Pictured above is one of the many delights that Bella Cucina and Express Pizza made for over three decades in Greenwich. Unfortunately, due to the pandemic and lack of the lunch business with so many working from home they have had to close their doors. Here is an article on the Greenwich Time: Express Pizza Closes. Frank was not only an incredible cook but a genuine friend. He would always welcome us with a smile. We enjoyed the food immensely but the conversation and smiles is what we will miss the most. Friends of the family have set up a gofund me page as well: Greco Family
Friends. The below article is from a few weeks ago. However, I felt it was pertinent and thought the payment increase on the same loan was a powerful statistic. Also, since Lawrence Yun is the Chief Economist for the National Association of Realtors, felt his opinion was important to share.
Instant Reaction: Interest Rates, June 15, 2022
June 15, 2022
Today's announcement by the Federal Reserve set a big increase in interest rates and means several more rounds of rate hikes are on the way in upcoming months. So far, the short-term fed funds rate that the Fed directly controls has risen by 175 basis points. But the 30-year fixed rate mortgage has risen even more – by nearly 300 basis points. On the same $300,000 mortgage, the monthly payment has risen from $1265 in December to $1800 today. That's painful and, consequently, will shrink the buyer pool.
Home sales have recently been trending down towards 2019 figures. Sales could fall even further with some inventory sitting on the market for more than a month like in the pre-pandemic days. Pricing a listed home properly will, therefore, be the key to attracting buyers. In the meantime, rental demand will strengthen along with rents. Only when consumer price inflation tops out and starts to fall will mortgage rates stabilize or even decline a bit. That is why providing additional oil supplies will be critical in containing consumer prices and interest rates.
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Jared Randall
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