After today’s announcement by the Federal Reserve that it is pausing its strategy of raising interest rates, one of the nation’s most prominent housing economists has called on the central bank to back off from future hikes.
Lawrence Yun, the chief economist for the National Association of Realtors (NAR), issued a statement declaring that a continuation of the rate hike regimen was no longer necessary and would do more damage than good.
“A monetary policy lag time exists between decision and inflation,” said Yun. “The rate hikes from earlier months have yet to exert their force at a time when inflation has already decelerated to 4%.”
Yun added, “There is no need to consider raising interest rates. In fact, considering the balance sheet difficulties faced by community banks and weakness in the commercial real estate sector, the Fed should look at cutting interest rates before the end of the year. The Fed should look forward, not backward.”
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I WOULD LOVE ONLY A 10% INCREASE IN INSURANCE. Up 30to 40% this includes Farmers, Liberty mutual, Travelers and other bids. Also would love
only a 10% increase in property taxes. Most are up 20 to 30% Building materials or cost for roofs, paint ,, water heaters. PLEASE ONLY 10%
The housing market in now out of reach for many, would-be, buyers. Home prices, interest rates and outrageous insurance costs in Florida are hurting so many people!
Why is it in Florida, that the condo addendum states that the sellers pay for levied or pending assessments ? Sellers have lived through the damage then pay for the buyer to enjoy in his future. That is like buying a new car for the buyer after closing. Revise language. Some is negotiable……
Because Florida is a title state, and in order to transfer clear title to a new owner, all assessments and liens must be paid for up front prior to closing.