The Federal Reserve’s periodic survey of economic conditions, known as the Beige Book, this week reported growth in all 12 regions for the first time since 2007.
Here’s what the Beige Book had to say about real estate:
Boston. Commercial real estate leasing was flat in some areas and noticeably improved in others.
New York. Commercial real estate leasing has picked up noticeably although vacancy rates continue to rise in some areas. Residential rents appear to have bottomed.
Richmond. Residential real estate markets are improving with the inventory of homes in the Washington, D.C., suburbs falling to its lowest level in 18 months.
St. Louis. Commercial and industrial real estate activity remaina slow, but the suburban office vacancy rate increased in Little Rock; Louisville, KY; and Memphis. It was flat in St. Louis.
Minneapolis. Home construction is rebounding with building permits in the Minneapolis-St. Paul area doublinf year-over-year in May. Vacant commercial real estate increased in Minneapolis.
Kansas City, Mo. Home sales rose, but practitioners are less optimistic about upcoming months.
Dallas. Housing demand has improved, but bankers say many potential borrowers are being turned away because of poor credit.
Source: Associated Press, Christopher S. Rugaber (06/09/2010) http://www.realtor.org/RMODaily.nsf/pages/News2010061001?OpenDocument