This information is based off of the reporting in the "Beige Book", therefore I will quickly describe what the "Beige Book" is for those of you who are not sure. The "Beige Book" is an alternative term for the report more formally known as the Summary of Commentary on Economic Conditions issued by the Federal Reseve Board and is issued eight times throughout the year. How did this report become a standard for reviewing economic conditions? Well it just so happens that I got that information for you as well! The date was 1985, and former Dow Jones reporter Paul Cox requested to see the report. He was granted permission to see it, which in turn forced all competing reporters to request access the following month. Next thing you know, almost 30 years later, it is a staple for reviewing the current economic state.
Now that you understand the credibility of the source at hand, we can discuss the findings of the most recent report in regards to real estate. Ten of the twelve reviewed districts posted moderate economic growth from August into September. However, the bright spot in this recovery, according to the Fed Reserve , is Real Estate. The report states that a few issues are restraining hiring which include the uncertainty of possible tax increases, a very sluggish job market, and most of all the upcoming Presidential election. The meaning of the statement "bright spot" when referring to Real Estate is because the housing market "showed widespread improvement". All twelve districts posted higher existing home sales and some areas even showed "substantial" growth. The Beige Book also declared a "robust" multifamily market particularly in the cities of Boston, New York, Atlanta, and Chicago.
This is more good news for the housing market and the overall views on the market continue to show us nothing but positive feedback and growth.
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