An Insider’s Look Into How Secondary Marketing Evaluates LOs

In this webinar we’ll explore the long-term financial impacts of renegotiations, extensions and fallouts, plus basic guidelines to be viewed as a professional by your secondary marketing department

HousingWire Annual Virtual Summit

Sessions from HousingWire Annual 2021 are going to be virtually streamed on October 25. Register now for FREE to tune into what housing industry leaders had to say this year!

How servicers can access timely, accurate data insights

Learn how to navigate the challenges in today’s market – for example, the need for ongoing, on-demand access to near-real-time data and the ability to access those data insights in a timely and accurate manner.

Steve Murray on new brokerage models, CFPB crackdowns

Today’s HousingWire Daily features a discussion on the emergence of a new brokerage model and the validity behind the concerns against institutional investors.

Politics & MoneyMortgage

9 Federal Reserve districts post moderate economic growth

Residential real estate contacts remain optimistic

Only nine out of 12 Federal Reserve districts experienced moderate economic growth in the latest Fed Beige Book, but most real estate markets continued to improve from late November to the end of 2013.

This is a slightly disappointing change, considering all 12 districts witnessed moderate-to-modest economic growth in the previous beige book.

While a few districts witnessed a slowdown in home sales and residential construction, most reported increased residential sales activity, construction and rising home prices.  

Atlanta, Cleveland and Kansas City districts indicated that year-over-year residential sales growth had slowed relative to earlier quarters in 2013, compared to most districts that recorded increases.

On the other side, Boston, Philadelphia, Minneapolis and Dallas noted that some areas within those districts saw home sales below year-earlier levels.

Home selling prices continued to climb in the Boston, Atlanta, Chicago, Minneapolis, Kansas City and San Francisco districts but remained stable in the Cleveland and Richmond districts. Meanwhile, New York posted mixed changes in sales price.

Residential construction recorded mild changes with most districts reporting slight to moderate increases.  But not every district joined the bandwagon. Dallas cited a slight decline, compared to New York, which reported no change, and Cleveland, which reported strong growth.  

Despite the dip in overall residential construction, Dallas noted elevated construction levels for multi-family units. Similarly, Atlanta, Cleveland and Chicago also posted strong multifamily construction.

The good news is that reporting districts indicated that residential real estate contacts remained optimistic looking forward, while voicing concerns about declining inventory and potential changes in the mortgage market.

Eight of the districts said their contacts expect residential construction to pick up in the near term, including Richmond, Atlanta, Chicago, St. Louis, Minneapolis, Kansas City, Dallas, and San Francisco.  

Commercial real estate activity posted similar results, with commercial construction generally increasing and two-thirds of the districts reporting increases in commercial sales and leasing activity.  

Most Popular Articles

Fannie Mae: Mortgage rates and home prices will rise in ’22

Economists at Fannie Mae expect higher mortgage rates and home prices next year due to higher inflation, a tightening of monetary policy, and low home inventory

Oct 15, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please