Rhode Island
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.
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.
Omar Mohammed can be reached at omar.mohammed@globe.com. Follow him on Twitter (X) @shurufu.
Rhode Island
Authorities provide update on deadly mass shooting at Brown University in Rhode Island
Authorities said two people were killed and eight more were injured in a mass shooting at Brown University, an Ivy League school in Rhode Island. Authorities said students were on campus for the second day of final exams.
Posted
Rhode Island
RI school superintendent resigns amid antisemitic hazing investigation
A Rhode Island school superintendent has resigned amid an investigation into alleged antisemitic hazing in the district, NBC affiliate WJAR-TV reports.
Smithfield Superintendent Dr. Dawn Bartz announced her resignation in a letter addressed to the school community. Bartz has been on leave since November after a report of hazing at Smithfield High School.
The Jewish Alliance of Rhode Island said five high school football players locked a freshman student in a bathroom, sprayed Lysol at the student and yelled antisemitic slurs.
In her resignation letter, Bartz focused on her successes surrounding academic outcomes, special education and STEM opportunities and other positives for the district, and thanked the community.
“As Smithfield moves forward, I am confident the district will continue to build on this progress
and momentum. I wish all our students, staff, and families continued success in the years ahead,” she wrote.
The letter did not specify a reason for the resignation.
WJAR-TV first reported on the situation on October, when the Bartz released a statement on its investigation.
“The investigation confirmed inappropriate conduct among a small number of students,” Superintendent Dawn Bartz said in a provided statement. “Disciplinary action has been taken in accordance with district policy, and several student-athletes will not participate for the remainder of the season.”
The statement went on to say that there would be mandated training and education in response. However, the involved players were back at practice, which didn’t sit well with the victim’s family. His parents said his son walked into practice and found himself face-to-face with his alleged assailants.
Five football players were initially removed from the team for the remainder of the season but were later reinstated. When asked about the reversal in October, Bartz issued a one-sentence statement saying, “The disciplinary process has concluded and we will not be discussing details involving students.”
Smithfield Town Council President John Tassoni said the situation has deeply divided the community.
“It’s a long time coming,” Tassoni said of Bartz’s resignation. “A lot of people are angry about what happened. A lot of people don’t know the truth of what happened, nor do I.”
An investigation is underway by the school committee’s attorney and a report is expected to be delivered to the school committee sometime next year, Tassoni added. However, some people have concerns about transparency and have floated the possibility of hiring an independent investigator.
The Jewish Alliance of Greater Rhode Island said they want the focus to be on student safety.
“While we can’t speculate on the specific reasons behind the superintendent’s decision to resign, we remain focused on what matters most: that Smithfield schools become a place where Jewish students and all students feel safe, valued, and protected from bias and harassment,” President and CEO Adam Greenman wrote in an email.
Rhode Island
Prosecutors in Rhode Island drop charge against former Bay View athletic director
Prosecutors in Rhode Island dropped a fugitive from justice charge against a former Catholic school athletic director.
John Sung was arrested in East Providence last month. He was wanted in Florida for a non-violent felony.
After his arrest, he was fired from his position at St. Mary Academy Bay View in Riverside.
Broward County court records show Sung was taken into custody last week. He posted bond.
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