Real Estate News 03/01/2024

Today’s News Synopsis:

The U.S. economy defied expectations of a recession and grew 2.5% in 2023. The labor market remains strong while inflation is trending down, though upside risks remain. The housing market continues to feel the impact of higher mortgage rates with home sales at multi-decade lows and starts declining over 2023. Robust demand and a lack of supply have led to a reacceleration in house prices.

In The News:

Freddie Mac – “U.S. Economic, Housing and Mortgage Market Outlook – February 2024“ (02-26-24)

“U.S. economy: The economy grew at a much stronger than expected pace during 2023, defying expectations of a recession. (According to economists surveyed by the Wall Street Journal in January 2023, the likelihood of recession in 2023 was around 65%).”

Forbes –  “Why The Fed Can Keep Rate Cuts On Hold” (02-29-2024)

“The stock market’s benign reaction today to the latest inflation number shows that investors are finally getting used to the long-obvious reality that the Federal Reserve is not going to cut rates soon or deeply.”

CNBC –  “IRS targets wealthy ‘non-filers’ with new wave of compliance letters” (02-29-24)

“The IRS on Thursday unveiled plans to target wealthy “non-filers” with a new round of compliance letters.”

Yahoo Finance –  “The Fed’s ‘bumpy’ inflation picture could be about to get bumpier” (02-26-2024)

“Hotter-than-expected inflation readings have some Fed officials describing the path down to their 2% inflation target as “bumpy.””

NAR –  “Pending Home Sales Receded 4.9% in January” (02-29-24)

“Pending home sales in January dropped 4.9%, according to the National Association of REALTORS®. The Northeast and West posted monthly gains in transactions while the Midwest and South recorded losses. All four U.S. regions registered year-over-year decreases.=