Beige Book: Most Areas' CRE Deteriorating

Commercial real estate markets "deteriorated' in most areas of the country, according to the Federal Reserve's Beige Book, which also registered an increase in residential refinancings during December. "Contacts in the Boston District described the commercial real estate market as grim and depressing," the Beige Book says. The Dallas Federal Reserve Bank said that CRE transactions in its district have "ground to a halt." In the previous Beige Book, the Fed said CRE markets had "weakened broadly." Meanwhile, residential real estate markets remained weak. "Reduced home sales, lower prices or decreases in construction activity were noted in most districts," the Beige Book says. However, the New York, Cleveland, Richmond, Chicago, Kansas City and San Francisco district banks saw an increase in residential mortgage refinancings.