Real Estate News 01/06/2024

Today’s News Synopsis:

Economists — including those on the Fed’s own staff — had widely expected a recession this year as the central bank raised interest rates to bring down persistently high inflation.

In The News:

Yahoo Finance – “Why the most widely anticipated recession in history never came” (12-28-2023)

“The 2023 economic story will be remembered as one of a resilient US consumer as people opened their wallets more than economists had projected.”

NAR –  “November 2023 Pending Home Sales Remain Flat” (12-28-2023)

“NAR released a summary of pending home sales data showing that November’s pending home sales showed no movement from last month and fell 5.2% from a year ago.”

CNBC  –  “State-run ‘auto-IRA’ programs aim to close retirement savings gap” (01-04-24)

“Seven states — California, Colorado, Connecticut, Illinois, Maryland, Oregon and Virginia — had created “auto-IRA” programs by the end of 2023. Others are slated to come on line.”

NAR –  “Home Sales Start to Rise, Building Momentum for 2024” (12-20-2023)

“Existing-home sales posted a slight gain last month, breaking a streak of five consecutive monthly declines and foreshadowing what is expected to be a more favorable real estate market in 2024.”