1 Superb Stock to Buy Hand Over Fist in 2024, Despite Its 92% Plunge
The Federal Reserve held the federal funds rate at a historic low of 0.25% during the worst of the pandemic to offset its negative economic impact. But with inflation hitting a 40-year high by the end of 2022, the central bank had no choice but to aggressively hike rates. By Aug. 2023, the federal funds rate was at a 23-year high of 5.50%, where it remains today.
It dealt a serious blow to the real estate market. U.S. existing-home sales hit a 28-year low of 4.09 million in 2023, and that was very bad news for Redfin (NASDAQ: RDFN), which runs one of the country's largest brokerages.
Redfin stock has been sliding lower for the last three years as conditions in the real estate market gradually deteriorated, and it now trades 92% below its all-time high. But with the Fed considering three rate cuts in 2024, here's why now might be a great time for investors to pounce.
Source Fool.com
