Here's the Growth Stock to Buy If Interest Rates Fall in 2024 -- and They Probably Will
Last year, the U.S. Federal Reserve embarked on the most aggressive campaign to hike interest rates in its history. It has raised the Federal Funds Rate from a historic low of 0.25%, to 5.50%, which has placed enormous pressure on many industries throughout the economy, but especially real estate.
Existing home sales fell to 3.9 million on an annualized basis in September, which was the lowest level since 2010. With mortgage rates above 7%, buyers can't afford to borrow as much money, and homeowners who took out a mortgage a few years ago are reluctant to sell because it means giving up their low fixed rate.
Zillow Group (NASDAQ: Z)(NASDAQ: ZG) operates several technology businesses within the housing sector, so it has been one of the hardest-hit companies amid the seismic shift in rates. Unfortunately, that isn't the only challenge Zillow has grappled with over the last couple of years.
Source Fool.com
