Industry News

Federal reserve banks report weak real estate market

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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 banks are divided into 12 districts: Atlanta, Boston, Chicago, Cleveland, Dallas, Kansas City, Minneapolis, New York, Philadelphia, Richmond, San Francisco and St. Louis. "Housing markets and home construction activity weakened throughout the nation, but commercial real estate and construction strengthened in most districts," according to this latest review, which includes information collected on or before Aug. 28. The Philadelphia, Cleveland, Atlanta and Kansas City districts reported that housing market were e...