Real Estate News 06/11/2024

Today’s News Synopsis:

After Federal Reserve officials meet this week, a statement they will issue may suggest that they’ve seen meaningful progress on inflation this year — a prelude to eventual interest rate cuts.

In The News:

AP News – “Inflation data this week could help determine Fed’s timetable for rate cuts“ (06-10-24)

“Federal Reserve Board Chair Jerome Powell speaks during a news conference at the Federal Reserve in Washington, May 1, 2024. On Wednesday, June 12, 2024, the Federal Reserve will end its latest meeting by issuing a policy statement, updating its economic and interest-rate projections and holding a news conference with Powell”

Yahoo Finance –  “Homeownership costs jumped 26% since start of pandemic: Bankrate (06-10-2024)

“The average cost of homeownership has increased by 26% over the past four years to more than $18,000 annually, according to Bankrate’s newly released Hidden Costs of Homeownership study. ”

Forbes –  “Biden Approves $613 Million In Student Loan Forgiveness Amid 3 Big Legal Developments” (06-10-24)

“The Education Department has approved another $613 million in student loan forgiveness under President Joe Biden’s new SAVE plan. But the program is facing two legal challenges, and a flurry of recent developments may determine whether borrowers will continue to receive relief under the program. ”

MPA Mag – “What’s behind the sluggish recent pace of mortgage applications?” (06-10-2023)

“A sliver of good news arrived for homebuyers last week as the 30-year fixed-rate mortgage slipped below 7% – but a moderate decline failed to substantially change the borrowing outlook as mortgage applications also dipped. ”

Redfin – “Housing Affordability Is Gen Z’s Top Voting Issue, Outweighing Abortion Rights and the Economy: Redfin Survey” (06-03-2023)

“Millennials, Gen Xers and baby boomers all ranked the overall economy as the top issue in their presidential pick. Preserving democracy was more likely than housing affordability to weigh on Gen Xers’ and boomers’ minds.”