Two Federal Reserve Board chairmen this week signaled that they favor a quarter-point rate hike at the next meeting Feb. 1.
That's down from the half-point hike the meeting before that and four consecutive increases of 0.75 points prior, which have translated to a higher cost of debt financing, causing buyers to seek a higher rate of return, according to a new report from the National Multifamily Housing Council (NMHC).
Mark Obrinsky, SVP of research and chief economist, NMHC, said in prepared remarks that "with sellers unwilling to budge much on pricing, apartment transaction volume has largely dried up."
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