Posted on 09/06/2024 6:18:57 PM PDT by ChicagoConservative27
Homebuyers stuck on the sidelines waiting for mortgage interest rates to fall (or home prices to level off) may not have to wait much longer. With a combined cooling inflation rate and concerning unemployment figures, the Federal Reserve is now poised to issue its first cut to the federal funds rate since 2020. And some economists think it could be a substantial reduction.
While the Fed doesn't directly dictate what lenders offer borrowers, it goes a long way toward influencing their rates, as homebuyers contending with the highest mortgage interest rates in decades can attest. But a reduction in the federal funds rate after the next Fed meeting on September 18 – and the potential for additional cuts when the Fed meets in November and December – may have some buyers wondering if now is the time to act. And that decision-making will largely depend on what they can afford to pay.
(Excerpt) Read more at cbsnews.com ...
Have you seen housing prices lately?
I would imagine everyone in California. Although more likely a million. The average home in America is 475K. So half at least are going after 500K.
I’m glad our kid was able to get into their first house near the end of 2021. Mortgage rate is 3% or 3.125% fixed.
Greater Boston...Tri State Area (NY/NJ/CT)....DC area...several cities on the West Coast...
That’s a lowball price, in the Sunbelt .... and, not the blue state blues/crime rates to deal with ... for now 🫤
Houses that cost $500K (plus) in the Northeast and West Coast cost $200K in suburban Kansas City,suburban Nashville and much of the rest of the country. In Syracuse,NY it costs $75K.
Ditto with my daughter. Her and her hubby bought a $750,000 home in Seattle at 3% mortgage. They could not afford same house today during Biden/Kamala regime.
Poor Syracuse ... lol.
And, KC and suburban Nashville.
How are their blue state taxes affecting them?
Not to mention crime rates.
At best the Fed cuts rates 50 Basis points, but they could get real irresponsible and do a 100 Basis point cut and refuel inflation and next year they have reraise rates even higher.
So a saving of about $60 a month after the supposed large rate cut and perfect credit to get those rates. We know what these types of articles are trying to do...get the great Klamu elected.
“Inflation cooling”
Lie of Lucifer.
I was looking at Portsmouth, NH prices online today.
The properties were probably overpriced by a factor of three.
Apparently no one informed the food mart.
Just took my neighbor to the store for her monthly stock up and the $100 she had budgeted did not cover it. Thankfully she was tired and had gone to sit on the bench so I picked up the tab.
Since we keep her in eggs and dairy she did not have to buy that which probably knocked 10% off her bill.
I visited daughter in July. Their house is in nice neighborhood, weather was amazing 60-75. There is no state income tax in WA state (yet) which was the main reason we moved there from Illinois. Our property taxes were not atrocious in WA. But Florida has lower prop taxes, for seniors.
Home owners insurance in FL has become a bear though. Our mortgage has increased $600/month since our purchase 15 years ago because of the insurance rates. Luckily we only have 5 years left until payoff
I want Pres Trump to crush her,go back to DC and expose & annihilate the Deep State as much as anyone. But…..
They could drop the rates to 1% the day he takes the oath. The economy can explode. Home prices will exponentially go up in his due to an insane real estate/banking cabal inflating price.
Force Wall St to divest all the homes they bought and turned into rentals, deport all the Section 8 receiving illlegals and only then will home prices start slidin back to normalcy
No need to open up federal lands, land it shouldn’t even own, to build more. There are plenty of homes that aren’t available to buyers due to WallSt and illegals. In Georgia, like pretty much every other state, entire neighborhoods and towns have been taken over by illegals and turned into favelas.
Great take on the whole fraud: https://www.facebook.com/share/r/P5faYU1Gr497zqRK/?mibextid=Mk4v2M
The same people who take out a 7 year $750 loan on a car!
We bought our house in 2012, for 335K, the house next door to us just sold for 575K.
Things are just CRAZY.
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