Federal reserve banks report weak real estate market

Most Federal Reserve Districts across the country reported declines in home sales and construction activity, "substantial increases in the inventory of unsold homes" and a general expectation of continued weakness in the housing market, according to an informal review prepared by the Federal Reserve Bank of New York.

The review, known as the Beige Book, is a collection of comments from businesses and other outside contacts submitted by the nation's Federal Reserve banks.

The ban

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