The U.S. economy is continuing to show signs of recovery, according to the
Federal Reserve Beige Bookpublished this week - the third in a series of eight to be released over the
course of 2010. Based on information collected across the country from
businesses and contactsoutside the Federal Reserve, residential real estate
activity has begun to pick up speed. The snapshot of commercial real estate,
on the other hand, was a bit more dismal, described by the central bank as
"weak" across the country.Since the March 3rd report, overall economic activity "increased somewhat"
across 11 of the 12 regional districts, the Federal Reserve said. The one
exception was the St. Louis district, which reported "softened" economic
conditions.Most districts reported increased sales activity in housing markets, albeit
from previously low levels, the Fed report noted. St. Louis was again the
exception, where residential real estate was "mixed," along with San
Francisco, which reported housing activity as "flat" over the past six
months. Some contacts, particularly in Philadelphia, Cleveland, and Kansas City,
expressed concern that the sales momentum might be diminished after the
expiration of the first-time homebuyer tax credit. Buyers must be locked
into a contract by the end of this month in order to take advantage of the
tax break. Sellers of high-end homes continue to see little demand, particularly in the
districts of New York, San Francisco, Dallas, and Kansas City, where sales
of homes in the upper price echelon were described as "sluggish."In general, home prices were reported to have remained stable since the
March account across most districts. However, in parts of the New York and
Atlanta districts, prices dropped. Commercial real estate activity was characterized as "slow across the
nation." Notable exceptions were Richmond, which saw an uptick in commercial
leasing, and Dallas, where the sector was mixed and "might be nearing
bottom," the Fed said. In Boston, leasing activity consists largely of renewals, with many renewing
tenants leasing less space, the report said, while Manhattan Class A office
rents were down 20 percent to 25 percent year-over-year.Contacts in Philadelphia, Richmond, Kansas City, and Dallas expressed
concern that lease concessions from landlords were putting downward pressure
on rents.Bank lending activity was reported as "mixed" across most districts, as both
loan volumes and credit quality decreased. Promote your business and
services online and offline, find out when our next mixer is.Connect with other successful
womenReal Estate Investing Education,
take advantage of today's real estate marketBuild Your Business-Drive Your Dream Promo
Code: legendwww.TotalSolutionsAlliance.com Connect with me on Facebook
Twitter LinkedIn
Federal Reserve Beige Bookpublished this week - the third in a series of eight to be released over the
course of 2010. Based on information collected across the country from
businesses and contactsoutside the Federal Reserve, residential real estate
activity has begun to pick up speed. The snapshot of commercial real estate,
on the other hand, was a bit more dismal, described by the central bank as
"weak" across the country.Since the March 3rd report, overall economic activity "increased somewhat"
across 11 of the 12 regional districts, the Federal Reserve said. The one
exception was the St. Louis district, which reported "softened" economic
conditions.Most districts reported increased sales activity in housing markets, albeit
from previously low levels, the Fed report noted. St. Louis was again the
exception, where residential real estate was "mixed," along with San
Francisco, which reported housing activity as "flat" over the past six
months. Some contacts, particularly in Philadelphia, Cleveland, and Kansas City,
expressed concern that the sales momentum might be diminished after the
expiration of the first-time homebuyer tax credit. Buyers must be locked
into a contract by the end of this month in order to take advantage of the
tax break. Sellers of high-end homes continue to see little demand, particularly in the
districts of New York, San Francisco, Dallas, and Kansas City, where sales
of homes in the upper price echelon were described as "sluggish."In general, home prices were reported to have remained stable since the
March account across most districts. However, in parts of the New York and
Atlanta districts, prices dropped. Commercial real estate activity was characterized as "slow across the
nation." Notable exceptions were Richmond, which saw an uptick in commercial
leasing, and Dallas, where the sector was mixed and "might be nearing
bottom," the Fed said. In Boston, leasing activity consists largely of renewals, with many renewing
tenants leasing less space, the report said, while Manhattan Class A office
rents were down 20 percent to 25 percent year-over-year.Contacts in Philadelphia, Richmond, Kansas City, and Dallas expressed
concern that lease concessions from landlords were putting downward pressure
on rents.Bank lending activity was reported as "mixed" across most districts, as both
loan volumes and credit quality decreased. Promote your business and
services online and offline, find out when our next mixer is.Connect with other successful
womenReal Estate Investing Education,
take advantage of today's real estate marketBuild Your Business-Drive Your Dream Promo
Code: legendwww.TotalSolutionsAlliance.com Connect with me on Facebook
Twitter LinkedIn
via Ping.fm
No comments:
Post a Comment