Real Estate News 10/23/2023

Today’s News Synopsis:

A cluster of homebuying dictums has cropped up in recent years and become entrenched as canon. Move fast. Be decisive. Be ready to make a bid by being pre-approved for a mortgage. Expand your horizons and remain flexible to find an affordable dream home. Roll with the punches.

In The News:

Realtor.com – “Winning the Bid: Cities where homebuyers are making the largest-and-smallest-down payments” (10-23-2023)

“In the most competitive markets, buyers need to plunk down quite a bit of cash (and maybe say a prayer or three) to make their offers more appealing to sellers, compete with all-cash buyers, and ultimately win a bidding war.”

Yahoo Finance –  “Powell sets table for Novembre pause, warns of more rate hikes if economy heats up” (10-20-2023)

“Federal Reserve Chair Jerome Powell signaled the central bank could hold rates steady at its next policy meeting, but he also warned that inflation was still too high and that more interest rate increases are still possible if the economy stays surprisingly hot.”

FreddieMac-  “Economic, Housing, and Mortgage Market Outlook-October 2023” (10-20-2023)

“The U.S. economy continues to grow at a pace closer to long-term trend as the labor market and consumer spending remain strong.”

Markets Insider – “Ten-year Treasury yields jump above 5% for the first time since the 2008 financial crisis as the bond-market rout drags on” (10-23-2023)

” The US bond market’s worst-ever rout ticked off a new milestone Monday, as 10-year Treasury yields shot past 5% for the first time in 16 years.”

Home Treasury –  “U.S Treasury Department releases report on the historically equitable economic recovery from the pandemic” (10-23-2023)

“New report shows that President Biden’s American Rescue Plan effectively delivered resources and aid to historically underserved communities, enabling economic recovery far more quickly than in previous downturns.”