Fed Sees Strong RE Markets

Home sales remain robust and low mortgage interest rates continue to attract first-time buyers into the market, says the Federal Reserve Board Beige Book, which was released Thursday afternoon."Home sales were characterized as strong to booming in Dallas, Kansas City, Minneapolis, Richmond and St. Louis, and above year-earlier levels in Atlanta, Chicago, Cleveland and San Francisco," the Beige Book says. The Fed's snapshot of current economic activity also found that robust real estate sales continues to fuel construction activity in most of the nation. Only the Richmond Federal Reserve Bank reported that there may be an excess supply of homes on the market and only Dallas expressed concern about over-building in the commercial sector. The Fed's website address is http://www.bog.frb.fed.us.