Are we currently in a recession? That’s not an easy question to answer. According to an economic benchmark established in 1974, which states that if the gross domestic product of the U.S. contracts in two consecutive quarters, the answer is yes. However, the National Bureau of Economic Research, which is tasked with labeling official recessions, has yet to announce a recession. That may be because the unemployment rate has held at just around 3.5% with plenty of jobs still available.
Regardless of what we call these times of economic uncertainty, house prices have surged and in response to record inflation, interest rates have risen. The result has been a slowdown in home buying and in…
Buyers In California Are Pumping the Brakes Amid Rising Interest Rates
People in California have put the brakes on buying houses because of the ever-increasing interest rates. So, when will the housing market bounce back?
In light of the Federal Reserve’s effort to try and curb inflation by increasing interest rates, there has been a slowdown in California’s real estate market. People are worried about rising interest rates and soaring home prices, where the median price is now over $900,000. It’s no wonder that home sales have decreased by 50% in November 2022.
Despite the fact that only 13% of California real estate agents who participated in Homelight’s California Real Estate Insights report characterize their local market as being a seller’s…
