Just another symptom of Biden’s worsening economy as reports from across the country are beginning to pour in that Americans are running out of money.
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There have been rumors for the last few months that there will be a massive influx of repossessed cars after price gouging, and predatory lending practices took hold after the virus took its toll. But the severity of the situation is just beginning to be realized.
Daily caller writes. CNBC reported Tuesday that delinquency rates on U.S. auto loans have hit their highest level in over a decade due to the end of pandemic-era benefits programs and rising interest rates.
After pandemic-era loan accommodation programs expired this year, roughly 200,000 auto loans reached 60-day delinquency, according to CNBC, citing TransUnion credit data. In TransUnion’s tracking of 81 million U.S. auto loans, another 100,000 remained in accommodations, contributing to a 1.65% overall 60-day delinquency rate.
In September, inflation pushed the average new vehicle price up $2,600 to $47,138, while used vehicle prices jumped $2,500 to $30,566, according to CNBC. In the third quarter of last year, both new and used car loan interest rates rose one percentage point to 5.2% and 9.7% compared to last year.
The auto industry is not the only one with horrific numbers being reported.
Attomdata reported. According to ATTOM, a leading curator of real estate data nationwide, 1.3 million (1,264,241) residential properties in the United States remain vacant in the fourth quarter of 2022. Across the country, that equals one in 79 homes, or 1.26 percent.
In the fourth quarter of this year, 284,423 U.S. residential properties were in foreclosure, up 5.2 percent from the third quarter of 2022, and up 27.4 percent from the fourth quarter of 2021. Since a nationwide moratorium on lenders pursuing delinquent homeowners was lifted at the end of July 2021, a growing number of homeowners are facing possible foreclosure.
Joe Biden’s economy has failed tens of millions of Americans. As inflation continues to rise, and quarter after quarter of rate hikes by the feds, the economy can only go in one direction. It is utterly horrifying to think what is in store for America over the coming years, as the 2008 financial and housing crisis will be a small prelude for the things to come.
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