Housing markets have "moderated" in many parts of the country with slowing sales and rising inventories of unsold homes, according to the Federal Reserve Board's Beige Book."Generally, residential real estate market activity remained high, but many [Federal Reserve banks] reported a slowing or cooling of activity," in their districts, the Beige Book says. The previous Beige Book, released in October, found that demand for housing had "eased" in some districts. But the November Beige Book says "cooling" is evident in Southern California. Home sales have "slowed" in New Jersey, while in Minneapolis/St. Paul homes are on the market longer and price appreciation has slowed. Meanwhile, demand for mortgage financing "eased in the New York, Philadelphia, Chicago, and St. Louis districts, and in some areas of the San Francisco district," the Fed said.

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