Economic uncertainty has been the theme for the last 12 months. Inflation ranged from 9.1% in June 2022 to 4.9% in April 2023. Its stubborn and slow decline resulted in the Federal Reserve raising interest rates from near zero to 5% to 5.25% in 14 months. Rapid rate increases caused
Between March 8 and May 1, 2023, four regional banks failed, representing three of US history’s four largest bank failures. While regulators and political figures declared the crisis over, we will likely see ramifications for some time. With all bank failures, concerns about its impact on real estate investments exist.
Despite solid job numbers in the first quarter, economists upgraded the likelihood of a recession in 2023 to 64%. Recent bank failures and the move by the Federal Reserve to continue increasing interest rates somewhat explain why projections rose from 58% in February. Only 18% of economists put recession odds
