Industry News

Fed’s ‘Beige Book’ offers snapshot of housing markets

Most areas of U.S. remain soft or weak

Reports from the nation's 12 Federal Reserve banks show continuing weakness in residential real estate and construction, with most districts characterizing housing markets as soft or weak, and no districts reporting an increase in new home construction. The latest "Beige Book" report -- a summary of comments the Federal Reserve has received from businesses including real estate firms and mortgage bankers -- provides anecdotes and observations that go beyond statistics in describing market conditions around the nation. Highlights include: New York District Housing markets showed some signs of strengthening in the New York district, which encompasses New York state, the 12 northern counties of New Jersey, Fairfield County in Connecticut, Puerto Rico and the Virgin Islands. New York City and parts of Long Island showed the strongest signs of strength. After a brisk first quarter, Manhattan's co-op and condo market showed further signs of strengthening in April and May, according to bot...