The Brief

Treasury Secretary Scott Bessent on Monday said that the Trump administration is mulling the declaration of a national housing emergency in an effort to address high housing prices and limited inventory.

Elevated mortgage rates have added to a slump in the U.S. housing market that began in early 2022, when rates began climbing from pandemic lows.

What they're saying:

"We're trying to figure out what we can do, and we don't want to step into the business of states, counties and municipal governments," Bessent said. "I think everything is on the table."

What a national housing emergency could mean

Big picture view:

Officials are evaluating ways to standardize local building and zoning codes as well as decrease closing costs.

This is in addition to cuts being made by the Fed

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