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Fed interest rate cuts could draw out-of-state homebuyers to Rhode Island, increasing home prices – The Boston Globe

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Fed interest rate cuts could draw out-of-state homebuyers to Rhode Island, increasing home prices – The Boston Globe


Some experts expect the reduction could come as soon as next month, though Powell did not provide a specific timeline. “The time has come for policy to adjust,” the Fed chair said in a speech. “The direction of travel is clear, and the timing and pace of rate cuts will depend on incoming data, the evolving outlook, and the balance of risks.”

Chris Whitten, president-elect of the Rhode Island Association of Realtors, told the Globe Friday that buyers who had been waiting for mortgage rates to fall may now move to acquire homes. The 30-year fixed-rate mortgage currently averages close to 6.5 percent, according to Freddie Mac.

Whitten suggested that lower borrowing costs could encourage potential homeowners from across the border in Massachusetts, for example, to look for more affordable options in Rhode Island.

In July, the median price for a single-family home in Rhode Island had risen to $495,000, a 12.5 percent increase over a year ago. While home prices may be going up in the Ocean State, in neighboring Massachusetts homes are even more expensive. The median price of a single-family home in the Bay State is $678,500, according to the Massachusetts Association of Realtors.

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During the pandemic when rates were lower, willing buyers who were priced out of Massachusetts towns close to the Rhode Island border — like Rehoboth, North Attleboro and Plainville — were looking to purchase in the Rhode Island communities of Lincoln, Cumberland, Burrillville and East Providence, where homes were less expensive, Whitten said.

“What I anticipate with the rates coming down is that you’re going to have a lot of people coming from Massachusetts looking over the border, because things are a little bit more affordable,” he told the Globe. “We did see that happen, and I really anticipate that will be the case again, once the rates start to go low, because we’re going to have more buyers in the market and the prices going up due to the supply and demand.”

Whitten said that Rhode Island has struggled to build enough homes to match increasing demand. “Here’s another thing that’s sadly unique to Rhode Island. We are dead last in new construction build and we are also dead last in the country in permits, the start of new construction,” Whitten said. “We are a small state, and we love it for so many reasons, but we are a small state that doesn’t have a lot of land to develop.”

Rhode Island Realtors has been working to encourage policymakers to reduce red tape to allow for more homes to be developed, Whitten said, to increase the supply of homes and ease the pressure on prices in the state’s housing market.

“You’re looking at a lot of existing, preexisting, homes that everybody is going to be buying and selling and very, very, very few new construction homes,” he said.

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Omar Mohammed can be reached at omar.mohammed@globe.com. Follow him on Twitter (X) @shurufu.





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Rhode Island

5 Places In Exeter To Have A Special Back-To-School Dinner

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5 Places In Exeter To Have A Special Back-To-School Dinner


For most kids, school is officially back in session. It’s an exciting time of year with lots of activity and changes in routine for the whole family.

To celebrate the start of a brand new academic year, why not take the kids out for a special back-to-school dinner? Here are five restaurants in the Exeter area that are sure to be a hit with parents and kids alike.

Please note: We recommend calling ahead to confirm the restaurant’s hours and if possible, making a reservation for you and your crew.


1. Back 40

Address: 20 S County Trail, North Kingstown, RI 02852
Phone Number: (401) 667-4869
Website: back40ri.com

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2. Celestial Cafe

Address: 567 S County Trail, Exeter, RI 02822
Phone Number: (401) 295-5559
Website: celestialcaferi.com

3. Gregg’s

Address: 4120 Quaker Ln, North Kingstown, RI 02852
Phone Number: (401) 294-5700
Website: greggsusa.com

4. Frankie’s Restaurant and Pizzeria

Address: 1051 Ten Rod Rd, North Kingstown, RI 02852
Phone Number: (401) 295-2500
Website: frankiesri.com

5. Filippou’s Restaurant

Address: 670 Ten Rod Rd, North Kingstown, RI 02852
Phone Number: (401) 294-4767
Website: filippouspizza.com


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Rhode Island

Man Gets Beatdown Over Jukebox Song Choice at Rhode Island Bar

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Man Gets Beatdown Over Jukebox Song Choice at Rhode Island Bar


In what might be the most dramatic jukebox-related drama of the decade, a Providence, Rhode Island, man found himself in the ER Tuesday morning—apparently for the crime of choosing the wrong song. Yes, police reports reveal that the man, who’s in his 40s, was subjected to an impromptu brawl after selecting a track that apparently triggered a full-blown, three-man beatdown.

