Real Estate & Construction News Round-Up (09/14/22) – Smart Contracts, Rising Mortgage Rates, and a Railroad Strike

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Pillsbury - Gravel2Gavel Construction & Real Estate Law

This week’s round-up examines rising mortgage rates and their effect on the housing market, the long-term impact of the Inflation Reduction Act on commercial real estate, a potential U.S. railroad strike, and more.

  • Mortgage interest rates are expected to continue rising in response to high inflation, which could price many prospective home buyers out of the market. (Clare Trapasso, Realtor.com)
  • The four largest U.S. railroads are preparing for a potential strike that could halt freight rail movement across the U.S., which could significantly impact the construction industry given its heavy reliance on rail transport for materials and supplies. (Jennifer Goodman, Construction Dive)
  • With the metaverse enabling the freedom to think beyond the physical world and work with virtual and augmented reality, the hotel industry is diving into creating Web3 spaces and NFT offerings. (Alicia Sheber & Will Speros, Hospitality Design)
  • The recent passing of the Inflation Reduction Act (IRA) has many questioning what its lasting impact will be on commercial real estate and the industry’s decarbonization efforts. (Nick Pipitone, Propmodo)
  • With the Federal Reserve Board projected to raise its benchmark interest rate by 0.75% later this month, the prospect of further monetary tightening could have lingering effects on the commercial real estate sector. (Jarred Schenke, Bisnow)
  • Cryptocurrency usage, specifically NFTs and smart contracts, is rapidly shifting the trajectory of luxury real estate transactions. (Mark Hampton, NewsBTC)

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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