The Daily Money: Fed launches real-time payment system; June had lowest housing inventory

This is Amritpal Kaur Sandhu-Longoria with your Daily Money headlines for Friday.

FedNow, a real-time payment system launched by the Federal Reserve, will allow consumers and businesses to send and receive money within seconds 24 hours a day, year-round. The system allows people spend their paycheck immediately instead of waiting several days for it to clear, access funds through an app on their cell phone even if they've lost their wallet, or send money to each other instantly.

To make a payment, the sender and receiver must have accounts at banks that are part of the FedNow network.

Initially, 35 of the nation's 9,000 banks and credit unions have agreed to be “early adopters.” They include JPMorgan Chase, BNY Mellon, Wells Fargo and Peoples Bank.

Post-pandemic housing market gets tougher

The housing market is getting tougher for buyers because there just aren't enough houses for sale. June was recorded as the month with the lowest available single-family housing, and home prices are continuing to climb. It has increased competition for available houses, and nearly 33% of the homes on the market have multiple offers. With mortgage rates skyrocketing, the sales pace has slowed down, too.

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About The Daily Money

Each weekday, The Daily Money delivers the best consumer news from Paste BN. We break down financial news and provide the TLDR version: how decisions by the Federal Reserve, government and companies impact you.