Refinancings of single-family loans and demand for rental apartments picked up in September and early October, according to the Federal Reserve Board's periodic survey of economic conditions released Wednesday afternoon.
But housing markets remain "weak" in most Federal Reserve district banks, the central bank reported.
"Residential mortgage lending and refinancing activity increased in several districts, and San Francisco reported an increase in demand for nonconforming mortgage loans," the Beige Book says.
Meanwhile, home prices were stable in most of the 12 Federal Reserve districts. "Homebuilders in the Atlanta districted reported downward price pressure and expressed concern about rising foreclosures and bank-owned properties coming to market," the government said.
The Beige Book notes that rental rates on most commercial properties declined during the summer. "The one exception was the apartment sector, where higher leasing activity led to fewer concessions, most notably in Manhattan," the Fed said.
