INGLEWOOD – The Feds made good on their word to raise interest rates as a way to stave off inflation. Experts predict this having an impact on the housing market as many sellers are dropping asking prices. In the city of Inglewood homes continue to hit the market in excess of $1 million.
Ending weeks of speculation, the rate-setting Federal Open Market Committee took the level of its benchmark funds rate to a range of 1.5%-1.75%, the highest since just before the Covid pandemic began in March 2020.
Stocks were volatile after the decision but turned higher as Fed Chairman Jerome Powell spoke in his post-meeting news conference.
“Clearly, today’s 75 basis point increase is an unusually large one, and I do not expect moves of this size to be common,” Powell said. He added, though, that he expects the July meeting to see an increase of 50 or 75 basis points. He said decisions will be made “meeting by meeting” and the Fed will “continue to communicate our intentions as clearly as we can.”Fed hikes its benchmark interest rate by 0.75 percentage point, the biggest increase since 1994
Asking price: $1,900,000
Square feet: 2,799
Upside: with the money spent on this home your children will be guaranteed a grand education since you won’t be looking at the Inglewood Unified School District for any openings. The City and district will be happy with the property taxes they will reap on the purchase.
Downside: It’s in Inglewood where crime is holding steady, jobs are scarce for our youth, and the police department is hemorrhaging officers. Hopefully the new owners will be civic minded folks who will entertain a run for either the school board or city council.
Asking price: $1,699,999
Square feet: 3,577
Upside: THE KITCHEN!!!
Downside: You will have to pay for you and your guests to park in front of your home as this area participates in the citywide permit parking program.