Beige Book Reports Sluggish Housing Sales

Housing sales remained sluggish in most parts of nation in late April and May, according to the Federal Reserve's latest report on economic conditions.Most of the 12 Federal Reserve district banks characterized their housing markets as "soft or weak," the Fed's Beige Book says. The San Francisco bank said new- and existing-home sales fell in most areas, with modest price declines in some parts of the district. The Atlanta bank said sales stabilized in parts of Florida but continued to decline in Georgia. "No district reported an increase in new home construction," the Fed said. In contrast, commercial real estate markets continued to strengthen, and all the district banks that mentioned commercial construction gave "positive reports," according to the Beige Book.