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.
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Agency activity dropped off by 4% in September while non-qualified mortgage issuance was down 18% in the third quarter versus the prior period, BTIG said.
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Developments like the downward swing in total jobs reported Friday, inflation and AI have made nonbank employment more complex and volatile this year.
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Single-family mortgages originated with new scores have been put into private securitizations but these typically have been submitted alongside classic FICOs.
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The collaboration comes after HUD issued several other updates earlier this year aimed at increasing affordability through loosened homebuilding policy.
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Southeast impairments run 150 bps above other regions and alt-doc loans are up 200+ bps since 2025, while DSCR and full-doc improve. Time to review overlays.
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Federal Reserve Gov. Lisa Cook said Thursday that private credit does not seem to pose additional risks to the financial system at the moment, but added that more information about the opaque market is needed.
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