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Pointing to a chart of inflation-adjusted home prices from the Case-Shiller index, Democrat California governor Gavin Newsom claims that President Trump is to blame for the U.S. housing market reaching its “most unaffordable level in history” during 2025.

IN FACT, the Case-Shiller index shows that inflation-adjusted home prices have fallen by 2% since Trump entered office in 2025. A leading cause of high home prices is money printing to fund social programs, which Democrats consistently support and enact.

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