President Joe Biden ends 2024 reelection bid and endorses Harris

President Joe Biden announced on Sunday that he is drop out of the race for re-election. This follows a disastrous debate performance three weeks ago, which prompted high-level calls from his own party to step aside.

In a letter posted on X On Sunday, Biden put an end to that rumors and speculation which have been in flux since the June 27 debate. He also supported the vice president Kamala Harris.

“It has been the greatest honor of my life to serve as your president. And while it has been my intention to seek re-election, I believe it is in the best interests of my party and the country that I resign and concentrate solely on fulfilling my duties as President for the remainder of my term.” the statement said. said.

The National Housing Conference (NHC) released a statement shortly after Biden withdrew from the race.

“President Joe Biden has been the most outspoken and passionate presidential voice for affordable rental housing and homeownership in 60 years,” said NHC President and CEO David Dworkin. “From his inaugural address to his final State of the Union, he has advocated for housing policies designed to restore the American Dream and help those most in need.

“On some of these issues, NHC has been a strong supporter, on others we have raised constructive concerns. We look forward to working with all candidates to address the nation’s housing crisis and look forward to working with whoever wins in November.”

Republicans just wrapped up their convention and formally nominated former President Donald Trump and vice president J.D. Vance to lead the party less than a week after Trump survived a disaster assassination attempt. The Democrats will hold their convention in just under a month and the question now is whether the delegates at that convention who pledged to Biden will seamlessly transition to Harris or whether there will be a “mini primary” for other candidates.

The election is 106 days away and both parties are working to amplify votes amid a wild election cycle.

At HousingWire, we are focused on how the election can impact the housing market and those who work in it. To this end, we look at how each party could approach the following:

• Potential leaders at the Federal Reservethe Federal Agency for Housing Financing (FHFA), the Consumer Financial Protection Bureau (CFPB) and the Department of Justice.
• Regulation and enforcement of housing issues. This includes appraisal bias, concerns about fair lending, the role of brokers and more.
• The continued scrutiny of Government Sponsored Enterprises (GSEs), Fannie Mae And Freddie Mac.
• Economic policies that affect housing, including rates, taxes, and incentives to build more housing.

There is a lot at stake in this election for those in the fields of mortgages, real estate, titles, appraisals, homebuilding, investments and housing policy. Our goal is to provide a complete picture of news and information on housing-specific topics that you will not find anywhere else.

We will be publishing several articles this week about past and current housing leaders who are influential in each party. We will also continue our extensive coverage of the National Association of Real Estate Agents‘ (NAR) committee on lawsuit settlements, federal incentives to encourage homeownership and more.

Need a primer on some of the above election-related issues? Here’s some of our recent coverage:

Editor’s note: This story was updated with commentary from the National Housing Conference.