In news that may interest those thinking of buying New York property, the US Federal Reserve has lowered interest rates again.

The federal open market committee announced the second 0.5 per cent cut this month, bringing the federal funds rate to one per cent.

In its statement, the body said the reduction was in response to the need to generate economic growth and the fall in the level of inflationary pressure.

The previous cut was made on October 8th, which was carried out in conjunction with other central banks, including the Bank of England and the European Central Bank.

Investors buying New York property may find they are catching the market at a time when some sectors are showing possible signs of recovery.

The US department of housing and urban development figures for September revealed a 2.7 per cent increase in the number of sales of new build single family homes to 464,000 from August’s 452,000.

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