February 2022 – Page 2

Economic Growth Expected to Slow as the Fed Wrangles Inflation

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Rising Mortgage Rates and Even Higher Home Prices Projected to Limit Affordability With inflation at its highest level in four decades, the Federal Reserve is expected to enact a more aggressive course of monetary policy tightening than previously forecast, with a 50-basis-point increase to the federal funds rate in March now predicted to be the first in a series of interest rate hikes through 2023, according to the February 2022 commentary from the

Get Ahead of Important Home Renovation Projects in 2022

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The Appraisal Institute, the nation’s largest professional association of real estate appraisers, encouraged homeowners to focus on energy-efficient, safety-oriented and work-accessible improvement projects when seeking to potentially improve their property’s value. “In today’s competitive real estate market, the Appraisal Institute believes home remodeling and renovation projects are important and sometimes necessary aspects of homeownership when undertaken properly,” said Appraisal Institute President Jody Bishop, MAI, SRA, AI-GRS, “However, not all home improvement

WORD OF THE DAY: Rigmarole

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[ri-gə-mə-ˌrōl] Part of speech: Noun Origin: English, mid-18th century Definitions: 1. Incoherent or nonsensical chatter 2. A long, complex procedure, sometimes designed to confuse Examples of Rigmarole in a sentence “The senator, during the filibuster, went on and on with his rambling rigmarole.” “The rigmarole involved with becoming a certified pilot is complicated, but it’s worthwhile.” About Rigmarole During the Middle Ages, a “ragman roll” was a collection of documents that Scottish nobles used to

146 more U.S. cities pass the $1 million mark, the most ever in a single year

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– The U.S. currently has 481 million-dollar cities, in which the typical home value is at least $1 million. – Idaho, Montana and Tennessee gained million-dollar cities for the first time, although most exist within eight coastal metros. – There are more new $1 million cities this year than there were in the past six years combined. A record 146 U.S. cities became new “million-dollar cities” in 2021, Zillow data shows.

LRES Welcomes Natalie Harrison as Director, Vendor Management

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LRES Corporation, a provider of real estate appraisals and evaluations, asset management, and commercial trustee services, has expanded its leadership team to include industry veteran, Natalie Harrison, as Director of Vendor Management. Ms. Harrison oversees the management of LRES’ national panel of appraisers and real estate professionals, which includes panel outreach and all aspects of onboarding, management, and profile maintenance. “I am excited to be a part of the team and to

Redfin Reports Homebuyers’ Monthly Payments Up 25% to Record High

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People who need to move now are pinched by rising mortgage rates, sky-high home prices and rising rents The estimated monthly mortgage payment for a typical home for sale rose 25% year over year—or $388—to a record $1,931, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. That’s based on the all-time high median asking price of $376,000 recorded during the four weeks ending February 6, and an