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Real estate groups urged the Fed to stop rate hikes. Here’s why._我的网站

一 |     창원지방법원[연합뉴스 자료사진](창원=연합뉴스) 박영민 기자 = 창원지법 형사2단독 정지은 부장판사는 주지 스님을 속여 1억1천만원을 가로챈 혐의(사기)로 기소된 50대 A씨에게 징역 1년을 선고했다고 26일 밝혔다. A씨는 2024년 6월 경남 밀양지역 한 사찰의 주지 스님에게 거짓말해 1억원을 받아 가로챈 혐의로 기소됐다. 그는 "남편이 공장을 운영하는데 직원 급여와 미국 업체와의 사업에 쓸 자금이 필요하다"며 "5개월만 사용한 뒤 갚고 매달 이자 100만원을 지급하겠다"고 피해자를 속였다. 당시 A씨는 공장을 운영하거나 사업자금이 필요한 상황이 아니었으며, 돈을 갚을 의사나 능력도 없었던 것으로 조사됐다. A씨는 같은 해 10월에도 "미국에서 수십억원이 입금됐는데 이를 인출하려면 관세 문제로 1천만원이 필요하다"고 피해자를 속여 돈을 추가로 받아 챙겼다. 재판부는 "피해액이 적지 않은데도 피해가 전혀 변제되지 않았고 피해자가 엄벌을 탄원하고 있어 실형 선고가 불가피하다"며 "피고인이 범행을 인정하고 동종 처벌 전력이 없는 점 등은 유리한 정상으로 참작했다"고 양형 이유를 밝혔다. [email protected]。    Major housing industry groups voiced "profound concern" in a letter this week urging the Federal Reserve to stop raising interest rates.The rare public admonishment from top business advocates -- including the National Association of Realtors and the National Association of Home Builders -- underscores a dramatic slowdown in the housing market due in large part to rising interest rates.The letter arrives roughly three weeks before the Fed plans to make its latest rate-hike decision.Mortgage rates have reached their highest level in more than two decades and they have continued to rise. Data released on Thursday showed that mortgage rates increased for the fifth consecutive week, according to Freddie Mac."The speed and magnitude of these [mortgage] rate increases, and resulting dislocation in our industry, is painful and unprecedented," the letter from the housing groups said.Here's what to know about why real estate groups called on the Fed to stop raising rates:

What's happening in the housing market?

Sky-high mortgage rates have dramatically slowed the housing market, since homebuyers have balked at stiff borrowing costs and home sellers have opted to stay on mortgages that lock them into relatively low rates.Mortgage applications have fallen to their lowest level since 1996, the Mortgage Brokers Association said earlier this month.Sales of previously owned homes, meanwhile, have plummeted more than 15% compared to a year ago, the National Association of Realtors found in August.The slowdown has coincided with a sharp rise in costs for potential homebuyers.The average interest rate for a 30-year fixed mortgage has climbed to nearly 7.6%, Freddie Mac data shows.When the Fed initiated the rise of bond yields with its first rate hike of the current series in March 2022, the average 30-year fixed mortgage stood at just 4.45%.Each percentage point increase in a mortgage rate can add thousands or tens of thousands in additional costs each year, depending on the price of the house, according to Rocket Mortgage.

What role is the Federal Reserve playing in the housing market slowdown?

An aggressive series of interest rate hikes at the Federal Reserve since last year has pushed up the 10-year Treasury yield, which loosely tracks with long-term mortgage rates.The Fed has fought elevated inflation with borrowing cost increases as it tries to slash price hikes by slowing the economy and choking off demand.While inflation has fallen significantly from a peak of about 9% last summer, price increases remain more than a percentage point higher than the Fed's inflation target.Price increases held steady in September, fresh data on Thursday showed, suggesting that elevated inflation remains resistant to the interest rate hikes.The persistence of elevated inflation has prompted the Fed to espouse a policy of holding interest rates at high levels for a prolonged period, which in turn has increased the 10-year Treasury yield and put upward pressure on mortgage rates.Moreover, the Fed expects to raise rates one more time this year, according to projections released last month.Speaking at a press conference in Washington, D.C., last month, Fed Chair Jerome Powell acknowledged the continued effect of interest rates on mortgages, noting that activity in the housing market "remains well below levels of a year ago, largely reflecting higher mortgage rates."

What do the housing industry groups want the Fed to do?

Housing industry advocates want the Fed to take swift actions that reassure investors and other market participants of an end to the policies cooling the industry.Most notably, the industry groups want the central bank to release a statement saying that it has abandoned consideration of additional rate hikes.In their letter to Fed officials, the housing groups cautioned that a further slowdown in real estate could help tip the U.S. economy into a recession, scuttling the central bank's effort to achieve a "soft landing.""We urge the Fed to take these simple steps to ensure that this sector does not precipitate the hard landing the Fed has tried so hard to avoid," the letter said.。

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Published on:05:49:37