Recent news surrounding the National Association of Realtors (NAR) has been driven by rising concerns over housing affordability, commission structures, and the impact of economic policies on the real estate market. Elevated mortgage rates and high home prices have made homeownership increasingly unattainable for many, prompting scrutiny of the NAR's practices. Additionally, a legal case in Missouri highlighted issues with the NAR's commission rules, leading to claims of inflated fees for home sellers. These developments have sparked discussions about the association's influence on the real estate industry and its role in shaping housing policies.
Founded in 1908, the National Association of Realtors is a prominent North American trade association representing over 1.3 million members, including real estate brokers and agents. The NAR advocates for the interests of its members and promotes ethical standards within the industry. It plays a significant role in shaping real estate policies, providing resources and training for its members, and conducting research on housing trends. The association is known for its influence on legislative matters affecting the real estate market and its commitment to enhancing the professionalism of its members.
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On December 18, 2024, the Federal Reserve announced a 25 basis point interest rate cut, marking the third reduction this year. This decision aligns with market expectations amid rising inflation and a mixed economic outlook. The Fed's projections indicate potential further cuts in 2025, influenced by President-elect Trump's proposed tariffs.
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As of December 23, 2024, the U.S. housing market is poised for potential recovery in 2025, with mortgage rates expected to stabilize and inventory levels rising. Experts predict a rebound in home sales, although affordability challenges persist due to elevated prices and rates.
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Recent reports indicate a mixed economic landscape in the U.S., with inflation remaining above target levels and GDP growth showing resilience. The Federal Reserve's recent interest rate cuts and projections for fewer cuts in 2025 have raised concerns about future borrowing costs and inflation management.
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As of December 19, 2024, the average rate for a 30-year mortgage increased to 6.72%, up from 6.6% last week, according to Freddie Mac. Despite rising rates, existing home sales rose 4.8% in November, indicating a complex housing market landscape.
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As inflation trends shift, central banks in the UK and Turkey have adjusted interest rates, impacting housing markets. The Bank of England held rates at 4.75%, while Turkey's central bank cut its repo rate to 47.5%. These decisions reflect ongoing economic challenges and varying inflation rates across regions.
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In 2024, first-time homebuyers in the U.S. faced significant challenges, with only 24% of purchases attributed to them, the lowest since 1981. High mortgage rates and sticky home prices hindered their entry into the market, despite some signs of improvement in affordability and inventory levels.