TheMReport — News and strategies for the evolving mortgage marketplace.
Issue link: http://digital.themreport.com/i/74422
SECONDARY MARKET ANALYTICS SERVICING ORIGINATION THE LATEST ORIGINATION areas of the country, and sev- eral districts reported sales had "improved since the previous report, although some noted that the pace was well below the historical average." The New York, Cleveland, and Richmond districts in particular noted a pickup in the pace of distressed sales. Residential brokers and some builders in the Philadelphia, Atlanta, and Dallas districts said home sales were exceeding expectations. Contacts in the Richmond district, according to the report, said homes "were being snapped up as investors become more confident in the housing recov- ery." Meanwhile, Chicago said more sales had multiple offers; and apartment rental markets im- proved in the New York, Atlanta, and Dallas districts. One contact from the New York district noted rising apartment rents have made buying more attractive, contribut- ing to a slight uptick in sales. According to the Beige Book, Fed Calls for Continued Growth in T May, the Federal Reserve said in its most recent Beige Book. The assessment reflected a weakening from the report in April when the expansion was characterized as "moderate." Economic outlooks, according he economy expanded at a "modest to moder- ate" pace from early April to the end of to the report, "remain positive, but contacts were slightly more guarded in their optimism." Activity in the New York, as moderate, while the Richmond, St. Louis, and Minneapolis districts noted modest growth. Boston reported steady growth, and the Philadelphia district indi- cated that the pace of expansion had slowed slightly. The Beige Book report was Cleveland, Atlanta, Chicago, Kansas City, Dallas, and San Francisco districts was described 40 | THE M REPORT based on information collected through May 25, before the release of the Employment Situation re- port, which showed the economy added a disappointing 69,000 jobs in May. Though followed closely by economists and the media, the Beige Book—issued two weeks in advance of a meeting "most districts reported that home inventories decreased" and "overall, home prices remained unchanged in many districts, although reports were mixed." There were a few reports, the Residential Real Estate Heralding gains for the residential housing sector, findings from the Federal Reserve's Beige Book show solid pace for economic expansion. of the Federal Open Market Committee—is rarely cited in the minutes of the committee meet- ings. Residential real estate activity improved in most districts since the previous report, the Beige Book said. Several districts saw "consistent indications of recov- ery in the single-family housing market, although the recovery was characterized as fragile." The apartment market continued to improve, the report said, and multifamily construction in- creased in several districts. Home sales were reported above year-ago levels in most Beige Book added, "that sell- ers were lowering asking prices, leading to downward pressure on housing prices." The Fed report also said that tions, the Beige Book said, "improved in most districts, and there were some reports that commercial construction picked up." The New York, Dallas, and "new home construction in- creased in a number of districts, including Cleveland, Atlanta, Chicago, St. Louis, Minneapolis, and San Francisco," but the Philadelphia district said demand for new home construction eased slightly. Builders in Kansas City noted housing starts were down, but they expected an increase in the next three months. The Boston, Atlanta, and Chicago districts reported an increase in multifamily construction, and the Minneapolis district said numer- ous multifamily projects were in the pipeline. Commercial real estate condi-