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Russia hikes interest rates by 200 bps to 15%, above forecast
Credit: IndiaTimes- Published on October 27, 2023
Russia's central bank has raised its key interest rate to 15%, a higher than expected increase of 200 basis points. This is the fourth consecutive rate hike in response to a weak rouble and persistent inflation pressure. The central bank has now raised rates by 750 basis points since July. Inflation is expected to range from...
Video credit: Wibbitz Top Stories
Published on October 25, 2023 - 01:31
New US Home Sales Grew in September
New US Home Sales , Grew in September.
Even though mortgage rates are hovering around 8%, sales of newly-built homes surged 12.3% in September, CNN reports. .
Compared to a year ago,
sales increased 33.9%.
Existing home sales dropped 20%
during the same time period. .
Higher mortgage rates are causing homeowners to stay put instead of selling their current homes and buying new ones at higher rates, CNN reports. .
With one more Fed interest rate hike expected for the year, interest rates are not anticipated to drop any time soon, Kelly Mangold of RCLCO Real Estate Consulting, via statement.
A low supply of homes is making new construction more appealing to buyers.
The constraints in the housing market have created a significant amount of pent-up demand, as more and more households are living in homes they may have outgrown and are deciding to buy despite current market conditions. , Kelly Mangold of RCLCO Real Estate Consulting, via statement.
The South is considered “a region that continues to outperform due to availability of land, population and job growth, and a relatively lower cost of living,” according to Kelly Mangold of RCLCO Real Estate Consulting.
Usually, there are about 5 existing homes for sale for every 1 new home, but as of late, that ratio is more like 2 to 1, the National Association of Realtors says
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