December 09 2024
Reef Daily
Reef Daily | December 09 2024
Housing Market Update
Latest Market Data (December 9, 2024)
The November jobs report showed unemployment at 4.2%, up from 4.1% in October, with strong wage and job growth exceeding expectations.
Mortgage Rates
Current rates as of December 9, 2024:
| Type | Rate |
|---|---|
| 30-year fixed | 6.24% |
| 15-year fixed | 5.63% |
| 30-year VA | 5.63% |
Future Forecasts
Mortgage rates are expected to decrease further in 2025 as the Federal Reserve considers rate cuts. The upcoming Consumer Price Index (CPI) report this Wednesday will be crucial in determining the next rate movement.
Notable Transactions
Commercial Highlights
Alexandria Real Estate Equities (NYSE:ARE) has announced a $500 million common stock repurchase program.
Market Indicators
Regional Activity
Georgia has awarded over $5 million in Rural Workforce Housing grants, supporting the development of 140 new housing units across three communities:
- Hawkinsville: 58 single-family units
- Hinesville: 31 detached townhomes
- Waynesboro: 51 units (27 single-family homes and 24 townhomes)
Regulatory Updates
The Committee on Foreign Investment in the United States (CFIUS) has implemented new rules effective December 9, 2024, expanding its authority to review foreign real estate transactions near military installations.
Fraud Alert
A significant rise in business email compromise (BEC) scams is affecting real estate transactions, with the FBI reporting 21,489 BEC complaints in 2023 resulting in losses exceeding $2.9 billion.
Sources:
Mortgage Rate Forecast Following Strong Labor Data: Dec. 6, 2024 - CNET
Current Mortgage Rates: December 9, 2024 | Money
US Treasury Issues Final Rule Expanding CFIUS’s Real Estate Jurisdiction – Publications
They were closing on their dream home. Then they fell for a little-known real estate scam | CNN Business
Kemp announces next round of Rural Workforce Housing awards - Valdosta Today
Mortgage and refinance rates today, December 9, 2024: Rates keep inching down
Today's Mortgage Rates | Rates Are Back Down
Alexandria Real Estate Equities, Inc. Announces $500 Million Common Stock Repurchase Program
Sources
This newsletter is for informational purposes only and should not be considered as financial advice.
© 2024 Reef Insights. All rights reserved.
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