In a surprising turn of events, the Federal Reserve's recent rate cuts have failed to provide relief to millions of American homeowners and prospective buyers. Despite the Fed lowering its official rate to 4.75% from 5.5% in two separate cuts this year, mortgage rates have paradoxically increased, leaving many to question the effectiveness of the central bank's monetary policy.The Fed's decision to cut rates for the first time in four years was widely anticipated as a move to stimulate economic growth and ease borrowing costs. However, the approximately 85 million holders of residential mortgages. . .
Real estate
A historic jail that once housed the former Sheriff's Museum is now on the market in San Diego. Located on San Diego Avenue, this property, rich in history, served as a lock-up in the 1800s before being transformed into a museum dedicated to the legacy of the San Diego County Sheriff's Department.
You can now buy an historic jail in San Diego's "old town." Lucinda Kay explains.
The museum, which showcased the department's storied past, closed its doors permanently due to the financial strain caused by the COVID-19 pandemic. Now, the nearly. . .
Positive Outlook for Housing Market as Pending Home Sales Surge in December 2023
As the housing market enters a new year, the surge in pending home sales during December 2023 paints a positive picture for both homebuyers and the real estate industry. The National Association of Realtors reported an impressive increase of eight-point-three percent in signed contracts, indicating a robust start to the year.
One of the key factors contributing to this surge is the notable decline in mortgage rates. As interest rates decrease, homes become more affordable for a broader segment of the population, encouraging potential buyers to enter the market. The stability in home prices further adds to the. . .