Multifamily and commercial mortgage lending showed signs of life in May, according to the Federal Reserve Board’s new ‘Beige Book’ report.
"Boston noted an improved lending environment for CRE, and demand for commercial mortgages increased in New York and Dallas," according to the central bank.
The survey of economic and market conditions in the 12 Federal Reserve Bank districts was conducted in late May.
But there was bad news as well: "Residential construction and real estate continued to show widespread weakness, except in the rental segment, where market conditions have strengthened and construction activity and development have picked up," the Fed said.
The New York, Cleveland, Atlanta and San Francisco districts reported "improved prospects" for the development of multifamily properties.
Only the Cleveland district reported an increase in single-family lending. Still, the Fed noted that not one district experienced a “general increase in home prices.”
Discussing overall economic activity, the Fed said all 12 bank regions suffered slower growth in April and May compared with earlier this year, portraying a national economy whose growth has slowed.
