Real Estate News 12/13/2023

Today’s News Synopsis:

With the inflation rate easing and the economy holding in, policymakers on the Federal Open Market Committee voted unanimously to keep the benchmark overnight borrowing rate in a targeted range between 5.25%-5.5%.

In The News:

CNBC – “Fed holds rates steady, indicates three cuts coming in 2024“ (12-13-2023)

“The Federal Reserve on Wednesday held its key interest rate steady for the third straight time and set the table for multiple cuts to come in 2024 and beyond.”

Yahoo Finance –  “IRS rejects claims from 20,000 taxpayers for lucrative small business tax credit” (12-08-2023)

“The IRS is taking action against small businesses that improperly filed returns claiming a lucrative pandemic-era tax credit.”

NAR  –  “Markets With the Most Pent-up Housing Demand” (12-13-2023)

“After a year marked by a market slowdown, anticipation was high that 2023 would usher in a turning point for both the economy and the housing market.”

HUD User.Gov –  “Positive Rental History” (12-05-2023)

“Positive rental history (PRH) has been included as an element of the Federal Housing Administration’s (FHA’s) Technology Open to Approved Lenders (TOTAL) Scorecard since October 30, 2022, and lenders have been required to report PRH since March 25, 2023. FHA incorporated PRH in TOTAL to expand access to credit for first-time homebuyers who have demonstrated a history of making on-time rent payments, which generally are not reflected in credit scores. ”

NAR –  “Consumer Financial Literacy”(12-13-2023)

“Homeownership is the top method for Americans to build wealth in the United States (U.S.). Based on research from the Federal Reserve, the typical homeowner has a median net worth of $396,200, while the typical renter has a median net worth of $10,400. This difference is stark.”