Fed: Economy Sees Steady Growth
The Beige Book is the Feds survey of the housing market and it is showing continual signs of strengthening. The Federal Reserve described it as moving at a “modest to moderate” improvement rate. The only grey cloud is the rising gas prices. Since the economy is a complex structure of interwoven concerns and markets, high prices at the pump may translate into restriction in the flow of overall money as everyone’s confidence in the market stands on the thin ice.
But for now, the news is positive. “Residential real estate activity also improved in most districts, with Cleveland and San Francisco remaining outliers with lackluster real estate activity,” HousingWire reports on the Fed’s report.
"In general, the demand for commercial and industrial loans remained steady, while several districts reported an increase in commercial real estate lending activity," according to the Beige Book.
Source: “Fed Survey Shows Growth, Improving Hiring,” USA Today (April 11, 2012) and “Loan Demand and Real Estate Activity Levels Improve: Beige Book,” HousingWire (April 11, 2012)