Real Estate News 10/13/2023

Today’s News Synopsis:

The shelter component of the Consumer Price Index (CPI) — one of the government’s main gauges of inflation — rose 0.6% over the last month and 7.1% on a yearly basis in September. It was also the largest contributor to the monthly increase in inflation for all items, accounting for more than half of the increase.

In The News:

Yahoo Finance “Housing cost again frustrate the Fed’s efforts to curb inflation ” (10-12-2023)

“Headline inflation rose 3.7% in the 12 months through September, steady from 3.7% logged in August, and a 0.4% gain over the previous month, the Bureau of Labor Statistics reported Thursday.”

Redfin “Housing market update: Listing tick up, but buyers back off” (10-12-2023)

“New listings have inched up this fall, giving the buyers who remain in the market a few more homes to choose from. But many buyers are retreating as mortgage rates stay elevated.”

Fox Business “Fixed mortgage rates march higher, demand for adjustable-rate loans jumps” (10-12-2023)

“The average rates for fixed mortgages continued their upward climb this week, accompanied by a marked rise in demand for adjustable loans as consumers seek relief from record-high monthly payments.”

Yahoo Finance – “Fed can stay ‘patient’ after inflation data as odds rise on a December rate hike” (10-13-2023)

“As of Thursday morning, markets were pricing in a 12% chance the Fed hikes in November, down from a 41% chance a month ago, data from the CME Group showed. The chances of a December rate hike rose, however, to 37% from 26% following the September inflation reading.”

Bankrate – “What you need to know about roof inspections” (10-12-2023)

“During a roof inspection, the inspector typically looks at the roofing material, the flashing, gutters, vent pipe covers, caulking and other components to determine the condition of your roof. A damaged roof can cause a lot of stress for homeowners and can cost over thousands of dollars in repairs.”