Breaking News: Fed Cuts 50 Basis Points
The Open Market Committee of the Federal Reserve Bank has reduced both the Federal Funds Rate and the Discount Rate a full half of a point this afternoon. Investors have signaled their approval by driving the stock market up at a precipitous rate.
Home sellers should remain reserved. In a statement released by the Fed it was mentioned that their goal was to promote "...moderate growth over time." I predict that this will have little immediate impact on a housing market awash in inventory but that it will do just exactly what the Fed is looking for. Promote moderate growth over time. It will be next spring or summer at the earliest before this market begins to pick up.
Real estate brokers who encourage their clients to think otherwise are doing them a disservice.
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