Federal Reserve District Banks upbeat on Housing Market

According to nationalmortgagenews all 12 Federal Reserve banks reported improvements in residential real estate in their districts, as noted in the Beige Book. Compiled on Aug. 20, the snapshot says the housing market is “positive with continued increases in activity expected.” While the Philadelphia and Kansas City banks remain cautious about the shadow inventory in their districts entering the market, the New York, Richmond and San Francisco branches have noticed a reduction in the number of distressed properties. Atlanta, Boston, and Dallas banks report inventory of homes for sale is declining, pushing prices up. As MHProNews has learned, at the same time, Boston, Cleveland, and Kansas City districts predict gains will be modest moving forward.

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