Silicon Valley Real Estate Market Update 6/22/2023



Here's the weekly round-up of news. Check it out, save it for later, and/or share it with your friends. 

 

Expert advice key for buyers In the current high-interest-rate environment, prospective buyers are advised to take several steps to improve their financial situation while waiting for rates to drop. These include refining their home preferences, consulting with experts like mortgage consultants and real estate agents, improving their credit scores and building up their down payments. Full Story: CBS News (6/19) 

Economists: Lack of supply supports rising home prices The country's housing market is experiencing a correction, not a crash, with home prices continuing to rise due to a shortage of homes for sale, according to economists and analysts at a recent real estate editors conference. Full Story: The Orange County Register (Irvine, Calif.) (6/16) 

Bill would end criminal records in review by landlords The bill recently introduced in the House of Representatives would prevent consumer reporting agencies from including criminal history information on reports used to screen potential renters. Full Story: Fox News (6/19) 

Powell expected to clarify rate path before Congress Federal Reserve Chair Jerome Powell is scheduled to undergo questioning from lawmakers this week, receiving a chance to clarify a message many have found unclear regarding the trajectory of interest rates. Additionally, Powell has an opportunity to reassure lawmakers the economy is progressing as expected, as he testifies on Capitol Hill for the first time since early March. Full Story: Bloomberg (6/20) 

Market Update The Federal Reserve met last week and decided to pause rate hikes in their latest FOMC meeting.  While the Committee held the fed funds rate steady this time around, Fed Chairman Powell suggested that they are prepared to raise rates a couple more times, or another 50 bps, this year to tame stubborn inflation. Next year, Fed officials see interest rates falling by 100 basis points as economic growth slows further. This is the first time since January 2022 that the Fed made no rate change following a policy meeting.  Before the Fed’s announcement, the bond market generally priced in one more 25bps rate increase by the end of 2023.  Interest rates have been moving sideways since the announcement but will stay elevated longer than what the market previously anticipated.   Full Story CAR Market Minute Write Up

 

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