TheMReport

Turning the Tide in Title

TheMReport — News and strategies for the evolving mortgage marketplace.

Issue link: http://digital.themreport.com/i/343616

Contents of this Issue

Navigation

Page 53 of 67

52 | Th e M Rep o RT o r i g i nat i o n s e r v i c i n g a na ly t i c s s e c o n da r y M a r k e t a survey of activity across the United States found that economic conditions have largely improved since the end of the slow first quarter. In its latest Beige Book, released this month, the Federal Reserve noted economic activity has expanded in recent months, with the pace of growth "character- ized as moderate in the Boston, New York, Richmond, Chicago, Minneapolis, Dallas, and San Francisco Districts, and modest in the remaining regions." Compared to the last report, re- leased in mid-April, growth picked up in the Cleveland and St. Louis districts but slowed in the Kansas City district, the Fed reported. The summary reinforces com- ments recently offered by Fed Chair Janet Yellen, in which she forecast a faster rate of expansion as "financial conditions remain supportive of growth in econom- ic activity and employment." The report will be one of the factors in consideration when Yellen and other voting members of the Federal Open Market Committee meet in the middle of June to decide how to proceed with the Fed's shrinking stimulus efforts. The central bank reported mixed news in residential real estate, "with some reports of low inventories constraining sales," particularly in the Boston, New York, and Kansas City districts. Activity also softened in the Philadelphia, St. Louis, Minneapolis, and San Francisco regions, attributing part of the weakness in San Francisco to "severe weather." Meanwhile, home prices main- tained their upward trend across most of the country, with only Boston reporting slight pullback in prices of single-family homes. Mortgage lending activity was similarly mixed. The Fed observed increases in residential real estate lending in the regions of Chicago, Kansas City, and Dallas, while activity held steady in Atlanta and San Francisco. On the other hand, Cleveland saw a slight decline in lending, as did Richmond, Virginia, thanks to a decline in refinancing. Beige Book records continued growth in all districts A few spotty areas don't stop the nation from doing better overall. ANALYTICS The LaTesT The LaTesT

Articles in this issue

Archives of this issue

view archives of TheMReport - Turning the Tide in Title