Industry NewsMortgage

Fed: Lenders still tightening standards

Demand picks up in Philly, Cleveland, K.C., Dallas

Reports from the 12 Federal Reserve districts suggest residential real estate markets remained weak in most areas during the second quarter, with tighter credit standards reported for most loan categories. The Federal Reserve's latest "Beige Book" report documented flat or declining home sales in Boston, New York, Cleveland, St. Louis and Dallas. Inventory levels of new and existing homes remained high or were rising in New York, Philadelphia, Cleveland, Richmond (Virginia) and San Francisco. Home sale prices decreased somewhat in Boston, Atlanta, Kansas City and San Francisco, but remained relatively stable in Richmond and Chicago. Residential lending activity remained generally weak in Richmond, Atlanta and Chicago. In contrast, demand picked up in Philadelphia, Cleveland, Kansas City and Dallas, but was about the same in St. Louis. Reports from the districts included these details on mortgage lending and housing markets: First District -- Boston Mass...