The Fed Says: Economy is Gaining Strength

From HousingWire comes news that all 12 Federal Reserve districts indicate the economy is growing, at least moderately, in their areas, according to the Beige Book. Loan demand grew in New York, Chicago, Dallas, and Atlanta but fell slightly in St. Louis. While posting a modicum of growth in loan demand, the increase for the districts of Cleveland, Kansas City, Philadelphia, Richmond, and San Francisco was virtually nil. While lending to real estate developers beyond multifamily projects is at a standstill in San Francisco, commercial real estate lending improved in the New York, Cleveland, Kansas City and Dallas districts. Real estate activity expanded or held steady in 11 of the 12 districts for existing home sales and leasing. MHProNews has been informed a rise in the prices of lumber and drywall in the Kansas City district hindered construction.

(Image credit: texaslendingtoday)

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