Real Estate News 10/14/2024

Today’s News Synopsis:

Federal Reserve governor Chris Waller said Monday that the central bank needs to proceed with “more caution” when cutting rates as he absorbs recent data showing a strong job market and hotter-than-expected inflation.

In The News:

Yahoo Finance – ” Fed’s Waller wants to apply more ‘caution’ when cutting rates “ (10-14-2024)

“Waller will be watching to see whether data out before the Fed’s next Nov. 6-7 policy meeting confirms or undercuts his inclination to be more cautious.”

Governing.com – “California’s Rent Control Ballot Measure Could Reverberate Across the U.S.“ (10-10-24)

“Proposition 33 would allow cities to limit rent increases. Some economists doubt that’s a good idea.”

Bloomberg –  “Young Americans Lead Record Migration Wave to Small Towns” (10-11-2024)

“Young Americans increasingly are done with the high fashion and trendy loft living of big metros, leading an unprecedented migration to small US cities.”

JD Supra –  “California Passes Law Extending new Protections to Mortgage Borrowers” (10-14-24)

“On September 20, Governor Newsom signed AB 2424, which establishes a significant set of new foreclosure notification and sale requirements for mortgage lenders. The law is effective as of January 1, 2025.”

Realtor.com –  “Home Prices Are Plummeting in Some of the Nation’s Most Desirable Places To Live—Especially in These 10 Cities” (10-11-24)

“Now, signs are emerging that a more buyer-friendly market might be on the horizon (even though mortgage rates are on the rise again after plunging last month). That’s because in more than half of the 50 largest markets in the U.S., median list prices have decreased year over year—in one case by more than 12%, according to the Realtor.com® September Housing Market Report.”