By Mark Lieberman, Five Star Institute Economist | 04/11/2012
The economy continued to expand at a modest to moderate pace from mid-February through late March, the Federal Reserve said Wednesday in its periodic Beige Book. The central bank reported faster and solid growth in Kansas City and Minneapolis but moderate or modest growth in Boston, Atlanta, Chicago, Dallas, San Francisco Cleveland, and St. Louis. New York reported economic growth picked up somewhat while Philadelphia and Richmond cited improving business conditions. Banking conditions remained stable, the Beige Book said, with modest improvements in demand for lending.
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By Ryan Schuette | 03/01/2012
This week mortgage rates played by the same script seen for the last few months, furthering a season for all-time high affordability while fears for Europe drove investors across the Atlantic. Finance Web site Bankrate.com, mortgage giant Freddie Mac, and real estate Web site Zillow.com delivered a dearth for rates across the board. Bankrate.com likewise offered declines for loans across the board. For its part, Greece remains in the clutch of a debt crisis that drew $172 billion in bailout funds from eurozone finance ministers last week.
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By Mark Lieberman, Five Star Institute Economist | 02/29/2012
Overall economic activity continued to increase at a modest to moderate pace in January and early February, the Federal Reserve said Wednesday in the Beige Book. The report – an anecdotal review of conditions in each of the 12 Federal Reserve districts – showed economic improvement varying across the country. Residential real estate activity increased modestly in most parts of the country, while home prices declined or held steady in many areas. Reports on banking conditions were generally positive across the country. Demand for residential mortgage loans increased in New York and Richmond.
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By Ryan Schuette | 11/30/2011
The Federal Reserve released the Beige Report, describing a stable national economy eclipsed by low consumer confidence and a housing market focused on rental properties.
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By Ryan Schuette | 06/27/2011
Releasing an economic outlook report last week, mortgage lender Fannie Mae predicted a pale recovery in the housing market over the course of 2011, suggesting that sluggish growth may be in store for construction, employment, and house sales, among other sectors. Fannie attributed the adjusted numbers to slower-than-expected job growth and surging gas prices, which hurt consumer confidence and distressed house sales across the economy. The GSE held and optimistic 6 percent outlook for May tanking at 4.3 percent in June.
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By Ryan Schuette | 06/14/2011
Mortgage lenders across the country have reported layoffs and substantial downsizing, a consequence of heightened regulatory scrutiny, weak job growth, and brittle markets slumbering in the wake of diminishing consumer confidence. Despite a small spurt in refinancing measures and a drop in lending rates to their lowest ebb since the turn of the century, origination loan volume remains low, and lenders are coming to terms with the fact that they will be financing fewer mortgages over a longer-than-expected period.
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