Emphasizing the urgency of the situation, Bessent described it as an “all hands on deck” challenge.
The housing market has been hardest hit by the U.S. central bank’s tight monetary policy stance and high housing costs are a top concern for many Americans.
He said he was expecting an increase in real estate transactions and home sales once interest rates began falling, which could encourage people who were locked into low mortgages to put their existing homes on the market.
Affordability would be a big focus for the administration, Bessent said, noting Trump’s push to drive down prescription prices. - Reuters
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