Here’s how it all went down: According to Go Local Prov, the unfortunate music enthusiast was at Deadbeats Bar on Knight Street, innocently enjoying his night when he dared to pick a song on the jukebox that didn’t sit well with a trio of 30-something music critics. Instead of just rolling their eyes or making snide comments—like any normal, rational person—they opted to drag him outside and proceeded to deliver a beatdown.

By the time the police arrived around 1 AM, the poor guy had already lost consciousness. When they found him, he had a cut on his chin that was still bleeding and his face was completely swollen.

So there’s the story. I know, I know, you want to know what the song was. So do I! There was no mention of that, yet I’m still dying to know. I’m assuming this was an old school jukebox.

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Vintage jukebox playing 45 rpm vinyl

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I’m a fan of the much more igognito TouchTunes app on your phone. No, not because I don’t have to get up from my seat to play a tune, but more so because I might be that guy that likes discretely toss on a tune that doesn’t fit the vibe of the bar. Yup, wasting a buck to watch peoples reactions is totally worth it… not to mention, a much lower chance of getting beat up by some roudy fellas that don’t care for your music selection.

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Gallery Credit: Chad Childers, Loudwire





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Democrats stress gun violence prevention on convention’s final night • Rhode Island Current

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Democrats stress gun violence prevention on convention’s final night • Rhode Island Current


CHICAGO — The final night of the Democratic National Convention Thursday included a lineup of lawmakers and others who have long advocated for gun safety and have dealt with the aftermath of gun violence in their communities.

“Our losses do not weaken us — they strengthen our resolve,” Georgia U.S. Rep. Lucy McBath, a longtime gun safety advocate, told delegates.

McBath became an advocate for gun safety after her 17-year-old son, Jordan Davis, was murdered at a Florida gas station in 2012.

Her son was shot and killed by a white man who was angry about the loud music being played by the Black teenager and his friends.

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McBath’s remarks on gun violence were a leadup to the keynote address by Vice President Kamala Harris, as she not only aims to energize her Democratic base, but make her case to the American people to elect the first woman president come November.

As gun violence remains a top concern for Americans, Harris is uniquely positioned to campaign on the issue. Last year, she was tasked with overseeing the first-ever White House Office of Gun Violence Prevention.

Her running mate, Minnesota Gov. Tim Walz, is an avid hunter but believes in banning assault weapons.

Harris is also able to campaign on a major accomplishment of the Biden administration in passing and signing into law the most comprehensive gun safety legislation in decades.

That measure, the Bipartisan Safer Communities Act, provided millions for states to enact so-called red flag laws and allocated billions for mental health services for youth.

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McBath has been an advocate for passing the red flag laws, which allow federal courts to temporarily remove a firearm from an individual who is adjudged to pose a threat to themselves or others.

She was able to get the legislation passed in the House, when Democrats controlled that chamber.

It followed mass shootings in Buffalo, New York, and Uvalde, Texas.

In Buffalo, a white supremacist targeted a Black neighborhood and killed 10 Black people in a grocery store. And in Uvalde, 19 children and two teachers were murdered, making it the second-deadliest mass shooting since the Sandy Hook Elementary School massacre in 2012.

There have been 353 mass shootings this year, according to the Gun Violence Archive, which tracks gun violence in the U.S.

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McBath on the DNC stage was joined by Kimberly Mata-Rubio, whose 10-year-old daughter was killed in the Uvalde mass shooting, and a former teacher from Sandy Hook Elementary School, Abbey Clements.

“They should still be here,” Clements said of her students.

Former U.S. Rep. Gabby Giffords, who survived an assassination attempt when she was shot while meeting with constituents, received a standing ovation from the crowd at the United Center.

She now runs a gun safety advocacy group — the Giffords Law Center.

Giffords spoke of her life growing up in Arizona, and how it gave her “grit.”

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“I fell for an astronaut,” she said of her husband, Arizona Sen. Mark Kelly, a former astronaut, before planting a kiss on his forehead.

She said she sees that same grit in Harris, who “is tough” and will fight against gun lobbyists.



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