Real Estate News 11/01/2023

Today’s News Synopsis:

The Federal Reserve is expected to hold interest rates in a range of 5.25%-5.50% at the conclusion of its meeting on Wednesday, though possibly keep the door open to further rate hikes in the coming months.

In The News:

Yahoo Finance – “Fed set to keep interest rates unchanged, weigh future hikes” (11-01-2023)

“The Fed in July raised rates to a 22-year high as it continued the most aggressive rate-hiking campaign in four decades.”

Bloomberg Tax –  “Week in Insights: San Francisco’s Vacancy Tax Will Be Major Test” (10-29-2023)

“San Francisco is infamous for its expensive real estate and its unhoused population. To address those issues, voters last year approved Proposition M, which will tax owners of vacant residential properties starting on Jan. 1, 2024.”

Bankrate –  “Housing market fact or fiction: 49% believe now is a bad time to buy — but is it really? (10-30-2023)

“COVID first rocked the world back in 2020, but the housing market continues to feel the effects. U.S. home prices are near record highs, and mortgage rates have rocketed to their loftiest levels since 2000.”

Realtor.com –  “Hopeful Homebuyers Turn Relatives into Roommates to Save Money” (10-10-2023)

“According to a survey from Realtor.com and Censuswide, would-be buyers facing affordability challenges may turn to their parents and other family members to secure a place to call home. Similarly, proximity to family is a leading factor in choosing a place to live as nearby relatives can help relieve childcare costs. ”

NAR –  “Pending Home Sales Rise Modestly in September 2023” (10-31-2023)

“NAR released a summary of pending home sales data showing that September’s pending home sales pace increased 1.1% from last month but fell 11% from a year ago.”