Real Estate & Construction News Roundup (5/8/24) – Hotel Labor Disputes, a Congressional

In our latest roundup, nonresidential construction increases, Redfin settles lawsuits, overseas real estate becomes more lucrative than domestic real estate, and more!

• High inflation and a disappointing report on economic growth — followed by a sudden drop in stocks late last month — show similar signs to the 1970s when the housing market stagnated, and the decade itself became synonymous with stagflation. (Gabriella Cruz-Martinez, Yahoo)
• American investors have figured out that buying property overseas can be both affordable and lucrative, with some countries offering “golden visas” to foreign investors who make large real estate investments in their country. (Jordan Rosenfeld, Yahoo)
• Nonresidential construction spending ticked up 0.2% in March to a seasonally adjusted annual rate of $1.19 trillion. (Sebastian Obando, Construction Dive)
• Workers are preparing for “possible widespread labor disputes” as negotiations begin for new contracts at major companies including Hilton, Marriott and Hyatt. (Noelle Mateer, Hotel Dive)
• Freddie Mac announced a set of new policies and process enhancements for its loan recipients centered around underwriting fraud detection and deterrence and other risks. (Mary Salmonsen, Multifamily Dive)
• Supported by nearly a dozen trade groups, Congressman Mark Alford (MO-04), along with Representatives J. Luis Correa (CA-46), Tracey Mann (KS-01) and Brittany Pettersen (CO-07) launched the Bipartisan Congressional Real Estate Caucus. (The Office of Congressman Mark Alford)
• Redfin has agreed to pay $9.25 million to settle federal lawsuits that claim U.S. homeowners were burdened with artificially inflated broker commissions when they sold their home. (Alex Veiga, ABC)

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