The Trump administration is considering declaring a national housing crisis as the real estate market struggles to reach stable ground, according to Treasury Secretary Scott Bessent.
“We may declare a national housing emergency in the fall,” Bessent told the Washington Examiner in an interview published Monday.
If issued, the declaration would constitute President Trump’s ninth national emergency since returning to the Oval Office in January.
The cost of homes has been slowing deflating after the COVID-19 pandemic drove rates sky high. However, homes have selling at the slowest summer pace in a decade while sellers outnumber buyers.
More than 15 percent of home purchases fell through last month, the highest July rate in records dating back to 2017, according to a new Redfin analysis.
The Republican Party has set “affordability” as a major platform point ahead of the 2026 midterm elections with a focus on easing the pressure for interested home buyers across the country.
Bessent embarked on a three-stop tour of restaurants in the Washington, D.C. area earlier this year to tout worker benefits he said were made possible by the spending and tax bill Trump signed into law in July. Provisions within the legislation supported the president’s no tax on tip and no tax on overtime measures.
The Treasury secretary told the Examiner that the administration is weighing additional opportunities to help decrease costs for everyday Americans.
“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 told the outlet. “I think everything is on the table.”
“I think we’re going to see a big economic pickup in 2026,” he added later.
