Real Estate News 10/09/2023

Today’s News Synopsis:

The US Federal Reserve’s October-November meeting holds significant weight as investors look for clues on the central bank’s approach to monetary policy. With Jerome Powell emphasizing the need for a persistent restrictive policy and a surprising surge in job additions according to the September Jobs report, expectations of an interest rate hike by year-end have grown. Traders now perceive a close to 50% chance of a quarter-point increase during the December meeting, highlighting the market’s response to changing economic dynamics.

In The News:

CNBC TV18 – “What to expect from upcomong US Federal Reserve policy meeting ” (10-09-2023)

“Federal Reserve Chair Jerome Powell’s recent remarks have underscored the need for a persistent restrictive policy, signaling cautious optimism amid signs of easing inflation.”

Redfin– “Rental Market Tracker: Asking rents flattened in September amid growing apartment supply” (10-05-2023)

“The median U.S. asking rent was little changed from a year earlier for the sixth straight month as an increase in the number of rentals made it harder for landlords to boost prices.”

Daily News– “Is California’s COVID-era relief program running out of money?” (10-09-2023)

“Since its inception in 2021, California’s COVID-era $5.2 billion rent relief program has been plagued with delays, criticism and a lawsuit.”

The Real Deal – “Purchase activity falls to 28-year low as mortgage rates near 8%” (10-09-2023)

“Mortgage applications decreased 6 percent in the week ending on Sept. 29, from the previous week, according to the Mortgage Bankers Association’s latest survey.”

Redfin – “59% of recent homebuyers say purchasing a house is more stressful than dating” (10-04-2023)

“Baby Boomers were most likely to say the opposite, with nearly half saying dating is more stressful than homebuying.”