Housing Bubble
Residential real estate and home mortgage lending brighten gloomy Beige Book
The latest Beige Book report indicated that economic activity continued to be sluggish in September and early October and that "labor markets were lackluster in all districts." The view of the commercial real estate market was similarly downbeat.
On a brighter note the Federal Reserve reported that home building and residential real estate activity was generally positive, but noted a 'softening' at the higher end of the market in some regions. New York markets were identified as softer overall, but particularly at the upper end, while weakness in demand for high priced homes was noted in the Atlanta district.
There was strong home building activity in Chicago and Minneapolis. Residential real estate markets in Boston, Kansas City, and San Francisco Districts were also strong overall although "contacts noted slowdowns in some areas".
Strength in home mortgage lending helped lift the gloom of weak commercial lending. "Most Districts reported very strong demand for home refinancing."
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