with strong demand and limited supply, the median home sale price over the last six quarters has risen from $322,000 to $405,000 – an increase of more than 25 percent. High prices aren’t even scaring homebuyers out of the market as the National Association of Realtors estimates 6 million home sales this year, the highest number since 2006.

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