Fed: Housing Markets Weaken Further

Housing markets "continued to weaken" in March and early April, while many Federal Reserve banks reported declining home construction activity in their districts, according to the Fed's Beige Book."Residential real estate activity continued to weaken, with sales declining in many districts and flat in a number of others," the Beige Book says. The Dallas Federal Reserve Bank reported rising inventories of unsold homes, and builders that were "significantly curbing home starts." However, the Boston bank reported that the volume of residential sales across New England showed signs of increasing, though prices remained below 2006 levels. Meanwhile, commercial real estate markets continued to be strong, with reports of robust construction activity in several districts.