Real Estate News 09/18/2024

Today’s News Synopsis:

The Federal Reserve slashed interest rates by a half percentage point Wednesday and charted a course for two additional cuts this year followed by four more in 2025.

In The News:

Yahoo Finance – “Fed cuts interest rates by half point, signals two additional cuts this year“ (09-18-2023)

“The action marks the Fed’s first easing of monetary policy since 2020 and the termination of its most aggressive inflation-fighting campaign since the 1980s.”

US News – “Fed Meeting Highlights Economic News With a Cut in Interest Rates Teed Up“ (09-16-24)

“The central bank will almost certainly lower interest rates when it concludes its meeting on Wednesday. But there is still uncertainty over how big the cut will be.”

Redfin-  “Existing Home Sales, Pending Sales Fall to Lowest Level Since Pandemic Start as House Hunters Wait for Mortgage Rates to Drop Further” (09-18-2024)

“Declining mortgage rates are giving buyers more purchasing power, but some house hunters are waiting on the sidelines in hopes that rates will fall further. Others are hesitant to buy because of high home prices, the upcoming presidential election and new NAR rules.”

CNN –  “The Fed’s long-awaited rate cut is colliding with presidential politics” (09-18-24)

“The Federal Reserve cut interest rates for the first time in the Biden era on Wednesday after the White House spent the last three years grappling with Americans’ dissatisfaction with the cost of living, raising new questions about the health of the economy and the impact on voters at the ballot box.”

CBS –  “Millennials and Gen Z embrace co-ownership to make homeownership dreams come true” (09-18-24)

“The real estate market is as challenging as ever, particularly for first-time buyers. According to the National Association of Realtors, the average age of first-time homebuyers has increased from 31 to 35 in a 10-year span. ”