Residential real estate activity increased in most Federal Reserve Bank districts in March despite sluggish sales of higher end homes, according to a periodic Federal Reserve report. "Contacts in Philadelphia, Cleveland and Kansas City expressed concern about whether sales would continue to grow after the expiration of the first-time home buyer tax credit," the Fed's Beige Book says. Most district banks noted the house prices were stable and construction activity increased slightly in New York, Atlanta, St. Louis, Minneapolis and Dallas. As usual, the Beige Book notes that commercial real estate activity remains "very weak" in most districts.
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