Fed: Economy Improving, Commercial Still Weak
The U.S. economy has “improved modestly” since early October, the Federal Reserve said Wednesday in releasing its monthly “beige book” survey of regional economic conditions.
The Fed said residential real estate sales increased everywhere but the Northeast. Also, fewer homes overall were being built.
The report also said commercial real estate was worse than the residential market, with conditions reported to have weakened in virtually all districts, with “rising vacancy rates, downward pressure on rents, and little, if any, new development.”
Overall, the Fed reported that the labor market remained weak in most areas, but it noted improvement in some areas and an uptick in retail sales.
Source: The Wall Street Journal, Sudeep Reddy (12/03/2009)
Fed Calls Housing Upturn a Good Sign
The Federal Reserve’s “Beige Book” report, released Wednesday, points to housing as a bright spot in the economic landscape and applauds banks that lent to first-time homebuyers.
It calls commercial real estate a consistently weak sector, weighed down by business closures and the difficulty in refinancing.
In a separate report Wednesday, the U.S. Labor Department said the number of jobs fell in 43 states and the District of Columbia, with the unemployment rate rising in 23 states.
Industries with the strongest economic gains were residential real estate and manufacturing.
Source: Washington Post, Neil Irwin (10/22/2009)
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