BY BRAD BECKETT ON OCTOBER 16, 2023
The Scotsman Guide is reporting that three real estate industry groups have banded together to bring attention to the Federal Reserve about what they say is havoc being caused by rising interest rates on the housing market. Click here to read more.
In a joint letter to Fed chair Jerome Powell and the central bank’s Board of Governors, leaders from the Mortgage Bankers Association (MBA), National Association of Realtors (NAR) and National Association of Home Builders (NAHB) said they seek to “convey profound concern shared among our collective memberships” about the impacts of continued uncertainty regarding rate policy moving forward. Indeed…
“This has exacerbated housing affordability and created additional disruptions for a real estate market that is already straining to adjust to a dramatic pullback in both mortgage origination and home sale volume,” said the groups’ letter of the Fed’s reluctance to telegraph future policy. “These market challenges occur amidst a historic shortage of attainable housing.”