Residential real estate has shown “widespread improvement” since August, according to the Federal Reserve's new Beige Book report.
All 12 Federal Reserve banks reported existing home sales strengthened in their districts, in some cases substantially.
The Beige Book also noted that “selling prices were steady or rising.” But reports on new home construction and sales were “more mixed, but still mostly improved.”
Meanwhile, multifamily construction was “described as robust” in the Boston, New York, Atlanta, Chicago and Dallas Federal Reserve districts.
The 12 district banks had to file their
In terms of lending, “most district banks reported an increase in mortgage lending, especially for refinancing purposes,” the central bank said. The New York bank reported “some tightening” for mortgage loans.
