Fed Finds Robust Housing Market

Housing sales and construction remained robust in most of the Federal Reserve Bank districts at the end of February, according to the Fed's Beige Book.The Fed's periodic survey of economic conditions found that home sales remained strong across most of the nation. "Home construction has been particularly brisk in the San Francisco and Atlanta districts, whereas Minneapolis, Kansas City and Dallas indicated some pullback," the survey found. Meanwhile, commercial real estate markets were mixed, but there was rising demand for CRE loans in New York; Cleveland; Richmond, Va.; and Kansas City, Mo. "Dallas, however, noted an increase in commercial property foreclosures," the Beige Book says.