Real Estate News 11/06/2024

Today’s News Synopsis:

The Federal Reserve likely will stick to the business at hand when it wraps up its meeting Thursday with another interest rate cut, but will have its eye on the future against a backdrop that suddenly has gotten a lot more complicated.

In The News:

CNBC – “The Fed is expected to cut interest rates again Thursday. Here’s everything you need to know” (11-06-2024)

“In keeping with policymakers’ historical desire to stay above the political fray, Powell likely will avoid direct commentary about what to expect from President-elect Donald Trump.”

CalMatters – “These cities could see big changes in rent control if Prop. 33 passes“ (10-29-24)

“As voters weigh whether to allow local governments to expand rent control, elected officials in San Francisco and Los Angeles have already shown interest in doing so. In other cities, local laws could automatically cap annual rent increases on some single-family homes and newer apartment buildings if Prop. 33 passes.”

MortgagePoint –  “FHFA Simplifies the Funding of Affordable Housing” (11-01-2024)

“The Federal Housing Finance Agency (FHFA) has issued AB-2024-05, an Advisory Bulletin that simplifies the process for project sponsors to receive Federal Home Loan Bank (FHLBank) funds for affordable housing projects.”

MoneyTalk News –  “The Average 401(k) Balance of Americans at Every Age” (10-29-24)

“The average balance can be skewed by those with higher levels of wealth. So, in some ways, the median balance — the number midway between the high and the low — can be a more accurate measure of where Americans are at in terms of retirement readiness..”

American Banker –  “Fed rate cut draws applause—and caution—from bankers” (10-29-24)

“It’s been a few weeks since the U.S. central bank lowered its benchmark interest rate by 50 basis points, its first cut in more than four years, and bankers are optimistic about the prospect of a strong fourth quarter as a result. Executives say now that the ball is rolling, the Federal Reserve needs to be careful with the pace of future reductions.”