Real Estate News 09/16/2024

Today’s News Synopsis:

It’s a pivotal week for the US economy, with the Federal Reserve expected to cut interest rates for the first time since 2020. The move would mark a major milestone both for the central bank’s long fight with inflation and for Americans battling a higher cost of living for the past two years

In The News:

CNN – “The Fed is finally about to cut interest rates. What took so long?“ (09-16-2023)

“Fed officials and investors have long anticipated that borrowing costs would come down in 2024 — at some point — according to their economic forecasts.”

NAR – “Residential Real Estate Market Snapshot“ (09-14-24)

“As the market transitions into the third quarter, mortgage rates remain below the 7% mark. ”

Bloomberg-  “Fed Ready to Unshackle US Economy With Soft Landing at Stake” (09-16-2024)

“The central bank’s first interest-rate cut is widely expected on Wednesday, but investors are more focused on what will happen immediately after the announcement.”

Daily News –  “Where in California are rents falling the fastest?” (09-14-24)

“Oakland had the state’s largest rent decline – off 8.8%. That was also the nation’s biggest slip.”

NAR –  “HMDA and Housing Demand” (09-06-24)

“The Home Mortgage Disclosure Act (HMDA) provides detailed information on mortgage lending activity, offering valuable insight into housing demand. Data on the number of loan applications can indicate whether housing demand is strong or weak, while approval rates reflect individuals’ and families’ ability to secure financing.”