MarketWatch: Weekly Real Estate Update for Riverdale, Bronx – 12/25/2023 – 1/2/2023
Let’s see what the market’s doing this week in the Riverdale area of the Bronx.
Did You Know?
So many pessimistic economic predictions about 2023 were wrong that one has to be a wee bit nervous seeing the incredibly optimistic predictions for 2024, but Wall Street sounds optimistic and much of the data supports this. Massive gains are not expected by most, and maybe a return to “boring” may serve us all better (most of us, as there are always beneficiaries from turbulence!)? More than 90% of Bank of America poll participants, who collectively manage $691 billion of assets, predicted the Fed is done raising interest rates. More than 60% said they expect lower bond yields in a year, a record high for the survey. The S&P 500 has risen in 73.9% of presidential election years since 1929, higher than the overall average of 64.9%. The index has returned an average of 6.15% in election years.(WSJ)
2024 brings us interest rates just below the average 30-year mortgage rate for the past 50 years. At 6.815 in December 2023, all indications suggest that rates will continue to decrease this year.
Courtesy of Adam W. Turkewitz, Wells Fargo
