The traditional American Dream of homeownership slipped further out of reach across the country over the last decade, even as Washington spent hundreds of billions of dollars on housing programs, according to a new government watchdog analysis.

Open The Books, a conservative watchdog that tracks government spending, analyzed a decade of home-price and household-income data across all 50 states and compared it with federal housing spending, finding virtually no relationship between greater investment from the Department of Housing and Urban Development (HUD) and narrower affordability gaps. The watchdog found home prices grew faster than…

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