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Tag Archives: Beige Book

Economic Activity Expands and Home Sales Increase In Most Fed Districts

"Almost all of our contacts noted a seasonal increase in their residential mortgage business, which was heavily weighted toward new-home purchases," the Fed wrote. "The rapid rise in rental rates was cited as a motivating factor to purchase homes. Little change was reported in delinquencies (already at low levels) and loan-application standards."

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Fed Reports ‘Steady to Improving’ Residential Real Estate Activity in Most Districts

The districts of Richmond, Chicago, and Dallas reported that residential mortgage demand, particularly in the area of refinancings, grew during the period, while New York reported steady growth. Delinquencies were down or at low levels in New York and Cleveland, while Philadelphia and Kansas City bankers expressed confidence in the quality of their loan portfolios, according to the Fed.

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Fed: Economy Growing at ‘Modest to Moderate’ Pace Amidst Concerns Over Oil Prices

While lower prices are bound to keep Americans happy at the gas pump, they could potentially be a problem for housing in oil-dependent states, including Texas, Oklahoma, and Louisiana. If the current decline impacts the local labor market (as the Dallas Fed indicated Wednesday in its own Beige Book), it could be a weight on their housing health in the next few years.

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