Real Estate News 12/04/2023

Vanessa Bato

Vanessa Bato
December 4, 2023

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Today’s News Synopsis:

New conforming loan limits for 2024 have been announced by the Federal Housing Finance Agency (FHFA), with the cap for single-unit properties across most of the country set at $766,550.

In The News:

Scottsman Guide – “FHFA announces conforming loan limits for 2024“ (11-28-2023)

“The conforming loan limit is the maximum dollar amount of a mortgage that Fannie Mae or Freddie Mac will guarantee. In accordance with the Housing and Economic Recovery Act, the limit is adjusted every year to reflect changes in the average price of a home in the U.S.”

uDirect IRA – “SAME-PROPERTY RULE” FOR IRA-TO-IRA ROLLOVERS” (11-28-2023)

“The case of Estate of James E. Caan v. Commissioner of Internal Revenue highlights a significant aspect of Individual Retirement Accounts (IRAs), particularly the “same-property rule” for IRA-to-IRA rollovers. This rule mandates that the property received in an IRA distribution must be the same property rolled over. For example, if cash is received, cash must be rolled over; if stock is received, that stock must be rolled over.”

Bloomberg – “Fed Officials Shift Tone But Remain Wary of Markets’ Aggressive Rate Cut Bets” (12-01-2023)

“Federal Reserve officials shifted their tone this week, inching closer to the conversation markets have long been having: When will the central bank begin cutting interest rates?”

Yahoo Finance- “Jamie Dimon says to be prepared for recession” (11-30-2023)

“JPMorgan Chase CEO Jamie Dimon issued a stark warning to Wall Street on Wednesday: Inflation could rise further and recession is not off the table..”

Realtor.com – “October 2023 Rental Report: Rents Continue to Decline” (11-28-2023)

“In October 2023, the median asking rent for two bedroom units dropped -0.5%, slightly lower than the decline of -0.7% in September, yet still marking the sixth consecutive month of annual declines. The median rent for two bedrooms was $1,923 nationally, $46 (-2.3%) lower than the peak seen last July. Nevertheless, the larger unit rents had the highest growth rate over the past four years, up by $402 (26.4%).”